Real estate can be tough

1-butternut1 Butternut Hollow Road has a tortured history. Listed as land for $2.4 million back in August 2003 the frustrated seller raised his price to $2.65 that November after no one would buy it at the lower price. That didn’t work, for some reason, so he eventually dropped all the way to an even $2 million in June ’04 and, naturally, a bidding war erupted and the current builder/owner bought it for $2.050 two weeks later. The existing property was razed and this one took its place, priced at $5.895 million in April 2005. it’s been begging for a buyer ever since. The builder dropped it 8 times without success so in November 2007 he raised its price, forgetting how well that had worked for the previous seller, from $4.450 to $4.650. This daring approach also failed so it was back to price dropping and the place ended up at $4.350 in June, 2008. Today it was withdrawn. Is the builder moving in himself? Turning the keys over to a lender? I don’t know, but the poor guy’s been carrying this place for almost five years and has yet to see a dime on his investment. I doubt he ever will.

UPDATE: This should read 1 Butternut Hollow (it does now, thanks to an alert reader) not 186. Don’t know how those last two digits crept in, but isn’t to “86” something to toss it into the deep? Maybe that’s it. And brother Gideon informs me that the builder did see a few dimes from this place in 2006 when he rented it for almost $20,000 a month. That probably explains his price raise in 2007. After it had been lived in for a year and was broken in, it was worth more. Maybe he’s withdrawn it today in order to try renting it again. Unfortunately, rents have followed house prices down, but it will still generate some cash. Just not as much as before.


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2 responses to “Real estate can be tough

  1. anonymus

    Isn’t this 1 Butternut Hollow?

  2. Towny

    Oh well….Just another candidate for the “bad bank.”

    So much for the Greenwich poo-poohers who disdain the “lower-class” sub prime mess, when a half billion or more of their coveted real estate ends up in the same bank.