Devito’s back and Round Hill’s got ‘im

Dom Devito, that very pleasant builder with a variety of legal (criminal) and financial troubles has brought 516 Round Hill Road back on the market. I’ve written about this place before, albeit using the street address of 518, which is what was hand painted on a piece of plywood at the entrance to its mud driveway. It’s four acres up near Leona’s place, on a shared driveway on a back lot that’s a little bit of fill and a whole lot of steep hillside. The “house” consists of a foundation and a framed and plywooded structure with most of the windows in. It sat open to the weather for a long time but if there isn’t too much water damage I suppose you might be able to salvage what’s there. Patriot Bank improvidently extended $6.6 million for its construction even though it had only reached this primitive state and that’s the amount of the mortgage note they’re foreclosing on. I calculate its value at somewhere between $2 and $2.5 million, maybe, on a good day. Asking price is $7.9 million, which shows that neither Dominick, his broker Steve Archino or Patriot Bank have lost their sense of humor. That’s good to see in these tough times.

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4 responses to “Devito’s back and Round Hill’s got ‘im

  1. REF

    The owner hasn’t lost their sense of humor on the
    Selling Agents Fee of 0.01%

    • christopherfountain

      Ah – I now know that that’s a signal for a short sale – there will be no money left after paying off the mortgage, so I guess they don’t really expect it to fetch $7.9 million (I did say that these guys were cut ups, didn’t I?). So the commission has to be negotiated as part of the deal with the bank before everyone gathers at the closing table.

  2. Mickey

    Isn’t Devito going to jail for 10 yaers? why would he be developing anything?

    • christopherfountain

      Dom’s “going away” as they say in the trade, for 51 months on September 15th. Until then, he’s still busy, but I’m pretty sure his developing days are on hold for the next few years. Patriot is the one with the propblem now, not Dom, but so far, it won’t acknowledge that.