Early morning activity

The listing for 19 Licata Terrace, asking $950,000  has expired. This was a horrible attempt at a renovation to a house purchased for $980,000 in 2004. Listed at $2.2 million in 2006, in an unfinished condition, it never sold and eventually reverted to the bank (Patriot, I think, but perhaps not) and from there to something called EPI Mortgage. I’m sure it will show up again, because what does EPI want with this pile of junk? Interesting to me is that the “builder” of this place, Jimmy Licata, pled guilty to bank fraud a year or so ago. I’m not saying that his half-hearted efforts to rehabilitate this property were fraudulent – perish the thought! – but if I had believed, until recently, that local banks gained their strength and advantage from knowing local property values and, just as important, the local players. You can’t find a nicer person than Jimmy, but I don’t think I’d lend him a million bucks.

29 MacArthur Drive, in Havemeyer, is reported as pending. This is a 1953 untouched, 900 sq. ft. house so it’s probably safe to assume it’s going for land value. It started at $875 and dropped to $750,000 before finding a buyer. Its ultimate sales price will give a nice reality check on what land in Havemeyer is worth. Building lots on MacArthur went from $360,000 (1998) to $501 (2001), to $639 (2002) and then dropped a bit to $632 in 2003. I don’t know if this particular piece had any special qualities to set it apart from those earlier sales, but if not, I’d expect to see it sell at somewhere between those 2001 and 2002 values.

Then we have 24 Thunder Mountain Road, off of Riversville, raw land dropped down today from $2.5 million to $1.799. While I have my doubts about even its new price as a good value for land on this street, you need lose no sleep over the builder/owner’s fortunes. He owned three lots here, built one and a half houses on two of them and sold them off, for $5.650 and $4.693, respectively. This last lot was envisoned as the site for a $5.8 million house way back in 2002 but I’m sure at this point, the land has been more than paid for.

UPDATE: I received an anonymous, blocked phone call just now (God, I love this gig) informing me that it was WAMU who extended the loan on 19 Licata Terrace, and it is scheduled for auction. The caller also denied that James Licata owned the place and that it was instead a “Russian lady” (Galina Ioselve, accordig to tax records) who did. She, again according to the caller, “stripped the place bare” and left town. Okay with me – was she a girldfriend of Jimmy’s?


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8 responses to “Early morning activity

  1. Old School Grump

    Please post at least one photo of 19 Licata Terrace … a story this juicy deserves a visual.

  2. Towny

    re jim licata:
    -geez chris, do yourself a favor and hire an editor or at least someone who can fact check your often wrong assumptions.

    -besides real estate, your entire blog is based on smarmy character assasination.

    -convince me that you dont post as (little a) annoymous.

  3. Towny

    Just for the record Chris: Who owns 19 Licata Terrace???

  4. Towny

    i’ll practice restraint of tongue and pen…..

  5. Anonymous

    What bank lends $19 million based on the information declared by the mortgage applicant?

    Ignore Towny and Anon1, he’s just jealous.