This is a beautiful house on Davis Avenue (south of Bruce Park) with nice views of tidal wetlands. The owner/builder listed it for $6.975 back in April, 2007 and kept it at that price all the way through December, 2008 before dropping it to $6.495. Today it’s listed for rent at $19,000.
I’m aware of at least a couple of offers extended and rejected on this house. They weren’t close to its then-asking price, but I figure it’s costing something like $300,000 a year just to pay the interest on the building loan, so why the reluctance to cut and run?
Builders are notoriously mule-headed: I’m involved in a deal now where the builder just refused to see reason until literally the day before foreclosure. I know of another guy who, after rejecting our offer with a string of coarse words that his granny would never have approved of and has now, nine months later, lowered his price to what we offered then. The owner of 23 Cornelius Drive, having listed his project for $11.5 million, rejected offer after offer for six years while the house sat empty and deteriorating and the offers lower until he finally caved last summer. And so on.
Which is not to say that the same fate awaits this house on Davis. It is really a fine house and there’s no particular reason to think that someone will appear who is willing to pay its price. But if and when he does, will there be any profit left?