Another bidding war winner

14 Maher

14 Maher Ave

On a dull day for real estate – no contracts, no significant price reductions, a couple of returning “new” listings and one sale, on Indian Field Road, I went browsing for foreclosure properties and came across this Maher Avenue property. There’s actually some room here for a deal because the mortgage seems to be just a million dollars. The owners bought it in 2007 for $1.695, paying above its asking price of $1.675 and did nothing to it before listing it last month for $1.495 – at least they’ve begun to realize their mistake. The house was built in 1900 and a walk-through this morning suggested that it hasn’t aged well. There’s not a level floor to be found, the doors are tilting, the furnace was probably new when the house switched from coal to oil in 1950 qnd the windows appear to be original. Worse still, there’s not much historical charm to the place – I could tear it down tomorrow with a clear conscience. So what’s it worth? The assessment is $960,000, and not so long ago, an 0.28 building lot on this street was probably worth that. It might be worth taking a chance that those days will come again.

12 Comments

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12 responses to “Another bidding war winner

  1. Oil in thar hills

    i would be a LITTLE concerned with the buried oil tank under the driveway…but hey that’s just me.

  2. Current Seller, No More

    No bidding war, no accepted offer even, but by sheer coincidence, our son’s job will take him from San Francisco to Greenwich next month. He, his wife, and three daughters, looked longingly at our For Sale sign; we caved, gave it to them for $1.00. We were never about the money anyway, (some people aren’t) so when no buyer threw us a bone with some meat on it, we looked at each other and agreed that rather than sell our house for a lower number than we might have liked, why not just plain GIVE it away!! We’re thrilled with the outcome, can move to our retirement digs, the kids can have a roof free and clear (at least I hope they don’t have to mortgage the $1.00). Everyone is happy. Bye-bye CT; hello NC.

    • christopherfountain

      Well that’s a heart warmimg tale, old chap, but have you considered the effect your generosity toward your family had on the real estate community? You deprived two agents a commission! Shame on you!
      But do enjoy North Carolina. Is that where Bank of America is?

  3. Current Seller, No More

    Who needs a bank?? Our ostrich nest egg is now a hummingbird nest egg so we’ll stuff a few fives in the mattress, play golf every day, and be happy. Our younger child called and asked what house SHE was going to get for $1.00. Oops.

  4. Tax Dude

    Seller no more,
    I hope you got good legal/tax advice on that transfer.

  5. Current seller, no more

    One of us a tax attorney. Thanks for the concern.

  6. hemp22

    Very cool, Mom & Dad…..very cool.

  7. Old School Grump

    Please please please tell me this photo is of the backside of the house, not what faces the street. If so, one has to go to the next question … is this photo in circulation because the front of the house is even homelier?

    • christopherfountain

      Nah, there’s a decent photo of the front but anyone can see the front by driving by – I thought the rear shot provided better perspective on what was selling.

  8. Greenwich Gal

    Wish I had parents like them…

  9. Arouet

    Why not give it away at death and get the step-up in tax basis?

  10. Arouet

    Because it’s a step down now?