Everyone’s gone to the moon

Or out of town, anyway, and with good reason: there’s no real estate business going on. Fudrucker just left for Block Island but did one last run through the Town Clerk’s office to check foreclosures. 44 (or so) since June 15th, including this one at 110 Clapboard Road. Its builder originally asked $21 million but ran out of money and now offers it, “80% complete”, for $15 million. The note being foreclosed on is $12 million, and I’d guess that the lender’s going to lose money. Good opportunity for my vulture readers, though – maybe $7.5? 

The rest of the foreclosures are less impressive, but scattered throughout town. September should be interesting.  

110 Clapboard Ridge

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3 responses to “Everyone’s gone to the moon

  1. FlyAngler

    Chris – In what price ranges are you seeing the foreclosures? Are they spread across the price strata or are there concentrations? Also, can you determine how many are owners and how many are builders/specs?

    • Fly – Frank took his notebook with him to Block Island, damn it, but I believe most were under $2 million, which is why 110 Clapboard, at $12 million, caught my eye. And most were private homeowners; that’s because most of the vulnerable builders went down long before June 15th of this year. But I did notice a builder in trouble who rejected my client’s offer last fall on a failed project in Mid-Country who’s now screwed in Old Greenwich. He should have accepted our offer, I think.

  2. hushpuppy

    went to town hall. total debt actually almost 17m. pup was in fishers 2 weeks ago heard almost 30m was original budget.