This is why I don’t like Bible Street or Baliwick

 

136 Bible Street

 

This Bible Street home sold new in 2007 for $4.050. It was relisted five months later for $4.55, slowly dropped to $3.295, and has finally found a buyer, final price to be revealed after closing. Assessment is $2.713.

 

27 Baliwick

 

This Baliwick house (off of Riversville) asked $2.999 back in 2005. It didn’t sell, was removed from the market and reintroduced in 2009 at $2.425. That dropped to $1.995 and sold yesterday for $1.740. That’s a premium to its assessment of just $1.18 million, but that whole neighborhood hasn’t been holding its value for years now – it seems, without checking all the stats, that owners are selling at a loss. Ouch.

4 Comments

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4 responses to “This is why I don’t like Bible Street or Baliwick

  1. Cos Cobber

    I am curious. Any idea of the builder with the Bible Street house is local or not? The upper end of Bible Street seems capped to me at about $2.5MM or so given its Cos Cob and all. Even in the low 2MM, you are going to have to offer a lot of value in the product.

    Anyone with more coin is going elsewhere.

  2. Retired IB'er

    CF,

    Are you seeing any buyer concerns surfacing over the growing title issues from rampant poorly handled mortgage securitization, which can impact a home not in foreclosure?

    I think it would give me pause for thought before pulling the trigger on a purchase right now; notwithstanding title insurance (assuming you can get it).

    On this topic, Diana Olick has a good piece today:

    http://www.cnbc.com/id/15837671/site/14081545/

  3. just_looking

    I remain somewhat foggy over this title, note, ppwrk issue, although it is this blog that has helped with some details. How does the current ppwrk issue affect non-foreclosed real estate? Is the less risk (or none) if the house has been owned for longer than __ years?