The latest approach to the glut of foreclosed houses: bulldoze them. There are several huge, failed mega-mansions in Greenwich which will suffer this same fate.
Tear ’em down
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For What It's Worth · Greenwich, Connecticut real estate, politics, etc.
For What It's Worth 
What is the situation with the obviously failed spec effort on North Street directly across from St. Michael’s (the yellow clapboard pseudo-Georgian)? Aside from its less than ideal location, I’ve always thought it was a nice-looking house. If it has been abandoned, I’m surprised it hasn’t suffered broken windows or other vandalism. Too bad if it were to be bulldozed – what a waste of time and money and resources!
Bank owned, who knows what will happen? It’s not worth much in its current condition and the location sucks.
Failed spec houses are pretty common here in California. Here is a link to a failed mini-mansion on my block. It was built in 2000, never occupied, and sold last year to a guy who has applied for a demolition permit and permission to build a new house.
http://www.sbphototours.com/preview/Default.php?ListingID=4472&AgentID=279&branded=1
What a waste of resources.
maybe you can come up with more whiffle ball fields.
They really need a better format to clear out this inventory. If torn down, all lose. It is ashamed that accounting on the books doesn’t measure up to reality. Under the current situation it makes more sense for the mortgage holder let the structure rot. Therefore, things remain priced incorrectly, vacant and unsold.
The minoritys are gonna have a field day with this