Reality rears its ugly head

Three “new” listings have resurfaced today, 8 Alpine Rd, 84 Pecksland and 245 Bedford Road (pictures not posted yet). Each represents a dream gone sour.

Any day now

8 Alpine was a tear-down originally purchased for $955,000 in 2008, which wasn’t a bad price, but the builder had ambitions and spent many years trying to pitch a “to be built” castle for $12.750 million. That never happened and, after trying to unload the place for $3.999 million, a new owner, Community Bank, will part with it for a mere $1.899. I don’t see why it’s worth any more today than it was in 2008 so I’d guess there’s some serious price cutting still to be done.

84 Pecksland was a so-so house that asked $3.195 in 2008 and is now priced at $2.195.

245 Bedford, way up at that road’s terminus at the Alcan Highway, has gone nowhere since it was built in 2005 and priced at $5.885. Now it’s $4.495 with the notation, “bring all offers”. They don’t want to hear my offer.

6 Comments

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6 responses to “Reality rears its ugly head

  1. Another Reader

    Does the clip art photo you used for this post identify where that half built house is? Just wondering. So anyway, It’s fun to compare 8 Alpine Road via satellite photos on Bing Maps and Google, because Bing Maps still shows the former house that was there, and Google maps shows the new house being built. But the roof looks partially blue…is that a tarp covering it? Insulation? I’m too lazy to drive 5 miles to check it out.

  2. Anonymous

    @AR, photos 24 and 25 will show you what 8 Alpine looked like a year ago. http://www.greenwichtime.com/news/article/Abandoned-homes-stick-out-like-sore-thumbs-in-2201222.php#photo-1635653

    Chris, I thought the builder got another loan to finish 8 Alpine, 12 Byfield, and 9 Ridgeview via the BK process?

    • He won a law suit, I believe, and he’s finishing Byfield, but that still leaves him with a mansion to sell on Byfield priced at a level I believe he’ll be unlikely to achieve.

  3. Anonymous

    Chris, I think that your 2008 sell price of 8 Alpine is incorrect. Zillow lists a 1995 sell price of $0.995 and a 2008 sell price of $2.995. I can’t vouch for Zillow’s accuracy, but I live in this nabe and, although I’m not a realtor, I naturally pay attention to these things. It is my recollection that the last price 8 Alpine sold for was about $3, so $1.899 would be a big chunk down from that. As much of a mess as this place is, $0.955 is a ridiculous asking price, and, had it been listed anywhere near that price, it would have been sold by yesterday in a fierce bidding war.

    • I’m sure you’re right, at least so far as the under-a-million price. But $3 million? No wonder the guy went belly/up. I’ll see if I can’t nail down the actual selling price later today (my Internet connection has decided to go down this morning-doubtless because of government radio beams reflecting off my tinfoil cap).