This is a bit odd

 

59 Old Mill Rd

59 Old Mill Road came on for sale yesterday afternoon priced at $776,000. I knew the house: I had the listing back in 2005, and since it sold for $1.220 in 2006 and was then completely renovated, $776,000 seemed like a totally bizarre price, especially when it has around $2 million in debt on it. But what the heck, I emailed it to clients and I spent the first part of the morning trying to show it today at 10:00 AM. I have finally heard back from the listing broker and been informed that they were showing it all yesterday evening and this morning and have now received enough offers that they feel comfortable ending the showings and cutting off any further bids.

I find it strange that the seller would conclude that he’d achieved his maximum price when a property has been on the market for less than 24 hours, but that’s his business. Shows you, I suppose, what happens when you put a house on at half its expected value.

9 Comments

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9 responses to “This is a bit odd

  1. Another Reader

    Yes, that is indeed puzzling. Maybe something went wrong in the house while the owner was there, and he doesn’t want to fix it? The owner wallpapered my foyer last summer. When the listing says it’s being sold “as is”, isn’t that a red flag?

  2. Cobra

    “HOUSE SOLD AS IS”…wonder what that means given that it was allegedly “updated” four years ago.

    • Work done without permits, which isn’t fatal, but adds a difficulty. Irrelevant, I suspect, because this entire charade is, I think, something ginned up for the court’s entertainment and not a legitimate attempt to sell the house.
      No proof of that, yet, but I’ll be watching as this process unfolds. And I’ll be holding my nose as I watch.

  3. Cos Cobber

    Maybe because a related party is attempting to buy it from the bank for 1/2 price for benefit of the family/original/current owner.

  4. Anonymous

    funny real estate/selling houses picture from zerohedge:

    http://www.zerohedge.com/news/friday-humor-1-800-ugly

  5. AAnon

    We all agree, smells like a fish…..and if you know the owner you know there is a fish there somewhere.

  6. Anonymous

    Maybe a short sale or foreclosure? If it involves one of those RE agents who has caused you problems in the past, lets hope there is more than a whiff of fraud involved.

    Even at that price I can’t see anyone jumping on a house that actually sits on the onramp to the Merritt.

    Should prove interesting…

    P.S. I went searching for answers and see that you and others commented on this waaaay back in 2010.
    https://christopherfountain.wordpress.com/2010/02/11/get-it-before-the-bank-does/

    Perhaps the owner passed the deed to the bank in lieu of a foreclosure action?

  7. Anonymous

    Last of my digging. 😉

    Check the second pic in this article from 2011 about abandoned Gwich homes.
    http://www.ctpost.com/news/article/Abandoned-homes-stick-out-like-sore-thumbs-in-2198621.php#page-2

    The article doesn’t mention it but 59 Old Mill is one of the 26 abandoned homes pictured for the article.