26 Stag Lane has been foreclosed on by Citi and is now on the market at $3.399 million. What’s up with that? This house was built by (the good) Rick Harris and is a fine piece of craftsmanship but Stag Lane, with its Merritt Parkway exposure, has never been a street that commands high prices and #26 is down a very long, steep, shared driveway – not a draw. After building it in 2005, Rick was fortunate to sell it in 2007 for $4.250 million. Those buyers tried to sell it five months later for $4.795 and failed, despite leaving it on the market until June, 2011 and dropping its price to $3.995.
Now Citi owns it, which is nice for them, but I’m not impressed with their pricing. Foreclosed homes rarely get the loving attention owner-occupied homes do and in addition, buyers know that somewhere in Citi’s books this loan was written down to zero – anything the property division gets for it is found money.
Even if this weren’t a bank owned property it would encounter difficulty achieving anything close to its current asking price. As it is, I know where I’d counsel a client of mine to start bidding, and it’d be a number that did not start with a 3 – in fact, I’d look for a considerable discount from what is being asked. As always, that’s just my opinion, and your’s may, possibly will differ – in which case, be my guest.