Bank owned in Byram

9 Byram Dock Street. I don’t recall if I saw this, but off the top of my head, I bet Zillow’s closer to the mark than the property’s new, unwilling owner. It did sell for $2.5 million in 2000, more fool they, but given its age: 1920, and its location directly on the water, it’s got to be non-FEMA-compliant, so look to spend major bucks bringing it up to code.

9 Byram Dock Street

9 Byram Dock Street

UPDATE: I pulled the old MLS listing and now I do remember it. Absolutely fabulous house, and the new bank-listed price is probably not bad, with the same caveat of FEMA compliance. I saw this in 2007 and really, really liked it, but it was asking the ridiculous, verging-on-nuts price of $5.8 million. So instead of pricing it reasonably, the owner lost it all. Hard as it is to believe, Greenwich is known for its sophisticated, savvy people. Not all of them, obviously.

UPDATE II: Looks to me like there was $5.8 million in mortgage debt on this place, which explains the original asking price and the reason for the collapse of our banking system. Other observations: Deutsche Bank started foreclosure proceedings in 2009 and only fought past the defenses of the debtor this summer – not bad for the debtor: stay in the house rent-free for four years.

Bill Ferrell says, "why they'll just let anyone in television!"

Bill Ferrell says, “why they’ll just let anyone in television!”

The (former) owner, one William G. Farell Ferrell, was a trader turned hedgefunder who used to write about a number of topics including “risk management”. Oops.

Here’s Zillow’s take:

SEPT 10 2013 Listed by bank $2,429,845 This property was foreclosed and now the lender is selling it for$2,429,845.Zillow’s Foreclosure Estimate predicts this property will sell for$1,206,754.
Foreclosed The lender assumed this property during foreclosure proceedings and now owns it.

35 Comments

Filed under Buying/Selling Greenwich Real Estate, Byram, Foreclosure

35 responses to “Bank owned in Byram

  1. CEA

    Why does the bank always say “no inspections”, etc.? Wouldn’t giving people information help:? Don’t they always then discount a worst-case scenario and bid less because – well – WHO KNOWS what went on?

    Second – did you see the murder investigation on Round Hill Rd from last night?!?!?!

  2. boredatwork

    “Buyer will be responsible for obtaining possession of the property upon closing” – so you can’t go look around at this house before you bid, and once you close on the purchase you are responsible for throwing out whomever is camped out in there? Not sure that’s going to generate a high price for the bank here.

    • I missed that part about evicting the unhappy former owner. That often means having to repair the damage done before they’re dragged kicking and screaming from the house, so maybe Zillow’s estimate is the correct one after all.

  3. Balzac

    Who is squatting there? Is he armed?

  4. Publius

    I will stand corrected, but I believe that Dick Fuld has or had a residence in Greenwich. Certainly perceived as a “smart money” person he managed to take out a 158 year old firm that had survived numerous financial panics and the Great Depression despite the fact that he had several opportunities to sell the firm prior to collapse. However because he was a “smart money” person he was never wrong so he believed that the offers to buy the firm were too low. Five year anniversary of bankruptcy a few days away.

    There is a myth that exists from those not in the financial service industry, that people with money derived from the financial markets are smart. This is certainly not the case and the owner of this house and Mr. Fuld are Exhibit A and Exhibit B. For those interested in this phenomena a very good and humorous read I recommend Nassim Taleb’s (the ponderous and insufferable but insightful author of The Black Swan) Fooled by Randomness. Having read both I believe that Fooled is the better of the two and will go a long way to explaining how some “smart people” are really just lucky and in some cases as cited here lucky until they are not.

  5. Anonymous

    Maybe some buyer will make a deal with the former owner tenant. Pay him $100K to move out and get the place for a good price. Even as land it has to have some decent value.

  6. ShedLessToolMan

    http://www.ctpost.com/local/article/Greenwich-cops-probe-attempted-murder-4804524.php

    is this the house with the falcon statues out by the front gate?

      • So what is the proper real estate agent etiquette to get the 261 round hill listing after the domestic dispute? Gideon is probably an expert here ..

        Sorry, your mom got hit with a bat but now she is leaving your dad for sure and with all the kids off to college it makes sense to sell such a large home.. . Well, there is probably a more politically correct way to phrase this .. Gorgeous house btw..

        • When I worked at Raveis we had a new agent who was fired because she was reading the local obituaries and sending letters to the grieving survivor using exactly that reasoning: “you won’t want to live in such a large house all by yourself, so if there’s anything I can do to help…”
          The idiot was caught when she sent a letter to a brand-new widow (I believe it arrived the day of her husband’s funeral) and the widow passed it along to her daughter, a fellow realtor.
          Egods.

  7. CEA

    “Other observations: Deutsche Bank started foreclosure proceedings in 2009 and only fought past the defenses of the debtor this summer ”

    Chris, just as an FYI. A lot of the banks I cover did NOT start foreclosure proceedings in earnest (or would file, and let things languish), because the housing market was so bad – plus their responsible for upkeep, taxes, etc. once they own. Now that housing is “coming back”, you might see a lot more of these REO houses getting wheeled out.

    May not have been the owner’s defenses exclusively.

    • Indeed you’re right, CEA – I mentioned here a few months ago that 30 new foreclosures were started in April alone, and I interpreted that as you do: no point foreclosing if you’re going to end up with an unsalable house, but as the market improves, foreclosure looks more practical, so I expect far more of these actions to commence.
      But Deutsche Bank did go after this in 2009, and the defendant’s lawyers dragged it out with every delaying motion they could dream up. Which is entirely justifiable – why roll over and pay dead? Do not go gentle into that good night, and all that.

  8. AJ

    ‘How Big Banks Can Steal Your Home From You Even If Your Mortgage Is Totally Paid Off’

    “Did you know that the big banks have a way to legally steal your house from you even if you don’t owe a single penny on your mortgage? Big banks and hedge funds are buying billions of dollars worth of tax liens from local governments all over the nation, and they are ruthlessly foreclosing on homeowners when they can’t pay the absolutely ridiculous penalties and legal fees that are tacked on to the original tax bill. As you will see below, one 76-year-old man lost his $197,000 home that he fully owned over a $134 tax bill. A 95-year-old woman lost her $300,000 home over a $44.79 tax bill. This is a very, very dirty way to make money, and the predatory financial institutions that are involved in this business definitely do not want to talk about it.

    Of course much of the blame should also be shouldered by the local governments that are coldly selling these tax liens to these ruthless predators. If local governments want to collect their tax bills, they should do it themselves. They should not be auctioning off their tax liens …”

    http://theeconomiccollapseblog.com/archives/how-big-banks-can-steal-your-home-from-you-even-if-your-mortgage-is-totally-paid-off

    • Anonymous

      AJ,

      I am sure these are the exceptions and not the rule. If they did really own their homes free and clear but couldn’t pay the tax bill, they could always just sell their home before it gets foreclosed on. If they can’t afford a couple hundred dollar tax bill, then they can’t afford the upkeep on the home and they should sell it and move into something cheaper/easier to maintain.

      Why shouldn’t the town sell these liens? If they don’t get their taxes paid, then the rest of the homeowners in town will be shouldering a bigger burden or services will have to be cut. I looked into this business but I passed. Too many people got into it and the liens were being bid way too far up to levels not commensurate with their risk.

      • AJ

        If some anonymous person called said they smelled pot at one of these addresses, they would have sent a swat team the break the door down — priorities. They should have sent a social worker to see if these senior citizens were aware of their situation and inform them of what help was available. I mean after all, don’t they send out people to trailer parks to try to convince illegals to take food stamps.

        The following is a take off on a common cartoon theme from the 30s. The fellow with the moustache in the top hat is the bankster. The victim being tied to the train tracks is the homeowner.

  9. Anonymous

    its FERRELL…not Farrell

  10. Anonymous

    Ferrell was a “well respected” and “good neighbor” type in Belle Haven for many years until he dumped the wife…..wonder if he would still qualify as a “good citizen” eligible for membership at the club after stealing almost 6 million from the bank!

  11. Yardbird

    There are plenty of business savvy, sophisticated people who purchase homes in Greenwich. But there are just as many ex wives, grand kids, and multi generational wealth trust fund babies buying homes in Greenwich too. And they have in some cases, no sophistication, or balance-the-budget abilities.
    Kind of like our Prezzi, the mother of all SCoaMF’s