More on 86 Cutler Road

Yesterday I wrote about this sorry POS, and the $2.650 in mortgage loans extended to a house worth, at the peak of the market, maybe $1.3. Today I went to Google Earth to check out the property because I have a client for whom this area might work. It looks as though there’s a dump on the land, which raises two questions: 1. What’s the Superfund liability for toxic waste clean up here and 2., again, who appraised this place and vouched for it being worth $2.6 million, and why isn’t he in jail?

Rather than being worth anything at all, I imagine the foreclosing bank is looking at having to sink new money into this place to clean it up and, depending on what soil sampling shows, maybe a whole lot of new money. Ow.

86 Cutler Road

86 Cutler Road

14 Comments

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14 responses to “More on 86 Cutler Road

  1. InfoDiva

    What the heck is going on there, and why hasn’t someone investigated? That has to be a violation of every possible zoning ordinance.

  2. Grumpy & Glass Half Empty

    a quick looksie on the interwebs…..and it’s capozza landscaping that is at that address. so they use it for fill, materials, etc.

    zoned for it up there? eh, dunno ’bout that one. happens all the time up in banksville.

  3. Grumpy & Glass Half Empty

    p.s. i arrived at that by looking here….

    http://ct.blockshopper.com/property/10-2108/86_cutler_road/

    and then searching for landscaping under capozza.

    that conclusion could be 100% inaccurate, however.

  4. Grumpy & Glass Half Empty

    and if this is the same person, may mr. capozza rest in peace. am sorry to see this, he was only 67 years young. from the bio he looked like a good family man, the kind that made his way in the world through hard work and did not get a handout or an obamaphone.

    http://www.legacy.com/obituaries/greenwichtime/obituary.aspx?pid=157186744

    perhaps the house is an estate sale.

    • Well I won’t speak ill of the dead, but someone loaned him $2.650 million on a property worth less than half that, and the sale is due to a foreclosure – no one paid back the loan.

      • towny

        Apparently the man was up to date on his payments until he died

        • I just looked up the docket and indeed, the foreclosure suit wasn’t filed until this year, a year after his death. It could certainly be the case that he was earning enough to keep current and then, when he died and those earnings stopped, the value of the land wasn’t sufficient to cover the debt. Which is a good reason for banks hiring honest appraisers, but that wasn’t happening much back when this loan was made.
          Regardless, it looks as though the heirs aren’t fighting the process because it’s run from commencement to strict foreclosure just since August. The house is empty, there’s clearly not any equity, so why not let the bank have it? That’s apparently what the family has done.

        • InfoDiva

          Guy owned two other properties in town…just sayin’

  5. Fluid Grid

    I wish I was of borrowing age when the real estate party hit this town
    Buy a house in the early 90’s for 1.2 and rack up 5 million in debt by 2007
    I would have had a field day!

  6. Just_looking

    Maybe he felt obligated to pay back the loan on moral principal, but when he passed, the executor took a look and made a different decision. Just speculation, but quite possibly close to truth.

  7. Anonymous

    If borrower was makin’ payments on a clearly underwater mortgage prior to passing, that says a lot about him.

    As for the estate, well that’s probably a different story. All kinds of reasons to potentially walk.

    • All speculation. What we do know is that this will soon be a bank-owned property which, if history is a guide, will be returned to the market grossly overpriced, sit around for a couple of years and eventually sell for around $750,000, assuming the bank’s cleared up the rubble field out back.