Sometimes what looks like a bargain, isn’t

 

7 Dwight Lane

7 Dwight Lane

7 Dwight Lane has finally sold after almost four years for $3.3 million. This was a wreck of a house when it was sold at foreclosure auction for $2.5 million in 2008, and the buyers put a lot of money into fixing it up before returning it to the market in 2010 for $4.125. $3.3 is not an insignificant sum, but I’d guess that after paying for those repairs and improvements plus commissions, taxes and carrying costs, the sellers didn’t make much, if anything, for their labors.

Gambling on real estate in fringe areas is risky.

5 Comments

Filed under Uncategorized

5 responses to “Sometimes what looks like a bargain, isn’t

  1. EOSredux

    I was shocked to read that Eddie Jones designed this. He’s a major player in the world of modern architecture, designing some incredible homes and corporate headquarters. I’ve seen some of his work in Arizona, where it is perfectly sighted.
    http://jonesstudioinc.com/public/09/index.htm

    This home on Dwight doesn’t seem to rise to his level of design.

  2. I remember seeing this house at the time of the foreclosure auction, and thought it was beyond repair. You needed a gas mask to visit the moldy downstairs area. The layout was (to my mind) absurd, with the MBR at one end of the house and all the other BRs at the other. The back 40 was an overgrown jungle. As I recall, there was only one bidder (from out of state), and boy, must he have been surprised when he found out he was the “lucky” winner. The only money made here, I suspect, was by the workmen who somehow made the place look livable again. But I, for one, would never want to live there….

  3. gideon bronte

    off topic, but its nice to have links that work back on the site 🙂

    • Don’t get excited, those are links using the old system, that gets shut off permanently in two weeks. I’m still attempting a work-around.
      The new system is also erasing much of the history of listings- guess they found it embarrassing.

  4. Jean Ruggiero

    To answer some of the comments. 1. Eddie Jones designed only the kitchen, which was really regarded as fabulous by everyone who entered the home.
    2. With higher offers, that the owner refused it did finally sell for reasons not disclosed but personal to them. 3. With a beautiful piece of land, gorgeous pool and tucked away tennis court and privacy, this contemporary was a great buy on a great street in Greenwich. 3. To those comments, if you havent seen it lately, you cannot comment. It was a very special house. Actually, even the bedroom placement was fabulous, the light inside and the views from all rooms made this a great deal. It amazes me that people comment without regard for the opportunity to see what has been done and make a current assessment of something. What makes the world go round that there is something for everyone, whether a house, a girlfriend, or boyfriend and we should all learn to be kinder in our assessments of many things.