Mead Point sale

 

526 Indian Field Rd

526 Indian Field Rd

526 Indian Field Road has sold, for $6.2 million.  That makes a lot more sense than its original 2008 price of $11.5 million, and seems a fair price for this much house – 10,450 sq.  ft. – on 2 acres in a place like Mead Point. Unfortunately for me, I have buyers who really want to live in Mead Point but very much don’t want this much house. I suggested they just plywood-up the undesired space, but they weren’t buying it, literally and figuratively.

591 Indian Field Rd

591 Indian Field Rd

The sale is probably bad news for the would-be sellers of 591 Indian Field Road, now asking $4.995 for an old house in desperate need of renovation (replacement, more likely), on a FAR-restricted, undersized lot of 0.9 acres, that started off in 2009 at $8.9 million. As land value, I’d put it at around $3 but unfortunately, the foreclosing bank wants far more than that.

Buy it at auction.

UPDATE: Oops!  I had a reference here to the owners of 591’s legal troubles but I’ve been corrected by a reader. Different couple – same name, but not these people. I apologize.

9 Comments

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9 responses to “Mead Point sale

  1. LAK

    There goes that window in the floor again.

  2. Anonymous

    Tax card says it’s 7,700sf, but who’s counting.

    591 is or was before foreclosure owned by these guys:

    http://www.businessinsider.com/awesome-greenwich-couple-says-we-didnt-scam-anyone-we-took-profits-and-would-do-it-again-2010-4

    sounds like they belong on Round Hill with this kind of background.

  3. fresh air

    MP stone are not the penny stock scroundrels in the Bus. Insider article.
    Same name but that’s all.