Price cuts on Indian Field (Mead Point)

 

504 Indian Field Rd

504 Indian Field Rd

504 Indian Field has dropped from $3.475 million to $3.1, which I think is a pretty fair deal. It’s a full two acres, with access, sort of, to the water – good views, at least, through the spartina. I like the house itself, which was custom built for a down-sizing couple, but this is now pretty much priced as land, which means another one of those free house deals, should you choose to go bigger. Curtis Wood listing.

591 Indian Field Rd

591 Indian Field Rd

I’m less impressed with the latest price cut on 591 Indian Field, however, now down to $4.495 million from an original ask of $8.9 (!). The house sits on an undersized lot:0.9 acres in the R-2 zone, and is already grossly non-conforming, so no room to add anything. Which wouldn’t be a problem if you like the house but so far, no one has. To my eyes and to those of my clients and, presumably, all the other people who’ve seen and rejected this home over the years, it’s too dated and chopped up to do much with except raze it and rebuild and if that’s to be done, the new owner is faced with a maximum size, including garages, of around 3,500 sq. ft. Nothing wrong with that, but you wouldn’t want to spend $4.5 just for the land on which to sit such a modest sized house, especially in Mead Point.

565 Indian Field

565 Indian Field

The next house down, 565 Indian Field, also was on just 0.9 of an acre, but it included a very nice house (3,800 sq.ft) in move-in condition, and sold for $3.375 in 2012. I’d peg 591’s value well below that: $2.5, perhaps? Unfortunately, there’s something like $4 million in debt on the place, so the most logical course to take is to let the pending foreclosure conclude and then deal directly with the next owner, the bank.

6 Comments

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6 responses to “Price cuts on Indian Field (Mead Point)

  1. if 504 Indian Field Road is an example of Peter Ogden’s work (even if just a renovation), i can see why you opined that, “The poor guy’s life work won’t survive him.”

    https://christopherfountain.wordpress.com/2009/07/31/contemporary-houses/

    that house was not meant for that site.

  2. Chimney

    591- it’s a nice house, but $4.5 mil for a house without a garage? Thanks a lot! Well, it’s just down the road from Ray Dalio’s.

  3. TraderVic

    It would be tempting to put a minimal amount into 504 and just live there. Do you think $250,000 would enable you to cathedral-ceiling the main room, and do cosmetic-style improvements? I feel that “designed to sell” could create something out of this.