Foreclosure sale on North Street

180 North Street

180 North Street

I stopped by the auction for 180 North Street at noon, today, and watched it go to the bank at its own opening bid of $3.1 million. There were two other people there who had come with the required certified check in the amount of $367,500 and thus were qualified  to place a bid, but they declined. Presumably, they were hoping to snare a  bargain, and didn’t see one at $3.1; neither did I.

Late yesterday the debtor filed a motion to reopen the judgement against him, and that will be heard on August 11th. Assuming the bank prevails and the court approves today’s sale, the bank’s title will be complete and the house will be fully theirs, lucky bank. My prediction is that they’ll spend money to clean up the house (the debtor stripped it of appliances and left it looking pretty bad before he left), then put it back on the market at some dumb figure like $3.675 million, where it will stick around until someone at the bank gets real and orders the the place to be dumped for $2.5-$2.7. Check back next year.

The debtor bought the swampland this was built on for $1.850 million back at the height of the market in 2007, and paid Steve Mariani to build a spec house on it for him. That he thought he could pay Mariani’s profit and pay an additional profit to himself can only be ascribed to the irrational exuberance of those heady days, and it was a doomed business plan: it started at $5.495 million in 2007, and dropped all the way to $3.4 this year, before the bank took it back. Someone dodged a bullet back in 2009 when his offer of $4.1 was rejected, another, later, when $3.75 failed, and two years ago, my own clients had the same lucky escape when we couldn’t even get a counter offer to our bid of $2.9. Between having a swamp for a yard and, now, the condition of the house itself, this isn’t worth more than $2.5, if that, in my opinion.

6 Comments

Filed under Uncategorized

6 responses to “Foreclosure sale on North Street

  1. Anon

    Poor Tinkerbelle. Flying around that turret all alone waiting for a family to come live there.

  2. Walt

    Repunzell…let your hair down.

  3. Libertarian Advocate

    Acccckkkk!

  4. Walt

    Dude –
    The above post is not mine. I don’t even understand what it means. And it’s “Rapunzel”. You illiterate hack. Not you Dude, the false poster. You illiterate hack. THAT one was for you Dude.

    So how goes the fundraising? Pretty good, right? The reader really did step up. It was nice to see. Did the GAR Evil Princess donate? Cough up any of her ill gained sheckles? Or did she remain in her basement dungeon, surrounded by her flying monkeys?

    Anyhows, I was thinking. Really!! Why not do a topless car wash fundraiser? I can talk to some of the nude ballerina’s from Beamers, who you know so well. They seem fond of you, even though you don’t tip squat.
    We can do it at GHS, and maybe get some of the pom pom squad to help. Good idea, right?

    You want to go to Beamers with me today to conduct a talent search and do some interviews? GENTLEMAN’S LUNCH!!
    Your Pal,
    Walt

  5. Flash

    How does the auction work?
    Who is the auctioneer? Who collects the checks?
    Did the bank have to bring a check?
    Was channel 12 there?….Greenwich Time?
    Geez, Sorry I missed the event.

    • The court appoints a trustee, who conducts the auction, collects the deposit from the winning bidder nd reports back to the court.
      The bank need not bring a check because its money has already been put up, in the form of a property no one else wants at that price.
      No TV or local press.
      You didn’t miss much – over in minutes.