Here’s a bargain

212 Old Mill Road, 5 1/2 acres, has had a troubled past. Purchased for $2.6 million in 2006, the owners got wetlands approval for a new house and septic to replace the existing (quite livable) building already on it, then encountered financial difficulties and put it back up for sale in  2008 for $3.299. That didn’t work and a few price cuts later, foreclosure began, bankruptcy followed, and so forth.

Long story short, today the owners’ new lawyers have filed an appearance with the court, together with a flurry of motions to set aside judgements and so forth, and relisted the property for $1.550 million. I can’t link to the GMLS listing yet, hence the old Zillow listing above (if you ask nicely, I can email you the info via GMLS’s “client” mode) , but 5+acres, even with some wetlands, on Old Mill Rd, is a good deal.

 

20 Comments

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20 responses to “Here’s a bargain

  1. i could relish that new price!

  2. Monody

    Won’t be an Argentine buyer and the way today’s market tanked and the world is imploding, there will be three people left on the planet with any money. I’m not one.

  3. Anonymous

    Owner is a real estate agent that use to work at Prudential- I agree, a good deal!!

  4. anonamoo

    what happens to comps on the street when one home goes into foreclosure and sells for so little? it can’t be good.

    • Appraisers do take into account that it was a distress sale. I wondered about that issue when I sold a house on Cat Rock for $2.3 that had previously sold for $4.7 when, a few years after my sale, a nice house on the same shared driveway came on for something like $3.9. It sold immediately, with no problem, and last year, a new house across the street fetched $4 +. So I guess my sale didn’t hurt their values.

      • anonamoo

        I’ve heard more unhappy endings to a foreclosure on the street. Your example is on a street that can hold its own otherwise. Most people who experience this are adversely affected when time to sell, no matter what appraisers say or do. Buyers use these numbers to lobby for a deal.

  5. Mickster

    Bank will never let it go at that price – waste of time bidding on it. Taxes seem very low at 15K for 5+acres – Something else at play here…..maybe typo…

  6. Anonymous

    did you hear that 65 Calhoun Drive finally sold?

  7. Anonymous

    did you know 65 Calhoun drive finally sold

  8. Anonymous

    Something fishy here me thinks….more likely trying to create a market…low price to get bidders to come in and bid up.

  9. Anonymous

    And no showing for 3 weeks….

  10. Anonymous

    Not sure this is really for sale.