Category Archives: Foreclosure

Abandoned Ridgeview Ave. house finds buyer and (unrelated), the Synagogue expands its Cos Cob footprint

 

9 Ridgeview Avenue

9 Ridgeview Avenue

9 Ridgeview Avenue, placed on the market by its bank-owner at $2.999, reports a contract. The failed developer paid $2.355 for the land in 2008 and took out a $4.7 million mortgage to build this shell. I assume all of that sum hadn’t been advanced before the project went south, but it’s a fair bet that there was a serious write-off here.

I personally would be wary of a house that has sat empty for so long, but I assume an inspector has signed off on the structural integrity.

88 Orchard Street

88 Orchard Street

In Cos Cob, an Irish realtor, Francis X. Fudrucker, has sold a Scotsman’s house on 88 Orchard Street to a Jewish synagogue; are we a multi-cultural town, or what? 88 looked for $2.355 million in 2011 and dropped as low as $1.795 before its listing expired on Halloween, 2011. The treat finally arrived last Friday, when they sold for $1.6 million.

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Foreclosure price cut on Round Hill Road

We're not in La Tuna anymore, Toto

We’re not in La Tuna anymore, Toto

516 Round Hill Road is now offered to the discriminating buyer for $7.750 million. This property has had a colorful history, beginning back in 2003 when that lovable rascal Dom Devito bought the land and persuaded his friend Marcus Zavataro at Patriot Bank to lend him $6.143 million to build  a spec house. The foundation went in, the framing went up, and there things stood for a long time, while most of the Patriot/Zavataro loans went belly up, Dom was sent off to La Tuna Federal Medium Security prison outside of El Paso, and the market for big ticket homes on Round Hill Road fell off the cliff. Eventually, Patriot won title via foreclosure (June, 2010), Marcus went off to offer financial advice to new clients and even Dom has returned, fit, rested and raring to go. He’s even driving a rather fancy Indian car around town these days – the boy knows how to land on his feet.

In any event, Patriot sold off the shell of this house for $3 million to the present owners, who finished it and put it back up for sale in January for $8.3 million. Today’s price cut indicates how that’s gone, so far. The two problems I see here (aside from price and location) are what to make of that four years or so it sat unfinished, and the affect, if any, weather and cold had on the structural integrity, and the land: Dom sort of bulldozed a pile of dirt together, just large enough to support a house footprint, held it back with a retaining wall and left the rest as an ironic reference, for movie buffs, to “The Guns of Navarone”. Tough sledding, if you will.

But there you have it. If you want to live in Dom’s neighborhood; and you should, or just down the road from the Raj, when he gets out of his prison, this is the spot for you.

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Bank owned in Byram

9 Byram Dock Street. I don’t recall if I saw this, but off the top of my head, I bet Zillow’s closer to the mark than the property’s new, unwilling owner. It did sell for $2.5 million in 2000, more fool they, but given its age: 1920, and its location directly on the water, it’s got to be non-FEMA-compliant, so look to spend major bucks bringing it up to code.

9 Byram Dock Street

9 Byram Dock Street

UPDATE: I pulled the old MLS listing and now I do remember it. Absolutely fabulous house, and the new bank-listed price is probably not bad, with the same caveat of FEMA compliance. I saw this in 2007 and really, really liked it, but it was asking the ridiculous, verging-on-nuts price of $5.8 million. So instead of pricing it reasonably, the owner lost it all. Hard as it is to believe, Greenwich is known for its sophisticated, savvy people. Not all of them, obviously.

UPDATE II: Looks to me like there was $5.8 million in mortgage debt on this place, which explains the original asking price and the reason for the collapse of our banking system. Other observations: Deutsche Bank started foreclosure proceedings in 2009 and only fought past the defenses of the debtor this summer – not bad for the debtor: stay in the house rent-free for four years.

Bill Ferrell says, "why they'll just let anyone in television!"

Bill Ferrell says, “why they’ll just let anyone in television!”

The (former) owner, one William G. Farell Ferrell, was a trader turned hedgefunder who used to write about a number of topics including “risk management”. Oops.

Here’s Zillow’s take:

SEPT 10 2013 Listed by bank $2,429,845 This property was foreclosed and now the lender is selling it for$2,429,845.Zillow’s Foreclosure Estimate predicts this property will sell for$1,206,754.
Foreclosed The lender assumed this property during foreclosure proceedings and now owns it.

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Ridgeview Avenue foreclosure hits the market

9 Ridgeview Exterior

9 Ridgeview Exterior (question: if they’ll go to the trouble of photoshopping in clouds, why not make the weeds go away?)

9 Ridgeview Ave is now up for sale by the company that bought its paper, and asking $2.999 million. I’d be in no rush to pay that: the place has sat empty for four years and last time I heard of an inspection done on its carcass, the news was not good. The failed owners paid $2.3555 for this 0.98 parcel (RA-1 zone) in July, 2007 so there’s your land value as of the height of the market. The house itself? I doubt you’d find a builder willing to finish it, because of liability exposure and the uncertainty of what’s happened to the basic structure during its long period of neglect.

n.b.: there’s a $4.7 million mortgage shown on the land records for this place – no telling how much of that was actually advanced before construction was abandoned, but whatever went out won’t be coming back.

Stairway to nowhere

Stairway to nowhere

Screen Shot 2013-08-27 at 10.34.34 AM

9 Ridgeview

9 Ridgeview

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Auction at 160 John Street

160 John Street

160 John Street

Raul Villacis has listed 160 John Street, 18 acres of horse farm originally priced at $45 million in 2009 and offered at other prices since, from $36 million to $28,500 (just for 22 days, in February, 2013, and discussed here back then) for “one million dollars”, but notes that this will be an auction, so the million is presumably a token price – you need to have some number to list on the MLS, and your mileage may (will) vary.

I’ve never had much luck dealing with Mr. Villas, so won’t be investing any of my time on this, but I suppose he may break his historical pattern and actually be offering it for sale to a non-client, so if you’re interested  in some decent land and a house at some unspecified price – count on it, it won’t be a million – go for it.

I can’t sort of the status of this property on line – there’s no significant mortgage shown on the tax card and a check of the judicial docket turns up nothing, but if Raul’s involved then so too is a lender. Doubtless, by the time of the scheduled auction October 15th, more will be revealed.

UPDATE: a reader points out that, rather than be cancelled, David Ogilvy’s listing for this same property is still active (and will be through February of next year). So how’s Raul involved with this? Can one skip Raul’s services and just deal directly with David, handing over $28.5 million? That’d probably be a cheaper approach than dealing with Mr. Villacis, and certainly a more straightforward one.

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Filed under Back Country, Buying/Selling Greenwich Real Estate, Foreclosure, Neighborhoods

Corey Kupersmith’s former Cowdray Road auction coming up August 25th

Here’s how to bid – basically, you must place your bid before hand and the three highest bidders will be invited to duke it out on the 25th.

Cheytac 408-M200

Cheytac 408-M200

We’ve written about Kupersmith before, most recently just this past July. In response to that article I received this interesting email. Apparently there was – is- more to Mr. Kupersmith than just a rapacious, failed real estate developer.

Hi Chris:

I was one of Corey’s partners for about five years when I founded Cheytac * and my other partners voted him in as an additional partner.  He and his criminal gang of hangers on from NYC were interesting fellows.
From never paying their taxes to outright defrauding [or attempting to] their partners, they were the gang that couldn’t shoot straight, literally.
When the little prince got involved with  Cheytac he determined that we didn’t need process control on weapons manufacturing…..  We could discuss that for hours….  We have enough damaged clients out there from that.
He also tried out various fully automatic weapons in Arco, ID and once shot a School Bus, fortunately coming back empty, no kids…….  I guess there is a God some where.
Crocco died under suspicious circumstances [no mention of that in Keith Crocco’s obituary – it was a motorcycle accident- Keith C rear-ended an SUV – Ed] after Corey stated that he was going to send him to his grave as he didn’t trust him any more…..  Most of the Greenwich cops partied at his Cowdray mansion or the Jupiter FL mansion…..
Real Estate?  Chris, you have barely scratched the tip of the iceberg…..
Interesting about the GPD partying with the man, here in Greenwich and in Florida. Any readers want to contribute to that angle?
UPDATE: Googling around, I found this mention of Kupersmith’s involvement with Jamison International. “In 2003 Marc Jamison teamed with the owner of Greenwich Ballistics, Corey Kupersmith, who had recently acquired Cheyenne Tactical (CheyTac USA).”
Patent suit brought by Greenwich Ballistics against Jamison bankrupted Jamison (or it shut down as the result of the expenses of defending against the suit). Here’s the original complaint.

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Two Merritt Parkway homes go begging

A couple of houses on the broker open house today that merit discussion, if not an actual visit, because neither is selling and both are right on the Merritt Parkway. Coincidence? I think not.

329 Riversville: lights on, no one home

329 Riversville: lights on, no one home

329 Riversville Road is literally in the shadow of the parkway, and long ago brought down its builder, who lost it to foreclosure in, I think, 2010. It sat empty for years before the lender sold it off (at a great discount, I hope) to a third party. It’s been unsuccessfully auctioned (no takers), priced at $2.799 million (expired unsold) and now it’s back for a third attempt, at $2.695. Someone’s bound to want this at some price, but between the issue of sitting vacant and unfinished for so long and the looming presence of the Merritt overhead, I don’t know what that price will be.

PorchuckA bit further east, there’s a house on Porchuck that’s been reduced, again, to $5.8 million. It started at $9.5 million in 2012, and I’m sure its listing broker could have profitably read this weekend’s profile of David Ogilvy on the proper selling of a high-end home. He obviously didn’t, so it sits.

UPDATE: checked the tax card for the history of 329 Riversville, and here are some more details: IndyMac bank loaned $2.6 million for it in 2007, foreclosed on it and the successor to the failed IndyMac sold it off to the present owners for $1,489,952 in February, 2012. It’s the current owners who finished it, so it’s been empty for five years now (notwithstanding the listing’s claimed construction date of 2010, it was in fact built in 2008).

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Filed under Back Country, Buying/Selling Greenwich Real Estate, Foreclosure, Neighborhoods, pricing, Real estate agents, spec houses