Tag Archives: 18 Bowman Drive

18 Bowman Drive short sale

This poor builder tried selling his new construction for $2.695 back in 2007 and has lost the race with his lenders. Today it’s available via short sale for $1.4 million (a previous attempt at auctioning it failed). If you want to know why it never sold, check out the birds eye view of the place. Pay no attention to the house labeled with an arrow – this is the lot behind it, under the shadow of the water tower, with a graveyard just beyond that. It’s hard to believe that anyone, no matter how strong the market, thought he could get almost $3 million for this location but this builder is not alone in his lunacy. It’ll probably be ten years before we see their kind again but trust me, we will.

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Well, it must have seemed like a good idea at the time

A friend and fellow realtor, correctly assuming I wasn’t on this particular email list, forwarded an invitation to bid on a “bank-approved short sale” for 18 Bowman Drive, minimum bid $1.4 million. I’ve written about this house from time to time since it was built back in 2006 and listed for $2.685 million. Nice new house, 5,000 square feet, but on a back lot with a water tower and an old graveyard behind it. Nothing wrong with either improvement, of course, but some buyers shy away from such things and I suggested, to the listing agent’s ire, that $2.7 was going to be hard to get.

So is $1.4 the right price? It’s certainly more realistic – the town’s assessed value is $1.735, and I’d think it would be attractive to a Westchester family that wanted to escape that county’s taxes while not abandoning their friends in their former town. So yeah, something around this price should be a reasonable deal. I don’t know what the builder paid for this – he saved a commission and bought direct, I think – but he’s not coming out of this one with much left of his shirt. His loss could be your gain, as we like to say in this business.

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