63 Maple, that new construction built below road grade across from the Second Congregational Church, has been rented for $13,000 per month. It was asking $4.4 million when the owner/builder gave up, down from an original price of $5.1. $13,000 pays the interest on what – $2,500,000? Somewhere around there. Assuming a market value of $4 million, taxes should run about $2,000 per month, so the builder has $11,000 to cover her debt. That might work, I suppose, but I’m guessing she’ll be taking a loss every month this place is rented. If the market doesn’t soar in the next 12 months, I don’t see how this is going to help her.
Tag Archives: 63 Maple
Asked $5.1, down today to $4.775 million. I don’t know if this will do it, what with the house being below street level, on a tiny lot, on a very busy street. But it’s a start. I have my own opinion of where this house will eventually trade but it’s probably nowhere near where this builder is so I’ll keep my mouth shut.