10 Andrews RoadA reader inquired about the status of this listing and despite my vow to engage in nothing but happy talk for the next few days, I looked it up. Ooops! It came on asking $6.495 last year and sold this year for $4.850. Even at that, I think the builder was lucky, given the lack of yard and the odd layout of the place. But as I've said before, a lot of these drastic price reductions are not a reflection of a bad market but instead, a voice of reason answering ridiculously optimistic sellers' dreams.
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5 comments:
Chris- do you have records as to what the builder paid for the property? Zillow says it's 9,000 square feet. So, assume $350/square foot, that's $3.1 million right there...
The land was bought for $2.075. figure $250 a square ft. to build and there wasn't a huge amount of profit here.
So just land + $250/sq ft in construction costs and that's $4.325. I'm guess the builder has to pay a broker, too? So little to no profit. Tick, tock Mr. Mariani....
since your nice enough to do these things, mind giving me a clue as to what is up with 7 Orchard Drive in Milbrook.
Saw it once a while ago on a open house , after that I saw it had a demolition sign on it and then a week or two later it was back on the market without the demolition.
Looks like its off the market again.
I know the builder of this property, Jeff Scalise. Nice guy. He made next to nothing on the sale, as did his financial partner, a guy who lives on Montgomery La.
What I did hear from him was the money man wasn't upset by his minimal profit - he figures he still did better than if his money had been in stocks.
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