16 BeechcroftBeechcroft (behind North Street's St. Michael Church) has seen a wave of new construction lately and this spec house was in that wave. Priced at $8.5 million when it came on the market in June,
1 year ago
Tuesday, October 14, 2008
16 BeechcroftBeechcroft (behind North Street's St. Michael Church) has seen a wave of new construction lately and this spec house was in that wave. Priced at $8.5 million when it came on the market in June,
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5 comments:
Chris, are you sure on that timing of it coming to market 16 months ago?
I saw that house being built, and I could swear we were tromping in the mud around it this past spring - there was no driveway yet. maybe June 2008 it was listed?
He was lucky to get $6. He spent a fortune building it, and it still is an odd-looking place, wtih a huge spec house across the street (a really ugly one, I might add) coming to market shortly.
Your memory is correct. the land (and, I assume, an older house) was bought in June, 2007 but the new house wasn't listed until this year. I'll go fix the post - thanks!
My zillow isn't working, but let's say he paid $2 mil for the property (it was probably more?).
9,000 sq ft x $400/sq ft = $3.6
So that is $5.6 without any other costs (pool, etc.). I'm guessing builder didn't make a dime.
CEA
He paid $2,280,000 in June 2007. On the bright side, he probably doesn't owe any capital gains taxes and if he got out still wearing his shirt, he's ahead of a lot of his peers.
Assuming your estimate is about right, and I think it is, the guy spent $5,880,000 to buy the land and build the place (let's go wild and toss in the pool, landscaping and all that in the $400 sq.ft. figure) and would have netted $270,000, out of which he'd have paid $307,500 in commissions (5%), $15,312 in town conveyance tax, state conveyance tax, attorney's fees and gas to get to the closing.
So no, I don't think he made a dime.
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