OMG. The numbers are astounding. He has to be underwater for the estimated sales price range. Is this house in foreclosure yet?This is interesting I think. Was just taking a look at Zillow for 65 Sturbridge in NC. We had a discussion about it a couple of weeks ago and the consensus was it was overpriced still after a nearly $500,000/11% price reduction in July.
https://www.zillow.com/homedetails/61-Sturbridge-Hill-Rd-New-Canaan-CT-06840/57327003_zpid/?
Its now on the market for $3,999,999
and the
Zestimate®
$2,700,260
Estimated sales range: $2.46M - $3.02M
I think I had ballparked the house at $2.5 million which is in the range of the Zillow estimate. This still is substantially below the list price. There are 3 mortgages on the property (Danbury Savings Bank and 2 private mortgages) and the GF attachment which I believe is presently $500,000. There are also 6 trade liens.
Not sure FO is going to be getting much $ out of this property as I believe it was purchased for $1.5 million in 7/17. Curious what the build cost was for this property to justify the price (not seeing much in terms of interior finishing work to support price IMO).
This project IMO is a bit confusing as its a bit expensive for the neighborhood, incomplete landscaping, and no pool (other houses in neighborhood have pools). Another FO head scratcher project IMO.
MOO
30 Year fixed rate loan table: 1.5 million at 3.25 percent interest=$6,528.09 monthly payment. If he was required to get PMI, that could be an extra $1500 monthly. Plus taxes. Insurance. Upkeep. How could 4JC be the only one being foreclosed? The money must be coming in from somewhere (Greece). And JUST the property was $1.5 million? What about construction costs also? Plus the attachments/liens. The first mortgagor/lien holder gets paid first. If a junior lien holder forecloses, they have to pay off the superior lien holders. As a buyer, I would not touch this with a 1000 foot pole, no matter the price. What if title search misses something in this mess? I know it's called title insurance for a reason but why bother? Other, nicer homes without the hassle.