Back on June 16, 2009 I posted the note "18 Bowman Drive: Another Market Opportunity". The former owner contacted me and reminded me what a decent house this was.
As an update, the property sold for $1.41ml on March 26, 2010.
As I mentioned in my earlier note, this was new construction (in '07), with over 5k sqft per builder (4,291sqft per tax card) with +/- 1.39 acres usable land on back lot, but impacted by water tower and cemetery. The property can become a good home for someone. Plus for anyone driving into Westchester or the City, the location is great. It is less than 1 mile to the Merritt / Hutchinson Pkwy.
Showing posts with label Greenwich Distressed Real Estate. Show all posts
Showing posts with label Greenwich Distressed Real Estate. Show all posts
Wednesday, June 23, 2010
Tuesday, June 16, 2009
18 Bowman Drive: Another Market Opportunity
If you don't mind living beside a 114 foot high and 50 foot in diameter water storage tank, here is a market opportunity:
18 Bowman Drive in King Merritt Acres (1 acre zoning) was built new in 2006/07; has never been occupied; and remains unsold. It will be going to highest and best bid on June 29th. The builder likely has over $2.2mln into the property. The land was purchased on Oct 2005 for $975,000 and 4,300sqft (per tax card) of living space was built, which, at $300/sqft, equals $1.29ml or all-in cost of $2.265ml. The house itself offers much: 5bd/4.1ba, in approximately 5,000sqft (builder #) of "new construction" and a wrap-around porch. There is even land to build a pool. But again, there is that water tower.
The property is currently listed at $1,688,995, which is down from the original list of $2,695,000 in Feb 2007. The property will go to highest and best bid over a minimum that the list agent will announce. Summary, tough location; nice house. What will it clear for in this market?
18 Bowman Drive in King Merritt Acres (1 acre zoning) was built new in 2006/07; has never been occupied; and remains unsold. It will be going to highest and best bid on June 29th. The builder likely has over $2.2mln into the property. The land was purchased on Oct 2005 for $975,000 and 4,300sqft (per tax card) of living space was built, which, at $300/sqft, equals $1.29ml or all-in cost of $2.265ml. The house itself offers much: 5bd/4.1ba, in approximately 5,000sqft (builder #) of "new construction" and a wrap-around porch. There is even land to build a pool. But again, there is that water tower.
The property is currently listed at $1,688,995, which is down from the original list of $2,695,000 in Feb 2007. The property will go to highest and best bid over a minimum that the list agent will announce. Summary, tough location; nice house. What will it clear for in this market?
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