Eight-plus years to foreclose on a worthless POS


99 Porchuck's price has been dropped by its new owner, Deutsche and, from $975,000 to $899,000. It's not worth anything close to that. Deutsche Bank began foreclosure proceedings against the then-owner of this property in 2009, and only finally got title the past October. I say, lucky them — had they asked, I'd have advised that they write off the debt and just pretend they never loaned money on this place.

The house was still inhabitable back in 1999, when it sold for $1.7 million, but by 2000 it was a pure scraper, and sold for one million to the defendant in this foreclosure action. He, in turn, returned it to the market in 2004 at the preposterous sum of $3.6 million, and eventually, in 2014, for $1.849 — still a ridiculous price, but I suspect it was a number picked to persuade the court that the owner was making an effort to sell it. I wonder at the wisdom of the agent who took the listing then and wasted his time on it.

Not only is the house useless and unsalvageable, the four acres it sits on are almost unbuildable: wetlands, ledge, below grade and in general, not worth much, if anything, to any builder. I suppose someone might be tempted— the greater fool theory at work — but if so, we can expect to see this property and any new house built  upon it back in foreclosure court in just a few years.

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