Price cut on Finney Knoll

3 Finney Knoll, “new” construction, from $3.999 million to $3.795. This was a 1840 house in deplorable condition when a local builder purchased it for $800,000 in 2006. He proceeded, verrry slowly, to add on a modern house attached to the original, but by 2023 that project was still unfinished — I believe the builder was living and bathing in the kitchen, for example, and there were numerous code violations in the work that had been done. A years-long effort to complete a short sale failed and the title was eventually turned over to the lender.

That bank put it on the market in January 2023 at $750,000, a low price designed to attract higher bids, and it did. Two of my clients looked at it separately and passed; they were each of the opinion, as was I, that the property was fairly priced at $750,000, especial;y given the unknown of how much of the original builder’s work would need to be replaced and redone (almost al of it) and neither wanted to play a part in a greater fool adventure.

But many did, and this owner was the lucky winner. He might get this price — it’s a frenzied market, and the ability to hop over the fence and shop at Balducci’s may prove a strong draw — but I’m guessing somewhere closer to $3.2’s going to take it, eventually.

January, 2023: “Needs some TLC”