Price cut for distressed property on Cutler Road
/85 Cutler Road, listed at $3.250 million in March, has been marked down to $2.750; it’s still got a ways to go.
The property’s been in the process of being foreclosed on since 2023, and that action may have been concluded, to the extent that these things are ever final. The owner paid $2.2 million for it in 2007 ($3.394 million, current dollars) and took out a $1.7 million mortgage from, who else, Washington Mutual. WaMu’s gone now, but not the mortgage: $1,688,467.18 of the principal remains unpaid; looks as though the first few monthly payments were made and then … pfft. Total debt now, as asserted by the holder of the mortgage and confirmed by the court, is $2,704,447.56.