8 Hobart Drive: A little real estate “saga”

8 Hobart: Poster child for a harsh new market, or just an "outlier"...?

This place has a semi-interesting history.  8 Hobart Drive is off Calhoun Drive, which is off Glenville Road, a little past Eagle Hill School, at the blinking yellow light…got it? Ok, so it starts off as a

tear-down

back in 2005.  It has 1.08 acres (1-acre zone) and sells for $1,600,000 January 31, 2006 (aka* “the good old days”).

It comes back on the market July 21, 2008

(aka “seconds before the melt-down”) at $7,800,000.  Amazingly, it does not sell.  Instead, it sits around, getting a new broker every once in a while, and is finally

re-listed

at a new price of $4,599,000 December 28, 2010.  106 days after that, it sells (hooray!) for $3,963,591 on March 25, 2011. A grand total of 970 days waiting for a buyer! And if you started the clock the day they closed on the tear-down? We’re looking at a 1,885 day saga. Ughhh.

The new owners, perhaps feeling that they “stole” the place,

put it back on the market

(great scott!) two weeks later at $4,599,000.  Amazingly, it did not sell, until 245 days later, having been lowered to $4,199,000. It now sells for a second time, at $3,675,000 on January 12, 2012, suffering a $288,591 loss in the process.

Between March, 2011 and today, I hadn’t thought the market had lost much, if any, value yet here is evidence that we might still be dropping?

(Except Club Road, in Riverside, of course.)

*aka stands for “also known as” (some people don’t know this!)

2 thoughts on “8 Hobart Drive: A little real estate “saga”

  1. A very entertaining read. But why on earth did the new owners put the house back on the market again 2 weeks later? Bad decision.

    • reader:
      I do see that happen once in awhile. Short of interviewing each seller and saying “Why? What were you thinking?”, we can only speculate that the new owners figure that they got SUCH A DEAL that they’d be fools not to turn around and flip the place.

      Sometimes it works! Chris Fountain’s co-Realtor, “Frankie Fudrucker” had a client who turned around and flipped a Hidden Brook Road property last year…made a quick $200,000!

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