Well that was quick — sort of
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It wasn’t the price, it was those happy little clouds
Steve Archino listed 42 Mooreland Road a month ago on November 9, priced at $6.599 million, found a buyer in just 12 days and it closed Friday for $6.530 million. That’s going to do wonders for our realtor board statistics, so readily distributed to gullible consumers: 12 days on market, 99% ask-to-sell price, and isn’t that wonderful?
Unsaid will be the fact that this disaster, once owned by the now-bankrupt Antares (wonderful history here) partner Joe Beninati, started off back in 2012 at $26,080,000, and Steve got the listing only after Citi Bank’s strict foreclosure suit was completed this year. I’m happy for Steve, sorry for Mr. Beninati’s wife, who took the hit here, but I won’t be dancing on the tables over this positive addition to our sales price ratio and days on market numbers.
They call me Mr. Grinch.
But Bob Ross wasn’t:
UPDATE: Not to be crass, but this photo from the interior just caught my eye: WTF, twisted bowel syndrome?
(Another) Update: Beninati’s fellow flame-out, James Cabrera, built his own mansion, also with other people’s money, right next door to partner Joe’s, at 42 Moorland. He too tried to bail out, listing the place for $17.999 million in 2012, but when that failed he rented it out, at $30,000 per. I suppose that’s better than strict foreclosure.
And I’ve mentioned this before, but the buyer of 37 Mooreland, who paid $8.4 million for much smaller new construction up the street just the past Halloween should, perhaps, be feeling a twinge of doubt about the wisdom of that purchase.
