A foreclosure may look cheap, but take (at least) a second look

DEAD FLIPPER

When we last checked on 36 Perkins Road in June, it had dropped its asking price from $6.2 million (2015) to $3.5 and a deal was finally pending. It suffered a final indignity this morning, closing at $3.035. A lot of work for no return.

The would-be flipper here bought a wreck from Cathay Bank for $2.1 million in January 2014 and, at least according to its listing, did the following:

This home was taken down to the studs and redesigned to work with today's lifestyle. Beautiful and long tree-lined drive sets the stage for the private and mature setting on over 2.5 acres. Majestic entry with double staircases. LvRm/DnRm/Fm/Rm/Library and Master all with fireplaces. Gourmet kitchen opening up to breakfast room & family room. State-of-the-art technology throughout. Home theater.

You don’t get paid for an agent’s fulsome* descriptions, but perhaps the flipper thought he would, because he returned it to the market in November 2014, all tarted up and asking that $6.2. Less than half of that five years later is an owie.

*Yes, grammarians, I use the word exactly as God intended it to be employed.