Home Buying in Danbury>Question Details

Dave, Home Buyer in Bronx, NY

Rivington WCI communities in Danbury,CT

Asked by Dave, Bronx, NY Tue Aug 12, 2008

hello, does anyone know anything about the new development called Rivington WCI communities in Danbury because I was there this past weekend looking at a condo that I liked but found it way overpriced even though it had kitchen upgrades. they want 453,000 but knowing how today's real estate market is I said to the representative I would offer around 340,000 she said might check with her boss but very likely the won't accept she told me. it seems to me this condo is on the market for quite some time.I would appreciate anyones comments on this community. thanks

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With all due respect Fred, I like the fact that this thread is still active. There is good information here for anyone interested in looking at Rivington - information that can help save prospective buyers tens of thousands of dollars. Information that WCI obviously does not want the general public to be aware of.

Frankly, I'm not sure what your motivation for this comment is, given that this is your first post to this thread.

Wouldn't you agree that the fact that 9 Brinscall owners are currently $42,800+ underwater is relevant information for anyone interested in one of those models? Also, that there are at least two units that have been on sale over a year with no takers also relevant?

Furthermore, the fact that WCI submitted a Form 15 - request to deregister - with the SEC (less that 300 shareholders), so they no longer have to publicly provide complete accounting of all their activities and creditors indicative of the current state of the builder?

Thank you for your opinion, but I appreciate the stream of information, and I'm sure others do as well.
4 votes Thank Flag Link Thu Apr 23, 2009
Oh yeah, WCI is doing great! They set aside $11 million dollars for that Chinese Drywall issue. The only problem is, there is documentation they knew about it in 2006 and told no one.

http://weblogs.sun-sentinel.com/business/realestate/housekey…

http://www.newsinferno.com/archives/21502

in tort law, that comes up to gross negligence, which leads to punitive damages.

By the way, a jury just returned a verdict of over $2 million dollars to ONE couple with ONE Chinese Drywall problem. That was against Banner. Now . . . for the slow people, count up how much money WCI set aside for these cases, and how many cases there are. I don't want to give away the surprise ending for all you WCI cheerleaders, but if you can do basic math, it shouldn't be a surprise.

http://www.aboutlawsuits.com/jury-award-damages-chinese-dryw…

Gosh, I bet you are disappointed WCI went private after it tanked. Missed your chance to buy stock!



Wait, I'm overestimating my audience. Move along. Nothing to see here.
2 votes Thank Flag Link Tue Jul 6, 2010
Ldahla,

Sales for the smaller 2 bedroom 2.5 townhomes have generally been around $350,000 since about September of 2008. I did not specifically look at the larger units, but I am pretty sure I saw a couple of three bedrooms go for around $490,000. As far as I know, there has not been a resale unit sold. If the owners want to sell, they just need to be more competitively priced to take in account what has happened to the market if they want to move. I'm pretty sure another developer that has the money will go in there and complete the project as planned, if they can get the land cheap off, price the units so they can sell and make a profit on this endeavor. I always thought that the developer was asking too much in the beginning for units in Rivington, compared to what you got elsewhere.
2 votes Thank Flag Link Fri Jun 26, 2009
I was going through the vision appraisal site a few days ago, because I have a client that might be interesting in living here because there is almost no sales data on the MLS. Needless to say, it was very surprising to see the prices that WCI took for some of the 2 bedroom 2.5 bath townhomes in the last few months. The prices are more in line with what comparable resale units have sold for. Just because a unit has $60,000 worth of upgrades, it doesn't mean it is worth that much more. I always recommend going to not on the sales office at Rivington, but all new developments, with a Realtor that will work on your behalf, because the people there are working to get the builder the most money.
2 votes Thank Flag Link Thu Jun 25, 2009
Have to agree with Goodsyntax.. You hit the nail on the head! I think anyone purchasing/selling or has any interest in this complex would find this (old thread) of interest. If I were considering a move here, I would want to obtain as much info as possible.. Old tread, give up the answers? I think not... Jim
2 votes Thank Flag Link Thu Apr 23, 2009
Jim, John and Ldahla,

I want to thank you for keeping this thread alive and keeping me informed to the plight of WCI. I recently purchased into their Four Corners community prior to the chapter 11 filing and have been following their downfall ever since. I actually know someone who bought into Rivington about a year ago, and she is devastated by the cancellations of amenities, future phases, etc.

I wish there was something that owners in these two communities could do to recoup the substantial losses. It appears that they are now holding fire sales on existing units and really starting to cut corners to reduce costs. These actions are exasperating what is already an historic downturn in the real estate market. People who purchased a year or two ago have seen a couple hundred thousand dollars of value wiped out.

Fortunately, for me at least, Four Corners is 50% sold, so I am hoping that a substantial part of the remainder is completed as well.

Talk about buyers remorse...
2 votes Thank Flag Link Tue Mar 31, 2009
Ldahla, Looks like you have been doing your homework! I won't know what the selling price is for another week or so as I will not be at Town Hall till next Wednesday or Thursday. Will try to remember to get the sales price if the transfer did take place.

I think I would be extreamly upset as an owner of the 2 Carrington models that sold in May for $720,000 & July for $600,000 even though these have finished basements. I was also surprised to see roughly 40 sales within this complex over the past year, most being between February to mid June of 2008.
2 votes Thank Flag Link Thu Jan 1, 2009
I'd be reluctant without some guarantee that the amenities will be completed- that's one of the big strengths in a wci community. The $ per square foot is higher on the homes, but some of their completed neighborhoods are absolutely gorgeous. Not completed they're just condos with a high $ psf.
Web Reference: http://optionsrealty.com
2 votes Thank Flag Link Thu Nov 20, 2008
Just got an email from Rivington. The Oxford model (midrise condo 2br's, 2bths 1,549 square feet) that was listed for $485,037 has been reduced to $397,000. Looks like they are begining to realize they have to discount their product in this market. The bankruptcy is still a huge concern though.
2 votes Thank Flag Link Thu Nov 20, 2008
I looked into Rivington as well, and I agree that their models are grossly overpriced (which may be one of the drivers behind their Chapter 11 filing). I ended up choosing Woodland Hills which I think has a better community layout and more realistic pricing, along with exquisite landscaping and award winning design. This development has completed construction, but I know that there are several units available for rent and purchase. You should be able to save quite a bit over Rivington and many of the owners added a lot of upgrades which you would appreciate. Like Rivington, Woodland hills is convient to 84, 7, 684 etc.

Like others have said, Rivington seems like a ghost town. In all of my visits, I only noticed a handful of residents, most of the other units were either on sale or incomplete. My other gripes with the community are that the layout is akward and the roads within the community are confusing and abruptly turn into unfinished roads (construction is still underway). In the end, I simply decided that I did not want to live in a construction zone with only a handful of residents. At this point, given the Chapter 11 filing, I seriously doubt that they will complete the subsection that they are working in now, let alone the rest of the proposed development.
2 votes Thank Flag Link Wed Aug 20, 2008
The units that did sell at Rivington were sold as "pre-construction" back when this pig was still wearing lipstick. They were purchased by flippers. Nobody lives there. They're all up as re-sales.

You'll get a much better deal when the development goes into receivership. Even pricing in the unbuilt amenities (that won't even get built anyways) this development has some serious pricing issues; by a factor of 3 at the least.

I drive by it every day. All work there has stopped. Sit back and enjoy the show.
2 votes Thank Flag Link Wed Aug 13, 2008
Ken I think you are right, Toll Brothers will do a great job with Rivington. After all the WCI madness, the community may not end up exactly the way it was planned, but it will be much better off now that it will go forward to completion. Anyone of the owners who stuck it out and intend to stay will probably be happy they did once it all reaches completion.

I hope the progress with TB brings a huge sense of calm to everyone there =)
1 vote Thank Flag Link Thu Mar 31, 2011
Dave--I am also a resident here at Rivington and am extremely happy, especially since Toll Bros has taken over the development. The services have been terrific. The snowplowing this winter was exceptional, as well as the landscaping last spring. We got a new landscaper last spring (2010) which has made a dramatic improvement. I realize that there are rules, but you will find that it any townhome community and HOA. It is necessary to protect all of us as we are living in close proximity of one another as are all residents of townhome communites. For some, townhome living is not ideal. Regarding the amenities, Toll will be building them, but it may take one to two years since they will need to build a critical mass of units prior to beginning construction of them. They will include a fitness room, large pool, main clubhouse, tennis courts etc...They are excellent builders and we are somewhat lucky that they have taken over the development.
1 vote Thank Flag Link Thu Mar 31, 2011
Thanks Dana.

Matt, if you can't figure out that a condo listed at $619,900 closing for $424,000 shows a serious lack of investment potential, none of us here can help you.

If you can't figure out that a condo listed for $589,900 is delusional seller's optimism when a nearly identical (but better) condo just sold for $424,000, no one here can help you with that either.

Those are facts. The rest is you wasting all of our time making this some personal flame war.

If you have any argument for why 14 Brinscall is not $100,000 overpriced compared to recent comps, set it out here. Otherwise, please, find another message board to get personal and combative at.
1 vote Thank Flag Link Tue Jul 27, 2010
A family member of mine lives up here Rivington & they called to me to say they just got a card from another agent saying that she sold 24 Brinscall Court for $489,900.
1 vote Thank Flag Link Sat Jul 24, 2010
James,

I do own a WCI property in Four Corners. Unfortunately, WCI sold the remainder of the unfinished community (100+ lots) to Toll Brothers. The problem is that when a developer buys out the remaining properties, they are not necessarily obligated to complete or manage the community as originally planned.

Unfortunately, those that purchased into the Rivington "community" may or may not see the vision realized. That's a major issue when you paid a significant premium to buy into a planned neighborhood such as Rivington, but the finished product is turns out to be something completely different.

I think the point Ldahla and others are trying to make is that the original buyers paid a huge amount (admittedly during a real estate boom) for the community WCI is selling. WCI is just now emerging from bankruptcy and the future of Rivington is uncertain. Those who did purchase a few years ago have seen a 30-50% depreciation in their properties (as evidenced by sales data) and the future of the other 2 sections remain up in the air.

When I purchased into Four Corners there were parts of the community (Day Care Center, Dry Cleaner, Ice Cream parlor, etc.) that were planned. When WCI sold the community to Toll Brothers those amenities still haven't been completed, and Toll Brothers turned around and sold the retail spaces to someone else. At this point, I do not expect to see any of these amenities in my community.

Furthermore, WCI was not just a home builder, they promoted community activities and other "lifestyle" features. Toll Brothers on the other hand, is a home builder only, so many of the community events have been fading away, or have been picked up by residents. Needless to say, the "lifestyle" is no longer what WCI was promoting.

In the end, what good is there in buying into a community that is never realized? WCI still markets 30,000 sq/ft of recreational amenities. Wouldn't you be upset if you bought into that and it never came to pass? Or worse, it did and instead of the costs being spread around 700+ units, it is shouldered by the 150-200 units in the Hills?

While you may perceive Ldahla and others to be painting a doom-and-gloom picture, they are merely voicing well founded concerns to potential buyers. These are real issues that affect the value of the homes in the development as well as the general "lifestyle" of the owners in the community. Many of the planned amenities are well suited to young families with kids. If the playgrounds, community center, pools, etc. never come to pass, most of the benefits to families with children are eroded along with the resale value in general.

As always, it is buyer beware. This is simply a forum where you can learn about some of the potential pitfalls and make an educated decision. Anyone who is considering the purchase of a half a million dollar townhouse from an bankrupt developer with two-thirds of the community incomplete would need as much information as possible.

So, bravo to everyone that is keeping this thread alive. Whether you think that this is a desirable or terrible development is inconsequential, as long as the information is out there so that others can make the decision for themselves.
1 vote Thank Flag Link Tue Jul 20, 2010
Hi John,

I was wondering where this burst of sudden enthusiasm for underwater condos in a bankrupt company came from. Good theory. And nice to see you are still checking in now and then =)
1 vote Thank Flag Link Wed Jun 23, 2010
Wow,

WCI sent in the clones to pump up this thread full of booster-ism. Borderline comical. Almost.

If you think anyone (the least of which bankrupt WCI) will build anything else on this site, to include the imagined amenities, then I have a bridge I'd love to sell you in Brooklyn. It's just not going to happen.

-John
1 vote Thank Flag Link Wed Jun 23, 2010
Yes, but the furniture is included! Look at the money you save with moving expenses alone!
LOL
1 vote Thank Flag Link Wed Sep 9, 2009
They are smoking serious crack at WCI. I just received an email advert for the Rivington "super models" (clever? no . .)

Prices are sky high. A Dorset for $759,900.

I don't think even Michael Jackson had drugs that powerful.
1 vote Thank Flag Link Tue Aug 25, 2009
Ldahla, I know what you mean! I have been in real estate for over 25 years and have forgotten what a sale is! Just too honest I guess!
1 vote Thank Flag Link Sun Aug 9, 2009
Thanks Jim. I don't know, maybe so? I'm kind of getting into it these days! I definitely like the research, but I am not too sure I could sell anything.
1 vote Thank Flag Link Sun Aug 9, 2009
Ldahla, Ever consider going into the real estate business? I could use an agent like you who is as knowledgeable as you.. Bit of a commute each day from Mobile, Alabama but we can discuss! Jim
1 vote Thank Flag Link Sat Aug 8, 2009
Here come more model homes:

5 Rivington Way - it's a 3BR 3/1B with 2900 sq ft. and a fully finished basement. A Carrington model?
The price is reduced from $759,000 to $675,000. Comes with all the furniture & upgrades, etc.

3 Rivington Way - a 3BR 3/1B with 3600 sq ft, fully finished basement. Fully furnished with all the furniture, upgrades - etc. $699,000. This was previously the address of "WCI Communities Design Studio", so I guess it includes office space.

And the sellers of 3 Brinscall dropped their price from $399,000 to $379,000 - so it is now overpriced by only about 50K.
1 vote Thank Flag Link Sat Aug 8, 2009
"The Bonita Springs based WCI Communities has confirmed that they built at least 200 homes with potential dangerous and defective Chinese-made drywall.

WCI Communities is currently operating Chapter 11 bankruptcy and expects to face about $40 million in claims related to defective drywall. WCI has agreed to set up a trust to help homeowners affected by Chinese drywall as part of their reorganization plan.

Earlier this month the popular home builder Lennar confirmed that they built about 400 Florida homes using the allegedly defective product.

Homeowners of homes fitted with Chinese drywall have seen extensive damage to electrical components in their homes caused by foul sulfurous gases emitted from the allegedly defective drywall. Several homeowners have also complained of headaches, difficulty breathing other potentially dangerous health problems.

The EPA and the state health official have conducted numerous tests to determine the potential risks associated with Chinese drywall; however, no conclusive data is yet available."
1 vote Thank Flag Link Thu Jul 30, 2009
Hi Jonathan,

It seems the Rivington condos are selling for around $100,000-$150,000 less than they were offered in 2006-07. And that is for the new, never-lived-in units. Resale is taking a real beating. I watched numbers 3, 7 and 10 brinscall for quite a while, and the owners now have them listed at around $40-50K loss, but no takers.

WCI Communities is selling off some properties. It is conceivable they might sell off Rivington to another developer who will finish the community, but even so, there is no telling at what standard of living.

I feel for Rivington buyers. It must have looked good going in - but it's seriously painful now even for a bystander just watching . . .
1 vote Thank Flag Link Thu Jun 25, 2009
Newsflash people.

"The Norfolk" 1382 sf apartments being built at Rivington now on sale for $412,500.

$298 per square foot. What are these people smoking? Whatever it is, it must be good stuff.

-John
1 vote Thank Flag Link Fri Jun 19, 2009
Latiaanne, I believe 29 Mill Road is the Dorset model (2,056 square feet) which sold on 5-15-09 for $460,000 (per mls) Another Dorset model (13 Mill Road) sold on 5-27-09 (per mls) for $450,000. Both had asking prices of $499,000.. Jim
1 vote Thank Flag Link Sat Jun 13, 2009
Ldahla, Good question! A typical buyer of course would have concerns and would want any issues cleared up prior to transfer.. Title company/attorney, etc, will require a free and clear title (if they are doing their job) But, I think these liens (and I may be wrong) are typical in any bankruptcy filing. And I see this almost everyday.. DISCLAIMER:: I am not an attorney, these are just my random personal thoughts.. Hope that covers the legal issues!.
1 vote Thank Flag Link Wed May 27, 2009
Hi Jim - so how does that affect sales or buyers? (I know nothing about tax liens)

For example, 24 brinscall is the model home for the Essex style - the one being sold fully furnished and as is. Now it has a tax lien.

If you had a buyer who wanted to purchase it - what does that do to the transaction?
1 vote Thank Flag Link Wed May 27, 2009
Ldahla, Most likely this is a legal process thing they are doing. Their Bankruptcy Attorney most likely told them don't pay taxes, etc until this is all worked out..
1 vote Thank Flag Link Wed May 27, 2009
Whoa - check the danbury online records - Rivington just got slapped with 180 tax liens from the city of Danbury on all properties at Rivington they still hold. All the properties they have listed on their site now have tax liens on them.

go to the link and use the "simple" search. Type in WCI Communities in the name spot. Then put in the dates with the year in long form. If you run 05/15/2009 to 05/27/2009 you will see 186 hits. 180 of them are the tax liens.
1 vote Thank Flag Link Wed May 27, 2009
Okay, that is down from $615,000 on appraisal. It looks like Rivington condos are averaging $100,000 - $150,000 on loss from the first list price, and resellers are cutting around $40-50K off their list prices from the purchase price.

Ouch.
1 vote Thank Flag Link Thu May 21, 2009
Only have a quick moment, but 29 Mill Road sold for $460,000 5/18/09. Jim.
1 vote Thank Flag Link Thu May 21, 2009
And 2 minutes ago I received notice 11Shawe is for sale for $300,000.

It was purchased 02/08 for $427,510 and was a rental for a while.

That is probably the first realistic listing price I have seen for Rivington to date. It's a short sale MLS 98422527
1 vote Thank Flag Link Thu May 21, 2009
On my way in a bit to Town Hall. You stated 19 Mill Road.. I see on the tax assessors page that this sold last on 10/16/08 for $497,000.. Again, not verified

Last sales (or perhaps just transfers) in May were

1-106 Riverington Way on 5/4/09
20-17 Mill Road on 5/4/09
19-29 Mill Road on 5/18/09

Perhaps you meant 29 Mill Road?

Will see what I can find out as time permits.. Jim
1 vote Thank Flag Link Thu May 21, 2009
Thanks Jim. I am tracking the depreciation on Rivington. There was an interesting article out about how lenders have really stepped up the assessment of condo purchases - looking into whether the community is viable, how sold the units are, how many are for sale, etc. It made me think that anyone trying to purchase at Rivington is going to have a lot of hurdles with financing.
1 vote Thank Flag Link Thu May 21, 2009
That's a weird offer. They really need to drop the prices. Is the deal a suspension of payments for a year or do they pay the year or what? Confusing . . .
1 vote Thank Flag Link Wed May 20, 2009
John, I received most likely the same email.. And.. thought it must have been a typo at first.. This should get everyone to place a deposit over the weekend.. Yeah.. Right!!. $350+ per square foot?.
1 vote Thank Flag Link Fri May 8, 2009
Rivington recent sales:

Dorset 29 Mill is under contract at 460K. (down from 653K , to 565K, to 499K to sale)

The Allerton at 20 Warrington closed in Feb. at 350K (down from 419K to 399K to sale)

The Carrington at 31 Mill closed in Dec for 505K (down from 769K, to 643K to 499K to sale)

Carringtons 17 Mill and 25 Mill are both closing in April for $499,000. (down from over 750K)

The suped up red Dorset at 19 Mill closed last Oct for $497K (down from over 650K)
1 vote Thank Flag Link Fri Apr 24, 2009
Hi Fred - Rivington has ongoing issues that have a dramatic impact for buyers and sellers, hence the ongoing discussion and updates.

Also, it is an interesting situation in the broader scope of the ongoing economic stress and the aftermath of the implosion of the housing bubble.
1 vote Thank Flag Link Thu Apr 23, 2009
I do not know much about Four Corners, but I think Rivington is in a very bad situation. For owners who can afford to be there and do not have any intention of moving, the situation will ease up as years go by. Those who bought into Rivington thinking they could move within a few years are in a real bind. I don't think even a top tier corporate relocation would touch the negative equity there.

The fact that there are newer, swankier (is that a word?) condo communities being built next to Rivington make it that much less appealing to buy into an unfinished, no longer new community with all the WCI troubles.

I really feel for the residents there. They won't have any recourse against WCI (the line for claims is insanely long in their bankruptcy case and it is closed to new claims), and the best they can hope for is that the community is bought out by a company that will finish it as it was planned. But it is possible, and likely, Rivington won't ever be the community it was planned to be. The buyers there are stuck.
1 vote Thank Flag Link Tue Mar 31, 2009
How do I answer.. Not sure.. But, I do feel for you buying at the height of the market as many others have. Real estate does runs in a cycles as you are aware. We were on an upward spiral for about 8 years and the "bubble burst" as did the stock market with the .com craze several years ago. I can not predict the future. Home prices kept going up, but incomes for the most part did not.. Just a matter of economics. Sooner or later it had to catch up.

Been in the real estate business since 1984. I honestly think Rivington offered a decent product and in a great commuting location. NY Line.. No brainer!! However, economics caught up. Rivington just got in a little late.. Not just this community, as housing prices have depreciated overall. It is not uncommon to find a home that sold in 2005 for $350K selling now for $250K or less.

It will work out.. I am sure.. Excellent location.. Would I buy now?. probably not as I think their prices are still high for this market.. Can it change in the immediate future..Sure! The basics...Supply and demand!!

Wish you the best.

Jim
1 vote Thank Flag Link Tue Mar 31, 2009
Morning John,

Looks like I way over-guestimated the base prices anyway. The housing report this morning is grim. Take the base on an Essex and shave 20% off and it starts at $416,000 for a normal unit on the market. Then add in the WCI bankruptcy and canceled phases & canceled amenities and, well, I don't think your 50% is off the mark. They should list the 3 bedrooms in the $300,000's.

If they actually plan to sell anything, that is. WCI is hemorrhaging money so fast they could sell out Rivington and it wouldn't stop the blood flow.
1 vote Thank Flag Link Tue Mar 31, 2009
Update:

The Dorset model listed on the WCI site for $559,900 was just put on MLS for $499,000. Actually, they just listed three Dorset models, 3, 13 and 29 Mill Road for $499,000 (3/2.5 2056 sq. feet). Blurb from the listings:

5% TO SELLING AGENT IF SIGN BY 3/31 AND CLOSE BY 4/15. STAINLESS STEEL APPLIANCES-LAPACHO WHITE PLANK WOOD FLOORING CHERRY WOOD CABINETS-GRANITE COUNTERTOPS MB-CHERRY WOOD CABINETS AND MARBLE COUNTERTOPS

Common charges $287 taxes $7485

Don't get too excited - the Dorsets already list on the WCI site at $499. But these apparently have loads of upgrades, which was why 29 Mill Road is on their "quick delivery" list still at $559 - and based on the sales history of Rivington, the typical upgrade package is about $60,000. So for a sense of pricing - take the base price and shave $60,000 of it (without any upgrades) and you have the known lowball for Rivington.

Eg: Essex, 60K upgrades = $520,000 (current base)
Essex, no upgrades = $455,000 low fig

Then again - I'm not a real estate agent so don't rely on MY math lol
1 vote Thank Flag Link Tue Mar 10, 2009
WCI reports $576.8 million loss during one quarter of 2008

BONITA SPRINGS — Bonita Springs-based WCI Communities Inc. reported a loss of $576.8 million for the quarter ending Sept. 30, up from a loss of $69.7 million a year ago.

As it looks to reorganize under Chapter 11 bankruptcy protection, the homebuilder continues to struggle to stay afloat. The company outlined its quarterly losses in a filing with the U.S. Securities and Exchange Commission, saying “there is substantial doubt about our ability to continue as a going concern.”

. . .“In conjunction with our advisers, we are implementing strategies to aid our liquidity and our ability to continue as a going concern. However, such efforts may not be successful.”

Things are not looking good, and that is only the damage up to Sept. 30.
1 vote Thank Flag Link Sun Feb 1, 2009
Wow - thanks Dana - great info!

The Cambridge going for $300,000 is pretty telling. It is still listed as starting at $435,900 on their site.

I think Rivington does have a few more things in inventory because on their site they list an Isleby model. It is a 2/2 with 1229 sq ft. One of the condos that is in a multi unit building as opposed to a townhome style. I wouldn't be surprised if they had a few of those on hand.

I can't see them building anything new, do you? Not with their homes going for $150,000 - $250,000 less than listed. I am way skeptical!
1 vote Thank Flag Link Sun Jan 11, 2009
Rivington claims they are selling these models and antecipate putting new models in place by the fall. They claim to have more inventory besides just the models, but just haven't gotten around to putting it in the system yet.

As far as current active inventory in Rivington on MLS, there are 6 units, of which 3 are resales and the rest are the models.

Link to active listings:
http://CMLS.fnismls.com/publink/default.aspx?GUID=51ff62aa-0…

They also reported a few closed sales last Friday - a Cambridge model for $300,000 and slightly larger townhouse w/ 2 car garage for $350,000.
1 vote Thank Flag Link Sun Jan 11, 2009
it looks like 31 Mill Road sold on 12/31/08 but the Warranty Deed is listed as incomplete. It is also listed with two affidavits, so I am guessing the incomplete status is tied to getting the paperwork square with the bankruptcy case.
That is the 3 bedroom Carrington model condo that was originally listed for $769,555, then dropped to $643,500 but was offered over the holidays at $499,000. I am curious what the buyers actually paid for it.
1 vote Thank Flag Link Thu Jan 1, 2009
So if you bought at Rivington for $615,000 a model that now lists for $520,000 (and isn't selling at that price) just how upside down would you be on your mortgage if you had to move? Those folks have only lived there since summer 2007. They can't have much in the way of equity.
1 vote Thank Flag Link Wed Dec 31, 2008
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