A high-end foreclosure on Nantucket? SOLD! Someone got a GREAT deal…
By Brian-Logan Reid, Broker
I just got back from an proper bankruptcy auction at 209 Polpis Road. This 5,784 SF, 5 bedroom, 5.5 bathroom oceanview estate is situated on 4.1 acres in Polpis with first and second floor views of Polpis Harbor. Included in the estate are Guest Quarters, a pool and tennis court.
Although not as exciting as I think I was expecting, the bidding started at $3.7mm, and through about 6 or 7 bids, got up to $4.1mm. Then, just before saying “SOLD” the auctioneer called for a recess, contacted the owner and returned to reveal that the price was acceptable to the owner and that if no other bids were placed, then the high bidder - at $4.1mm - would win the auction. No one else stepped up, and one lucky fellow walked away with a great deal.
The property was listed with an agent last year for $6.5mm and it (obviously) did not sell. The property assesses for about $5mm, so it appears that the new owner has at LEAST a million dollars of cushion to play with. Will he flip it for a cool million or more? Will he keep it and enjoy it with his family? We’ll find out!
To see and read more about the property, check out this link…