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Free Fallin: Sale price crumbles for Ashford CT home under weight of faulty concrete

This post is not supported by knowledge of an engineering report confirming the existence of a failing foundation, nor a disclosure in the MLS stating such, but by a visual inspection, precipitous price drops, a foreclosure, and a reduction of almost $50,000 in appraised value by the town.  This contemporary cape is a 3 bedroom, 2 full bath, 1669 square foot home with a 2-car garage on 1.77 acres, built in 1985 and is in otherwise good condition.  The home is located at 445 Turnpike Road in Ashford.   I am familiar with this home because I live close by and I showed the home when it was for sale and as a vacant property, it is of interest to all neighboring properties.  

If you have a home with a crumbling basement and are considering selling in lieu of repairing, this may give you a sense of what the market may bear and the ups and downs of doing so.  Alternatively, there are buyers/investors who are buying these homes below previous market value and repairing them for a profit or it seems in this case, an assumption has been made that a remedy will be available to return these homes to their previous values or the buyer is confident in the condition/ longevity of the foundation. 

 

Here is the chronology of the property since it was listed for sale in March 2016 and sold in May 2018, after 9 price reductions and frequent status changes in the MLS. 

2/2008  Original purchase price $275,000 (high times)

2016

  • 3/1         New Listing         $246,900
  • 3/14       Reduced              $239,900
  • 3/28       Reduced              $234,900
  • 4/22       Reduced              $224,900
  • 5/15       Reduced              $222,400
  • 5/24       Cancelled
  • 5/27       New Listing         $222,400
  • 6/13       Show status
  • 7/27       Temporary Status
  • 7/27       For Rent $1,800/month
  • 9/22       Withdrawn
  • 11/26     Expired
  • 11/30     Rental expired

2017

  • Foreclosure /Bank Owned
  • 9/18       New Listing         $264,900
  • 10/16     Reduced              $249,900
  • 11/14     Reduced              $229,900
  • 12/7       Reduced              $194,900

2018

  • 1/3         Reduced $184,900
  • 1/24       Show status
  • 2/11       Back on Market
  • 2/11       Reduced              $174,900
  • 3/23       Show status
  • 5/8         Sold                       $180,000

The best resource for information on crumbling basements is the CT Coalition Against Crumbling Basements (CCACB) Facebook page and Capital Region Council of Governments CCROG website.  There are regular updates on legislation, meetings, testing reimbursement, recommended vendors for repair or testing and support for victims of this devastating epidemic.