117 Blacks Point, Greensboro, VT
The Fannie Sprague Estate was a family compound of cottages designed and built in 1928 on the south shore of Blacks Point. It is truly a one-of-a-kind property that had never been offered for sale. The owner had inherited the property, but never entered the estates into probate court to put the property legally in her name.
Compounding issues, the owner had been unable to pay the real estate taxes on the property for years and it was scheduled for a tax foreclosure sale. Foreclosure sales result in rock bottom prices. The neighbor had been purchasing the tax liens hoping to buy the property at a deep discount to value at a public auction. The owner felt like she had little control over the outcome of the property’s fate.
As advisors to the seller, we were able to assist her in securing the funding needed to pay off the back tax liens to avoid the scheduled foreclosure sale. This allowed us to market the property in a manner that would create a pool of buyers, thereby maximizing value. Additionally, the funding allowed her to initiate the probate court proceedings required to get title to the property in her name.
In the end, it took a significant effort to manage all the moving parts to allow the seller to control her own destiny through a disciplined sales effort. What could have been a potentially disastrous outcome was averted. The property sold for the second-highest price ever paid for a summer residence on Caspian Lake – 16.8% greater than the assessed value of the property.