It's not often that five properties just half a block from Sound View beach in Old Lyme go on the market at the same time and for bargain basement prices. So it's not surprising that a recent foreclosure auction (SI Realty Company Inc. v. Hartford Avenue 49-54 LLC et al) attracted a lot of attention from interested buyers.
The buildings included the historic dance hall and two retail spaces on Hartford Avenue that had been vacant for some time. At least a couple of the buildings had deteriorated to the point that many local residents had come to view them as blighted.
The auction was originally scheduled to take place in December 2012, but had been postponed twice per order of the court. It was finally held on February 16. Attorney Matthew Berger, who was handling the foreclosure auction, said the property that attracted the most bidders was the vacant lot that had been used as a parking lot.
The Properties: Going, Going, Gone!
- 50 Hartford Avenue: vacant land (.22 acres), appraised at $79,900, sold for $76,000. The high bidder was Gail Fuller of 35 Anthony Drive, Bristol, who put down a deposit of $10,100.
- 52 Hartford Avenue: A one-storey, 3,148 square foot brick building constructed in 1936 on .21 aces, appraised at $211,400, sold for $105,000. The high bidder was William Randazzo of 40 Sea Spray Road, Old Lyme, who put down a deposit of $21,800.
- 56 Hartford Avenue: A 2,045 square foot, two-storey building with retail space on the first floor and an apartment on the second floor constructed in 1932 on .08 acres was appraised at $236,600. In that case, the plaintiff had the high bid of $75,000.
- 58 Hartford Avenue: This 8,431 square foot wooden building on .23 acres was originally built in 1931 as a dance hall. Most recently, it was used as retail space for antiques. It's currently appraised at $181,000. The high bidder was Frank Noe of 3 Atwater Terrace, Farmington, with a bid of $110,000 and a deposit of $7,900.
- 59 Swan Avenue: vacant land, .13 acres, appraised at $69,100. Again the high bidder was Frank Noe of 3 Atwater Terrace, Farmington with a bid of $66,000 and a deposit of $4,500.
The sales aren't yet final, Berger said, because foreclosure sales have to be approved by the court and that won't happen until all associated costs and fees have been paid.
The court mandates that closings be held at least 21 days after the sale has been approved but not later than 30 days after. Although the court has discretion to accept or reject a sale, Berger said typically sales are approved.