Not to worry. Hospital Hill may be a long time filling up.

From Kirby on the Loose
Thursday, November 21, 2008

So now they are here. The houses that we saw in all the many plans MassDevelopment has circulated over the years at CAC meetings. Ok, 51 Olander Drive up on Hospital Hill has views, but not much else for its selling price of $637,855. It’s a modest 3 bedroom 2 ½ bath house on a truly tiny lot. click here for description Wright Builders sold it the other day to the realtor Pat Goggins, but its selling price may not reflect its real market value. All the parties involved in the sale are partners in this development. Goggins as realtor, Wright as builder and Florence Savings Bank as holder of the $2.8 million first mortgage on the development. Goggins got a $500,000 mortgage from Florence Savings Bank, Wright gave him a second mortgage of $137,000, which means that the only cash that Goggins had to lay out at the closing was $855.00. The best guess is that the sale is aimed at giving Wright some cash to help him stay current on the mortgage, because the homes are not moving.

Story Continues…

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