9/16/2016: What’s up with 424-432 Cherry St?

Remember this winter when CAN DO was proposing 9 units for homeless families at 424-432 Cherry?

424 Cherry

Think everyone knows it ain’t happening. CAN DO terminated the Purchase & Sale Agreement because of the difference between the appraisal value and the purchase price. Village Bank appraised the property for $1.8M but CAN DO had already agreed to pay the seller $2.5M.

Look I didn’t go to a fancy school in Cambridge. I barely graduated college. Even I know these numbers don’t work.

So what’s up with the property now? It’s back on the market for $2.5M. Don’t expect an update on this place anytime soon you guys.

 

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