Real Estate
Edgartown's Captain Warren House Sold for $2,500,000
The town lost millions with its ownership of the Captain Warren House next door to the library, but the property's new owner reportedly plans to restore the decrepit structure. The deal was closed Oct. 31.
Edgartown's ill-starred municipal ownership of the Captain Warren House on North Water Street has ended with the Oct. 31 transfer of the decaying 1850 structure for $2,500,000 to a Chestnut Hill buyer.
According to Dukes County land records, the purchaser is a limited liability corporation doing business as 62 North Water Street Edgartown LLC.
In September, the Vineyard Gazette reported in "Town Will Sell Historic Warren House for $2.5 Million" that the buyer is Jeffrey Wolk of Chestnut Hill, whose real estate agent told the newspaper his client wants to restore the decrepit former inn as a home for his family.
Wolk's winning bid was $1 million less than the town paid for the historic structure in 2005, financing the purchase with bonds, reported the Martha's Vineyard Times in "Edgartown takes $2.5 million for Warren House."
The Warren House was thought of as a new location for the Edgartown Public Library, but proved structurally unsuitable. It could not be torn down for a parking lot because of its historic status, and has been deteriorating for years.
An appraiser's report from January, 2012 cites interior and exterior mold and mildew and suggests that lead paint may also be present.
In a town where some large vintage homes in move-in condition have been selling for less than $2 million, Wolk's bid may seem outsized considering that he will have to spend vast sums to restore the building.
But a pair of photos taken from the Warren House's upper floors show commanding views of Edgartown Harbor and Chappaquiddick, which with the house's central village location likely swayed the buyer's choice.
How much do you think it will cost to restore the Warren House? Tell us in the comments.
Read more:
- Edgartown will take a $2 million loss on sale of the Warren House, Martha's Vineyard Times
- Town Will Sell Historic Warren House for $2.5 Million, Vineyard Gazette