Well isn’t that cute. On 3/11/09 80 Waverly St. in Providence, RI—located in the city’s west end neighborhood—was sold by Greenpoint Mortgage Funding (they’re in Georgia) to SB Holdings LLC (Tulsa, OK) for only $9250. It was then immediately listed for sale to the public at $40K.
SB Holdings LLC is a wonderful institution helping banks “dispose” of “unwanted” “assets” throughout all 50 American states.
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High sale in 2004 at $200K, foreclosure in 2006. Flopped, traded, dealt, flipped, packaged, and disposed of several more times between ’06 and ’09. If the paper trail is right, this is the second time Greenpoint Mortgage Funding has had its paws on this property since 2006.
Oh, and as of last week, 80 Waverly St. was just listed by the Rhode Island Department of Health as making the state’s worst-of-the-worst list for premises at the highest risk of lead poisoning. This makes it officially inhabitable for children under six. There are 30 homes on the state’s inhabitable list; 27 are in Providence, 26 of those are on the west side, 14 of those in the West End neighborhood (02907) just like 80 Waverly.
Wonder if fixing that lead problem is what SB Holdings LLC means by being the solution to foreclosed properties with code violations.
Yeah, they’ll probably fix that. Everything will work out just fine.
*Stump has seven more abandoned houses to post on just one block of Waverly St between Cranston and Dexter—we’re just getting started unfortunately.
Nearby Houses:
None yet photographed. Please take a picture if you see one.
“Oh, and as of last week, 80 Waverly St. was just listed by the Rhode Island Department of Health as making the state’s worst-of-the-worst list for premises at the highest risk of lead poisoning. This makes it officially inhabitable for children under six. There are 30 homes on the state’s inhabitable list; 27 are in Providence, 26 of those are on the west side, 14 of those in the West End neighborhood (02907) just like 80 Waverly.”
Rhode Island made such a circus out of the lead paint issue, it is hard to say when they will be able to straighten themselves out. Massachusetts has managed to deal with it by permitting “encapsulation”. That is basically covering it, but it works. There were a bunch of nonsense stories making the rounds about children chewing it off window sills. These have been pretty much debunked, but they are too entrenched to be completely denied. In the final analysis, someone decided that there must be some link betwen the fact that middle class kids in old houses didn’t get lead poisoning and poor kids in old houses did. In the end, it was determined that poor kids were more likely to sleep on, or near, the floor. They were inhaling lead paint dust. It appears that most of the lead dust comes from operating old windows. Covering the lead paint seems to cure it.
This is not my own “scientific opinion”, it is simply based on public information sourced outside of Rhode Island.
Consumer Products Safety Commission:
“Eating paint chips is one way young children are exposed to lead. It is not the most common way that consumers, in general, are exposed to lead. Ingesting and inhaling lead dust that is created as lead-based paint “chalks,” chips, or peels from deteriorated surfaces can expose consumers to lead.”
USA Today:
“In the early 1990s, Milwaukee pioneered a technique for making homes lead-safe. While it includes stabilizing paint on walls, porches and other surfaces, it primarily focuses on replacing windows or repairing them by shaving down the wood and repainting it, then covering the inside of the frame with vinyl or aluminum.
The city pays homeowners $160 a window to repair or replace them — an offer extended to landlords, too, unless a child in their building turns up with elevated blood lead. Then the landlord must pay the costs; if he fixes that property, he’s eligible for city aid for other properties.”
Please do not mistake this for meaning that I favor lead. But, economical means of dealing with it are available.
That’s the thing, economical methods to deal with the lead, including subsidies from the city, are available, but yet, it’s still not done by some landlords. It’s not a terrible issue to fix, but part of the “forgotten house” mindset.
Too easy to forget. Too easy not to comply, even with basic measures. No one’s accountable.
It is well to remember the “Democracy operates by hysteria”, those who guide its movements are well aware of this. Regard the current “global warming” mania. “Consensus” is everywhere. Science does not operate by consensus, it relies on “fact”. Those are strangely absent. Everyone knows that portions of the arctic ice pack are shrinking, only those who make an investigation will find that the total ice pack is increasing. “Earth Day” was created to combat the “coming Ice Age”. 25 years later, this has been transformed to “global warming”. No one seems to have noticed the shift, or remember that the “best science” predicted a new Ice Age. In fact, James Hansen, the “NASA scientist” proclaiming “global warming” is the same “NASA scientist” who campaigned for the “coming Ice age”. No one cares that the famous photo of the polar bear on the small piece of ice was a staged “photo op”.
In any case, sometimes you have to wait for the dust to settle. 15 years ago I was going to tackle a building in Mass with lead paint problems. Since no one really understood the problem, and feared responsibility for error, I would have been required to tent the building and bring in men with respirators to hand scrape the building. Needless to say, I passed on that one. Now, the exterior lead is pretty much ignored, and the interior could be handled by “encapsulation”. Since many RI officials staked their reputations on the “Lead Paint Suit”, it will be a long time before they are prepared to back off. In the meanwhile, little will be done.
Just pragmatisim, I would pass on a building in RI with lead paint problems.
Back in the 70s this house was the site of a hostage standoff. The man who lived there at the time held his family at gunpoint for a number of hours while police cars lined the opposite side of Waverly St. bumper to bumper. Multiple officers were placed behind the cars with rifles aimed at the house. It was reportedly one of the priests from the Assumption Church who finally convinced the man to surrender peacefully. I was shocked and a little frightened to see the man at church the following week.
Wow, that is a crazy story there.
“I was shocked and a little frightened to see the man at church the following week.”
I hope you didn’t see him the week after that.
There is an Wall Street Journal editorial entitled “Can Detroit Be Saved?” that can be found at opinionjournal.com (December 19 edition).
With some adjustments it could be entitled “Can Providence Be Saved”.
Former basketball star Dave Bing is now mayor of Detroit. He is trying to administer the tough love necessary to arrest decline. Someone should try the same in Providence — but not sure Marvin Barnes is the right person to pull it off
There were a number of incidents back then while the West End was in decline. These seemed “normal” at the time but appear shocking in retrospect. My kids, growing up in an affluent suburb, have no idea that such things go on.
For example, the house immediately behind us on Althea Street was set on fire one night. The fire trucks were there for several hours. The building was reduced to a shell. The next morning, someone asked if I had seen what had happened. When I mentioned the fire, they said “Not the fire. The guy that got shot.” Turns out there was a “hit” later that night a little further down the street. A man was gunned down as he was getting dropped off outside his house.
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