Sunday, June 15, 2014

Amherst Housing Monopoly Board


One of Amherst's least favorite property barons just added to his already extensive housing empire.  Jamie Cherewatti, aka Rocky Hill Road Partners, purchased 10 Tyler Place for the relatively high price of $495,000.

Although the seller in this case, Joshua Hornik, paid $528,000 for it back in 2007, or $604,000 in today's dollars.

Since the building is a three family structure allowing for 12 unrelated housemates chances are pretty good it will simply remain a very profitable rental.

This is Cherewatti's second purchase in four months using the cloaking LLC, Rocky Hill Road Partners.


Echo Village Apartments, his most controversial purchase because he immediately evicted all the low income Section 8 tenants, was a much steeper investment at $3 million.  At purchase the property was valued at $2.1 million.

Interestingly, the town assessor now values Echo Village Apartments at only $1.795 million -- well below what Cherewatti paid.

Which probably has affordable housing activists salivating for the Fall Town Meeting to take it by eminent domain. 

15 comments:

Anonymous said...

Good morning, fuckface!

Anonymous said...

I don't think town meeting should get the impression that they can take this property for less than he paid for it no matter what the current assessment.

Larry Kelley said...

I'm sure Mr. Cherewatti has an appraisal or two that values it for even more than he paid.

Dr. Ed said...

But Larry, it does appear that the values of properties of this sort are declining, at least in inflation-adjusted dollars, and what might that indicate?

Dr. Ed said...

But Larry, it does appear that the values of properties of this sort are declining, at least in inflation-adjusted dollars, and what might that indicate?

Anonymous said...

It indicates that Amherst will soon be an abandoned ghost town. There, you happy? Share the fantasy.

Anonymous said...

Uh, gee, Ed... hmm... I dunno... I wonder if there might have been a nationwide crash in housing prices sometime in the last few years...

Maybe you missed that, what with your all-consuming preoccupations.

Fucking idiot.

Yokal said...

Lets hope Amherst does not take private property. That would be shameful. When one person steals only that person is guilty, if the town steals, that makes all the citizens criminals. We certainly need less criminals.

Anonymous said...

Confused by the continual posting about Cherwatti. He is a business man after all and has every right to spend his money as he sees fit. How come you never write about DH Jones and how Jones became a local conglomerate?

Anonymous said...

As has been commented elsewhere on Larry's blog:

James Cherewatti (J.C.!) is a Christlike figure who takes entirely upon himself the abuse that the local investors hiding behind the LLC corporate veil fear their reputations would be subjected to, were their identities known.

Anonymous said...

Jamie is a pompous imbecile who should exile himself to Myanmar (formally known as Burma) because he is not wanted in Amherst.

Anonymous said...

I went to high school with Lame James. He thought he was a star basketball player, when in fact he was just a walking joke. Today's word is Karma, Jamie. K.A.R.M.A.

Anonymous said...

Jamie, yore a theef. Why take monee from the pour peapal? Didn't an Amherst educashun teech you aneetheeng?

Anonymous said...

Not sure if the last few anon postings are about Jamie Cherwatti or in truth are a reflection of the author themselves and a hint of jealously.

Anonymous said...

They're will be a ralley this weekend in support of the peepal on section 8. James is not acting fair in his dealing with the rentrs