This is the first foreclosure property we’ve seen in this market cycle that hasn’t been run down or in a fairly poor neighborhood. What’s more, the foreclosee had owned the house since 1994, so this wasn’t a case of someone over-stretching during the boom. He did, however, take $720,000 out of the house back in 2002. The lien on the house is now $674,320, quite a bit less than we imagine its market value is. The big question is, however, whether this is an aberration or the first of many such middle-market homes that will go into foreclosure in the coming months. The auction for this property takes place on Thursday at 3 p.m. in Room 261 at 360 Adams Street.
1073 E. 19th Street [Property Shark] GMAP
Photo by Nicholas Strini for Property Shark