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November 6, 2007

Foreclosures of the Week

foreclosures110807.jpg
On Thursday at 3 p.m., the financial institution that loaned the current owner of 416 Pacific Street $810,392 against the four-story brownstone will seek to recoup its money at the weekly public foreclosure auction held in Room 261 at the Kings County Courthouse in Downtown Brooklyn. Also of interest to bottom feeders bargain hunters may be the sale of Apartment 1D at 325 Clinton Avenue in Clinton Hill. There's outstanding debt of $159,022 against the co-op apartment.
416 Pacific Street [Property Shark] GMAP
325 Clinton Avenue, #1D [Property Shark] GMAP




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Comments

How do I get in on this foreclosure action(as a buyer)?

Posted by: guest at November 6, 2007 11:16 AM

bottom feeders? what an asinine, short-sighted comment that reeks of hubris.

Posted by: guest at November 6, 2007 11:21 AM

I walk pass 416 every morning while walking my dog. That’s a decent block. This explains the garbage in the front yard. Really sad…

Posted by: guest at November 6, 2007 11:23 AM

Eventually I might lose my house to foreclosure. Sucks to be in that situation.

WWW.SAVELOUIS.COM

Posted by: guest at November 6, 2007 11:28 AM

Guess what dumbasses? When a house in foreclosure goes back to the bank, the bank sells the house for less than the original mortgage. Thats a new comp assholes! Your house just loss some value. Also if there are many foreclosure in your hood, it drags all of the comps down. in the zipcodes of 11238, 11205 and 11216 are fucking TOAST.

Get a subscription with Profile Publication
http://www.nyforeclosures.com/op/op.lis_emailsample.html
Read and weep fuctards. It's over!! For these house and others!!

The What <--- LMMFAO

Someday this war is gonna end

Posted by: guest at November 6, 2007 11:39 AM

I cannot imagine how it feels to know you are losing your home.

Posted by: iluvclintonhill at November 6, 2007 11:41 AM

lol The What. Why so angry?

Posted by: guest at November 6, 2007 11:43 AM

Good point, the What. Surrounding property values are dragged down by lower comps.
Please explain, though... what is this war you keep referring to?

Posted by: guest at November 6, 2007 11:44 AM

I can't see the info on the Clinton Hill Coop foreclosure - how did you find that and does anyone know how long it takes a coop board to move for foreclosure? Can you tell if this is occurring because of unpaid maintenance or due to mortgage? Since it is so much $$$, I presume it's the mortgage company moving however - it seems likely to me that - if you're 100k behind in the mortgage, your maintenance is probably behind too.

Posted by: guest at November 6, 2007 11:44 AM

when you buy a forclosure, you have to pay for all the liens aganist the property- and you don't know about those things at auction. also, i've been told that in nyc banks are moving things at market value.

Posted by: guest at November 6, 2007 11:46 AM

11:44 The cooperative has the first claim on the apartment so the coop could foreclose for unpaid maintenance. However, if the bank loan is not being paid, the bank pays the maintenance and forecloses. If you buy a coop at foreclosure you must still be approved by the coop Board and meet any requirements (no investors, etc).

Posted by: guest at November 6, 2007 11:49 AM

I heard Michelle Williams is buying the place on Clinton Ave.

Posted by: guest at November 6, 2007 11:50 AM

"i've been told that in nyc banks are moving things at market value"

They would like to have you believe such. But, think a little about what's market. If it at least close to the mortgage debt, why wouldn't the homeowner just sell for market. Simple fact that when foreclosure sales increase market prices will be going down, down, down...

Posted by: guest at November 6, 2007 11:52 AM

Does anyone understand the title and mortgage history on the Pacific Street property? There's a May 2002 deed transfer by the previous owner for $675,000 (followed by a mortgage dated May 2003 and recorded July 2003 for $607K and further assigned to a new lender in 2006), but then a July 2003 deed transfer by the previous owner to a completely different corporate entity for no value.

So -- is there a clear title to be had by purchasing at foreclosure, and how did the mortgage get to be over $800 K if the loan was only for $607K?

Posted by: guest at November 6, 2007 11:59 AM

"lol The What. Why so angry?"

I have witnessed the greatest asset bubble in history. People wanted to get a house because their (insert asshole here) got one.

We will pay for our folly for years to come. Nobody give a shit or are too stupid to care.

Inflation is out of control! Asset prices are out of control! Food, gas and other things we buy are out of control!

BTW Nobody is paying their Mortgages now. They are going to walk away, leaving ghost blocks and towns in they wake.

Dream on assholes, it's only a matter of time.

The What

Someday this war is gonna end

Posted by: guest at November 6, 2007 11:59 AM

Easy to call people bottom feeders when you can buy your brownstone with Daddy's money. I love it when these rich kids get self righteous...

Posted by: guest at November 6, 2007 12:01 PM

Brooklyn's going to become a ghost town? Just like in '87? Yeah, right. Talk about out of control...

Posted by: guest at November 6, 2007 12:04 PM

oh uh. Some one forgot to take their meds today. Can someone please go over to The What's cave and give him his medication.

Someday The What is going to get a job .......

Posted by: guest at November 6, 2007 12:10 PM

"Bottom feeders"...what a smug snot you are, Mr. Brownstoner.

Posted by: guest at November 6, 2007 12:11 PM

Anyone know the state of it inside?

Anyone got a link to auction procedure (bank check amount, etc)?

If they marketed these things more effectively the bank could get a better return. As it is, it seems they spring into the public eye from nowhere, with no inspections, nothing but a wing and a prayer.

Posted by: guest at November 6, 2007 12:14 PM

The What you didn't answer my question. Why are you so angry?

Posted by: guest at November 6, 2007 12:16 PM

No the Meds are fine, Asshole. While your here, Read this.

Remember Long-Term Capital? Thats the hedge fund that blew 3.2 Billion dollars. Greensperm and Co had to bail out these suckers. Now kiddies we have 100's of billions of dollars to worry about!

Nov. 6 (Bloomberg) — Citigroup Inc. named Richard Stuckey to manage most of its $43 billion of subprime mortgage assets, choosing the same executive who helped unwind Long-Term Capital Management LP’s bad bets nine years ago…

Rescuing the bank’s subprime holdings may be a harder challenge than Long-Term Capital, said Lawrence White, professor of economics at New York University’s Stern School of Business. New York-based Citigroup owns subprime mortgage securities that rarely trade and are hard to value. The Long-Term Capital hedge fund was holding derivatives tied to interest-rate and equities that readily trade.

“The opaqueness as well as the stinkiness are greater,'’ White said.
Citigroup said yesterday in a filing with the U.S. Securities and Exchange Commission that the amount of assets it held that were hard to value rose 42 percent in the third quarter. The company’s Level 3 assets climbed to $135 billion at the end of September from $95 billion at the end of June, according to SEC filings.

The What

Someday this war is gonna end.....

Posted by: guest at November 6, 2007 12:18 PM

Ignore the haters. Mr. Brownstoner, please make this a ongoing feature. Thanks in advance.

Posted by: guest at November 6, 2007 12:24 PM

"bottom feeders"
How totally disrepectful and ignorant.

Posted by: guest at November 6, 2007 12:28 PM

There's a long tragic history to 416 Pacific. (I live across the street.) But the bottom line is: the house is the scourge of the block. The D of Environ Protection turned off gas, water, everything this summer after declaring it a toxic site. (House is apparently filled with rodents, dead and alive.) I have actually seen rats running across window sills. Owner is mentally ill and has Collier's Disease (the hoarding thing). A few years ago, she got a lawyer to overturn some earlier mortgage she'd taken out, claiming it was a predatory lender. Which explains why she's been there for as long as she has, having never paid a bill. (She inherited the house from her mother.) I can't say I will be sorry to see her go, if she ever does. Though I have my doubts. (So far, she has outwitted everyone, including a previous foreclosure attempt.) The house reeks so badly I sometimes cross the street rather than walk in front. Good luck to prospective buyers. The house is huge, on a huge lot, and smack in middle of a great block, etc. But it will obviously require massive amounts of work. I understand there's mold everywhere.

Posted by: guest at November 6, 2007 12:29 PM

@iluvclintonhill:

Can't imagine what it feels like to know you are losing your home? Why, I imagine it sort of feels like being priced out (i.e., kicked out) of an apartment you've lived in for years, and a neighborhood you've invested in by shopping there, perhaps planting flowers at the park or joining the PTA or starting a business. Maybe you teach school there, or walk the beat or work in the firehouse. Maybe you were very kind to your elderly landlady, and took out the garbage and shoveled the snow. But for whatever reason, you couldn't get a downpayment together (maybe you work in a service profession and don't have family money), and though you worked with ACORN and Neighbors Helping Neighbors, and signed up for every housing lottery, the fact is that you couldn't afford to buy, and you didn't get lucky, so you rent. Yes, I imagine not being able to pay the mortgage feels, to some extent, like being told that your rent is going up $500 a month because the market has changed, and that you'll just have to move, and too bad, but you're a bitter rent-stabbing, bottom feeding moron, so move it along. Probably it feels sort of like that.

Posted by: guest at November 6, 2007 12:34 PM

I actually agree that bottom feeder is NOT the right term for someone who hopes to pick up a property at a below market price at one of these auctions. A bottom feeder would be someone who takes advantage of the opportunity that exists when people are desperate (before foreclosure) by offering them an extreme low-ball price--they search foreclosure reports and look for those that need to sell or lose whatever equity they have in the home and offer them a pathetic price.

These properties are being auctioned post-foreclosure and at least one will require a huge amount of work to bring back to livable condition.

Although I have heard that these auctions can be a bit like a feeding frenzy.

Please correct me if I am getting this wrong!

Posted by: Carol Gardens at November 6, 2007 12:46 PM

I sympathize with you 12:34 but there's a big difference between simply having to move and losing your life's savings, going deep into debt and perhaps declaring bankruptcy.

Posted by: guest at November 6, 2007 12:46 PM

I wouldn't consider them "bottom feeders". More like a specialized predator/scavenger who can smell a sick or injured animal from a far off distance and make the kill. However, like many scavengers, they must compete with their own kind for a limited supply of carcasses. These days there may be more sick and injured but their own population has also increased accordingly. People who buy foreclosed properties have some of the strongest jaws in the entire animal kingdom.

The Who

Lies
La la la la la la lies....

Posted by: guest at November 6, 2007 12:59 PM


"BTW Nobody is paying their Mortgages now."


That's not true. I'm paying MINE!

Posted by: guest at November 6, 2007 1:01 PM

Here's the first definition of a bottom feeder from Dictionary.com: "an opportunist, as in politics or business: bottom feeders who buy up commercial failures." No value judgment intended.

Posted by: brownstoner at November 6, 2007 1:02 PM

Thanks for the sympathy 12:46, and I definitely see your side of it. My point is simply that it HURTS to lose your home, whether you own it or rent it. I have enormous sympathy for anyone being foreclosed upon, just as I do for people who are forced out of places they love for other reasons. What a horror. But frankly, I didn't buy, many of us didn't buy, because we COULD NOT AFFORD IT. We were realistic about our choices. You pays your money, you takes your chances. Not everybody rolls the dice and wins. That's reality. But to take pleasure in that feels to me very much like taking pleasure in the fact that MANY PEOPLE rent because they have to, for lots of different reasons. So maybe we can leave all the bitter renter, moron, bottom feeder rhetoric by the wayside, and admit that there were winners, but also fools, victims and those who got left behind on all sides of the recent housing bubble?

Posted by: guest at November 6, 2007 1:04 PM

Another description for a bottom feeder? A savvy rich person. Did you enjoy laying your whole life savings on the line, mortgaging yourself to the hilt, borrowing money from mom & dad and cashing out your 401k? Wonderful. While you were doing that, I was living in a cheap rental, and saving, saving, saving. And here I come to buy your house. All's fair in love, war and real estate I guess.

Posted by: guest at November 6, 2007 1:07 PM

Hey Brooklyn Yuppies and Hipsters, Oil hit another record this morning on increased concerns about crude oil supplies.

Light, sweet crude oil was up $2.41 to $96.39 a barrel this afternoon, after hitting a record of $97 a barrel at one point in the trading session.

Stop thinking everything is ok,,,

The Where???

Someday this war is gonna end.....

Posted by: guest at November 6, 2007 1:11 PM

bottom feeder...go f*ck yourself mister "browstoner" with your daddy's money and wannabe brooklyn bullshit...hey havent read any mos def lyrics lately what the deal?

Posted by: guest at November 6, 2007 1:11 PM

"your rent is going up $500 a month because the market has changed"

yes, this is called capitalism.

no one has a birth right to live in any one neighborhood for life.

i wonder if people in la talk about how they are priced out of beverly hills and that they should be able to stay in their home for 500 bucks a month.

Posted by: guest at November 6, 2007 1:11 PM

why anyone would want to live in that project, uh , co-op is beyond me

josephine
-jcondo resident

Posted by: guest at November 6, 2007 1:15 PM

so, mr b, what is your solution to this situation other than foreclosure, since we're all bottom feeders.

perhaps you can bail the ol' lady out with your own (daddy's) funds

assh*le

Posted by: guest at November 6, 2007 1:18 PM

@guest 12:46

12:34 here again. I just wanted to add that "simply having to move" is a rather large understatement when it comes to finding an apartment in NYC. It is in fact, a discouraging, frustrating, often wrenching experience, made more so when you are being kicked out of a place you love.

The point -- it's other people we are discussing here, not just dollars and cents, who's up, who's a loser, but people with responsibilities and feelings.

Posted by: guest at November 6, 2007 1:18 PM

Learn to read and think 1:11. And grow a heart.

Posted by: guest at November 6, 2007 1:20 PM

"I have witnessed the greatest asset bubble in history"

You were there for the Tulip Bubble?

Wow, you old!

Posted by: guest at November 6, 2007 1:22 PM

ok, actually you guys are right
i'm an idiot

please disregard anything i've said

The What

The war is over . . .

Posted by: guest at November 6, 2007 1:24 PM

Now people see what a fucktard Mr. B is. This site is Open class warfare. hostile to the people who have lived in these neighborhoods for years. I meam black and white (yes white). Soon the will be foreclosures everywhere and the fucktards won't be able to stop it.

The What

Someday this war is gonna end......

Posted by: guest at November 6, 2007 1:25 PM

Using the word "fucktard" pretty much invalidates any comment you make, have made or will make.

I wish you'd shut up.

Posted by: guest at November 6, 2007 1:28 PM

"I have witnessed the greatest asset bubble in history"

You were there for the Tulip Bubble?

Wow, you old!"

And smart, Asshole. The 70's inflation bullshit. The 87 blow up that brought Clinton to power. 2000 the NASDAQ Implosion. The Mutant Real Estate Bubble Now.

"BTW Nobody is paying their Mortgages now."


That's not true. I'm paying MINE!"

You are the only one. Go to foreclosures.com and put you zipcode in.

The What

Someday this war will end......

Posted by: guest at November 6, 2007 1:32 PM

You are a true idiot, the What.

Of the highest order.

You use the same tactics as Bush. False, scare tactics based on nothing but your own agenda.

Saying someone is the only one paying their mortgage? Come on. Do you HOPE people are going under? Because with all the nonsense you write, that has been my impression. You hope the worst for people (your neighbors, in fact) and that is MORE scary than any credit troubles we've had.

Posted by: guest at November 6, 2007 1:39 PM

not getting into all this...

but for the person wondering why these aren't publicized more for a greater return for the bank:

this is a specialized field and while there are people from time to time buy a home for their family this way, it is mostly investors. there is a lot of risk involved. but if you go to an auction sometime, you'll see there are lots of people there, bidding on multiple properties and prices get pretty high.

Posted by: guest at November 6, 2007 1:41 PM

No value judgment intended? then why did you cross it out in the original post? at least stick to your guns....

Posted by: guest at November 6, 2007 1:43 PM

Josephine......for the same reason you live in yours. Now wake up and stop dreaming of living in JCOndo.

Posted by: iluvclintonhill at November 6, 2007 1:45 PM

Actually I'm a foreclosure-hunting bottom feeder. So yes, this is all gravy for me.

The What

someday i'll get laid ......

Posted by: guest at November 6, 2007 1:45 PM

Ho this is rich. LMMFAO!

A Humbling Lesson for Realtors' President

http://www.washingtonpost.com/wp-dyn/content/article/2006/09/08/AR2006090800760.html

"What I should have done," confessed the senior vice president of NRT Inc., parent of Coldwell Banker Residential Brokerage, "was listened to my agent and cut the price by $50,000 to $100,000 early on, and the property would have sold last October."

LMMFAO The Kool-Aid is sweeeeeeeeet!

The What

Someday this war is gonna end......

Posted by: guest at November 6, 2007 1:45 PM

First the brokerags and banks cut jobs, now the law firms are starting to shed jobs. Hate to say it, but the F'in What is right (to a degree). Times are really bad when law firms cut jobs, they're traditionally much more reluctant than Wall Street. This is not good for the NY Market:

Credit-Crunch Casualties:
Six NY BigLaw Associates Axed

In one of the first clear signs that slumping credit markets are causing economic pain at law firms, Clifford Chance yesterday laid off a group of associates in the structured finance area.

John Christian, the partner in charge of the London-based firm's U.S. personnel committee, said the firm had made a difficult "business decision" to lay off the six associates in a practice group that worked exclusively for credit rating agency Standard & Poor's. The lawyers in the group had reviewed the documentation S&P used to rate mortgage-backed securities, the market for which has collapsed in recent months.

"We concluded this work just wasn't coming back," Mr. Christian said. He declined to discuss the severance packages offered to the associates, but one of those terminated said they were offered three months' salary with no bonus. Indeed, the associate said the timing of the layoffs seemed designed to deprive the targeted associates, all of whom were relatively senior, of their bonuses.

The past week has seen a flurry of bonus announcements from New York law firms matching the level set last Monday by Cravath, Swaine & Moore. Cravath announced two bonuses that, combined, range from $45,000 for first-years to $110,000 for senior associates. Among the many firms that have matched that range in recent days are Milbank, Tweed, Hadley & McCloy; Willkie Farr & Gallagher; Simpson Thacher & Bartlett and Sullivan & Cromwell (see "NY Firms March to Match Cravath Bonuses"). Clifford Chance has not yet announced a bonus but in the past has matched other firms.

The high bonuses announced by law firms have stood in contrast to bad news at major clients like investment banks, many of which have already had layoffs.

Many of the layoffs at banks are also linked to the weakness of the structured finance market, and many of the law firms with large practices in the area may feel pressure to make cuts.

Clifford Chance was actually not a major player in the U.S. structured finance market, at least not compared to firms like Cadwalader, Wickersham & Taft; Sidley Austin; Orrick, Herrington & Sutcliffe; McKee Nelson and Thacher Proffitt & Wood, all of whom have scores of lawyers in securitization practices that have slowed considerably.

Paul D. Tvetenstrand, chairman of Thacher Proffitt, said his firm, while definitely slower than before, still had work from securitizations of assets other than residential mortgages. He said there were no economic layoffs in the works and that associates at the firm have been reassured as such.

"Our partners are going to take the hit before we pass it on to the associates," he said.

McKee Nelson brought aboard another New York partner yesterday. Alice F. Yurke, formerly a partner at Morrison & Foerster, said her derivatives practices could take advantage of some of the skills of the firm's many structured finance lawyers in an area that was still quite busy.

Mr. Christian said Clifford Chance had decided the associates in its S&P group could not be reassigned because of their relative seniority. The firm has about 260 lawyers in its New York office.

Law firms are generally loath to engage in layoffs because they hurt the firm image in the eyes of both lateral and law-school candidates. Clifford Chance is still wrestling with the fallout from a leaked 2002 associates' memo that described widespread misery at the firm.

Nevertheless, law firms have engaged in major layoffs in the past. Shearman & Sterling laid off 10 percent of its associates when mergers and acquisitions plummeted in 2001 and the former Dewey Ballantine (now Dewey & LeBoeuf) also had a number of layoffs.

Posted by: Brooklynnative at November 6, 2007 1:48 PM

Can someone enlighten me? What is meant by "bottomfeeder"?

Posted by: guest at November 6, 2007 1:50 PM

"You are a true idiot, the What.

Of the highest order.

You use the same tactics as Bush. False, scare tactics based on nothing but your own agenda.

Saying someone is the only one paying their mortgage? Come on. Do you HOPE people are going under? Because with all the nonsense you write, that has been my impression. You hope the worst for people (your neighbors, in fact) and that is MORE scary than any credit troubles we've had."

Bruh, I'm a Broker. I have access to the Brooklyn MLS System and the foreclosure list. I have sold houses and did short sales. What have you done?? I will tell you, NOTHING! You and the rest for the clueless have 1. no idea what's coming 2. No idea about Real Estate. I'm using fear, I'm using the truth! The Mutant Real Estate Bubble is OVER!!! GET IT OVER!!!!!!!


The What

Someday this war will end....

Posted by: guest at November 6, 2007 1:50 PM

Re: "bottom feeders". I'm un-bookmarking this site, and I won't be back. Elitist douchehole.

KTHXBAI.

Posted by: guest at November 6, 2007 1:51 PM

Citigroup Names Stuckey to Run $43 Billion Subprime Group After Writedowns Stocks in U.S. Rise,

Led by Energy, Commodities Producers;

Exxon Advances Dollar Falls to Record Low Against Euro;

Bank Losses May Spur Fed Rate Cut

Time Warner Names Cable Executive Martin as Finance Chief,

Pace Ambac Rejects Morgan Stanley Loss Estimates for Bond Insurers;

Shares Rise Citigroup SIVs Have Drawn on $7.6 Billion of Emergency Funds to Repay Debt

BMW Profit Growth Is Less Than Analysts Estimated on Dollar;

Shares Fall Afghanistan Suicide Bomb Attack Kills at Least 28,


I CAN CUT AND PASTE FROM BLOOMBERG TOO !!!

The Wack

Someday I'll leave my parents home

Posted by: guest at November 6, 2007 1:53 PM

I think we are over it, the what.

THAT'S the point.

Most of us are ready to deal with what's to come, but you don't seem to be able to do that. You seem to think the world is coming to an end and it is...quite frankly disturbing.

That's the problem here.

Most of us are quite happy to live in the HOMES we bought long term.

Crying wolf does nothing but make you look more and more ignorant with each passing post.

And yes, they are passing. I highly doubt most people get beyond "fucktard" "kool-aid" or "LMFAO"

Said Lindsay Lohan.

Posted by: guest at November 6, 2007 1:55 PM

THE WHAT didn't get much USO. He was dug in too deep or moving too fast. His idea of great R&R was cold rice and a little rat meat. He had only two ways home: death, or victory.

Posted by: guest at November 6, 2007 1:55 PM

Whats wrong with bottom feeders?

They only people who should be offended are bottom feeders.

Everyone else is a LITTLE too sensitive

Posted by: guest at November 6, 2007 1:56 PM

I have yet to see The What come up with a single opinion on his own.

Every single thing is pasted from another source.

Says something, don't ya think?

Posted by: guest at November 6, 2007 1:58 PM

wussup suckas
i'm gonna buy yo cribs when y'alls are broke

The What What

Posted by: guest at November 6, 2007 2:04 PM

12:34...good grief it was a simple statement from someone who was fortunate to not have experienced foreclosure.Let us pray we never have to .

Posted by: guest at November 6, 2007 2:05 PM

First of all, the term "bottom feeders" was not used in a pejorative sense. Secondly, go back and read the post: The term is referring to the people coming to buy these properties, not the people who are losing their homes.

Posted by: brownstoner at November 6, 2007 2:09 PM

uh, yeah, we know who you were referring to.

it is a stupid comment.

Posted by: guest at November 6, 2007 2:12 PM

And I'm sure every comment you've made on here, 2:12 has been publish worthy.

Posted by: guest at November 6, 2007 2:14 PM

2:14 - what are you talking about? that was my only comment

here's a clue: "guest" isn't one person

Posted by: guest at November 6, 2007 2:17 PM

Anyone who gets the Pacific St. House for $810K is going to be very happy about it. You can put $700k in to a renovat and another $50K for an exorcism. You'll have paid $1.6 million for a house that will be woth $2.0 million.

Posted by: Boerum Hill at November 6, 2007 2:25 PM

I agree 2:25, except Mr. B would consider you a bottom-feeder. i don't know how one can sleep at night knowing that

Posted by: guest at November 6, 2007 2:28 PM

810k is the upset price. I bet it will get 1.285. I said it.

Posted by: guest at November 6, 2007 2:36 PM

So as a regular working Jane, someone who was wary of all of the easy mortgages, someone who figured that she and her husband who both work in social services should wait to buy a home for their family because they didn’t want to get over their heads with an ARM are now "bottom feeders" picking up the detritus and waste from the real estate floor?


Nice.

Not a pejorative, Brownstoner? I may not be the sharpest knife in the drawer, but I know when someone is backpedaling.

Maybe homes in some of these “fringe” neighborhoods will come closer to be in line with wages. I’m not looking for foie gras on a Spam budget. I guess that makes me a bottom feeder.

Posted by: guest at November 6, 2007 2:37 PM

flounder is bottom feeder. totally delicious!

discussion over.

Posted by: guest at November 6, 2007 2:42 PM

lobsters are bottom feeders.

so are shrimp and crabs.

Posted by: guest at November 6, 2007 2:45 PM

"The term is referring to the people coming to buy these properties"

I read that the first time. Cant see how it could be misconstrued.

Go to a foreclosure , you will see investors trying top scoop up a property at a huge discount

ie. Bottom feeder.

Posted by: guest at November 6, 2007 3:01 PM

This site is getting more like Curbed everyday and I stopped reading it awhile back. Guess it will be time to move on from here too.

Posted by: guest at November 6, 2007 3:07 PM

bye bye

Posted by: guest at November 6, 2007 3:15 PM

There's so much money sitting on the sidelines waiting for perceived 'value'. New York has nowhere near the problems that it did in the 1980's. There may be a dip, but competitive investors will keep prime New York prices strong.
http://www.wnyc.org/news/articles/87930

Posted by: lincolnlimestone at November 6, 2007 3:49 PM

Poor "The What". He's just angry that his years of plotting and scheming to buy up Brooklyn haven't come to fruition. Hopefully you'll be able to hold it together while you're waiting . . . , and waiting. . . . In the meantime people are going on with their lives and are actually happy about what they've bought.
The fact that oil is at $93 only reinforces the fact that people will continue to choose to live in denser urban areas. Your master plan of hoping that people will want out of New York and Brooklyn is about 20 years too late. Take that 50-grand you have in the bank and find something else to do with it. Hopefully it involves some psychotherapy.

Posted by: guest at November 6, 2007 4:04 PM

The What lives in The Bronx

Posted by: guest at November 6, 2007 4:12 PM

if you've ever been to an auction, it does have the look of "bottom feeders".

Posted by: guest at November 6, 2007 4:25 PM

People that pursue foreclosed properties can be described as 'bottom feeders' - that's a perfectly fitting description for someone attempting to capitalize on the failure of a mortgagee for their personal benefit. I don't see why folks are so up in arms about this.

I frequently attend auctions with the hopes of landing an opportunity in this space (yes, I am a bottom feeder and opportunist). Unfortunately, I have always been outbidded in Brooklyn, because properties are so highly priced, and alot of folks know there is opportunity for obtaining a discounted property (feeding from the bottom vs. buying at a premium). Quite simple really!

Posted by: guest at November 6, 2007 4:28 PM

Dear Brownstoner, I am asking sincerely that the 'What' be eliminated from posting. it is absolutely unfair to have to deal with his rage.
does anyone else here agree?

Posted by: guest at November 6, 2007 4:36 PM

4:36 - I disagree - free speech is at the core of our values. Do you live in NY and take the train? If you can't deal with ranting on a blog, not sure how you survive out there....

Posted by: guest at November 6, 2007 4:43 PM

Uhhhh I think the people that were taking offense live in the co-ops or something similar. The term bottom feeders was only applied to the apartment undergoing foreclosure not the $800,000 building in the preceding sentence which is also in foreclosure.

Posted by: guest at November 6, 2007 4:44 PM

I wish his cursing would stop, but because residential real estate is highly leveraged with mortgage payments directly related to income - the state of the current economy is of paramount importance.

The national economy is looking extremely fragile right now. Banks are losing billions of dollars and the dollar itself has lost 20% of its value in the last few months.

There is really not enough discussion out there regarding how this is going to affect the residential real estate market. This can reasonably get some people very angry. His anecdotes are interesting; I just hope they become a bit more civilized. For the record, I try and keep my criticisms equally tasteful, and uncivilized cursing hurled in my direction is rarely condemned with the level of vitriol directed towards The What.

Posted by: Polemicist at November 6, 2007 4:45 PM

'the core of our values'- pardon me while I throw up jerk off.

Posted by: guest at November 6, 2007 4:48 PM

4:25, you're so right! The auctions do have a crabby feel to them and everyone seems to have a bottom feeder look.

Posted by: guest at November 6, 2007 4:48 PM

"Dear Brownstoner, I am asking sincerely that the 'What' be eliminated from posting. it is absolutely unfair to have to deal with his rage. does anyone else here agree?"

Bitch, go back to Kansas

-a fan of The What

Posted by: guest at November 6, 2007 4:52 PM

4:25, you mean there's lots of gays at these auctions?

Posted by: guest at November 6, 2007 4:57 PM

Dear Brownstoner, I am asking sincerely that the 4:48 be eliminated from posting. It is absolutely unfair to have to deal with his rage.

Sincerely, jerk off

Posted by: guest at November 6, 2007 5:00 PM

good one, 4:57!

almost as good as kids being referred to as crotch fruit.

Posted by: guest at November 6, 2007 5:01 PM

The gays have arrived!

Posted by: guest at November 6, 2007 5:03 PM

What's all this nonsense and sensitivity about "bottom feeders". Folks that seek out undervalued stock and buy w/ at a time when companies are suffering in some way are often labeled bottom feeders and they love it! In fact there are a lot of bottom feeders out there buying financial stocks right now because of what's happening in the market. If you're a bottom feeder, be proud, you're buying low and selling high (hopefully).

Posted by: guest at November 6, 2007 5:16 PM

This being a real estate blog, I just assumed everybody here was gay.

Posted by: guest at November 6, 2007 5:17 PM

apparently only the top feeding gays read this blog.

Posted by: guest at November 6, 2007 5:22 PM

"Dear Brownstoner, I am asking sincerely that the 'What' be eliminated from posting. it is absolutely unfair to have to deal with his rage. does anyone else here agree?"

Come on! Someone, anyone prove that I'm wrong! America is TOAST!
If you don't want to deal with my 'rage' then, don't reply. Go to the happy happy joy joy websites about housing. This used to be one of them but, The What came along. I took a shit in the Brownstoners punch bowl, man it's fells good. Look at the log floating by, that's you equity going down the drain. Rage no but, I hate people who are fucking stupid and can't see we have a problem on our hands. This housing thing can take down our financial system. Stick your head up your ass.

The What

Someday this war is gonna end...

Posted by: guest at November 6, 2007 5:26 PM


"'the core of our values'- pardon me while I throw up jerk off."

- A REPUBLICAN

Posted by: guest at November 6, 2007 5:42 PM

Keep those gays out of my slope!

Posted by: guest at November 6, 2007 5:50 PM

too late, 5:50.

they've invaded.

Posted by: guest at November 6, 2007 5:52 PM

the gays MADE the slope, foos.

Posted by: guest at November 6, 2007 7:45 PM

... which brings us back to bottom-feeders...

Posted by: guest at November 6, 2007 8:25 PM

some day someone will banned the whats ass.

Posted by: armchairwarrior at November 7, 2007 12:05 AM

All these responses to 'The What' are strong indicators that heed has been taken to what he's saying. If he was that far off his rocker, you would ignore him like a mentally ill bum on the street. But you choose to respond with pure emotion and little facts/links to the contrary. I have yet to see an intelligent argument against the points that he makes. For those unaware of the problems in the housing market, local and national, check out these blogs.

nychousingbubble.blogspot.com (links to brownstoner)

and...

thehousingbubbleblog.com

Posted by: guest at November 7, 2007 12:49 PM

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