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January 25, 2008

Foreclosure Pressure at 14 Fort Greene Place?

14-Fort-Greene-Place-0108.jpgThe asking price of 14 Fort Greene Place, recently cut from $1,469,000 to $1,399,000, may get a lot cheaper a lot faster, if a tipster we heard from is on the mark. According to someone who lives on the block, the owner was just served with foreclosure papers this week for a $910,000 mortgage that was taken out on the property in 2006. If that is indeed the case, the seller, who's been trying to dump the place since last summer, might be what real estate agents like to refer to as "motivated" at this weekend's open house, which, in case you're interested, takes place on Sunday from 1:30 to 2:30.
14 Fort Greene Place [Corcoran] GMAP P*Shark




Posted by Brownstoner at 10:31 AM | Comments (48)
Categories: Foreclosure, Fort Greene

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Before you know it.
Asking price...910,000.01

Posted by: guest at January 25, 2008 10:39 AM

i wish i could see the vultures and bottom fishers that will be attending this OH. oh well

Posted by: guest at January 25, 2008 10:45 AM

The income off the 4 apartments would not equal the monthly carrying costs if the purchase price is north of 1.2m.

Posted by: guest at January 25, 2008 10:46 AM

"The income off the 4 apartments would not equal the monthly carrying costs if the purchase price is north of 1.2m."

Especially not when the income from the rent stabilized tenant in the ground floor apt is probably negligible.

Posted by: guest at January 25, 2008 10:52 AM

See comments on this house from December thread. There are tenant issues:

http://tinyurl.com/2rtpr5

Posted by: guest at January 25, 2008 10:55 AM

I hope your tipster's information is correct. Otherwise, this is just a rumor, and the vultures will circle for nothing.

Posted by: guest at January 25, 2008 11:03 AM

With mortgages up to 725k having the potential of being conventional, maybe if the owner refinanced the new mortgage would be low enough to match the rents.

Posted by: moreteasir at January 25, 2008 11:04 AM

Mr. Brownstoner, How can you print this? A rumor that it is going into foreclosure? That is irresponsible.

Posted by: guest at January 25, 2008 11:14 AM

>>Mr. Brownstoner, How can you print this? A rumor that it is going into foreclosure? That is irresponsible.<<

Agreed.

Posted by: guest at January 25, 2008 11:17 AM

The lis pendens is public record and it's listed on Property Shark. Check the link.

Posted by: guest at January 25, 2008 11:20 AM

...yeah Mr. B, why did you make this guy purchase a brownstone that he couldn't afford and then report on the default...shame on you.

Posted by: moreteasir at January 25, 2008 11:27 AM

We don't print most rumors but this one came from a very good source. Plus it's pretty clear that it's a rumor and should be taken as such.

Posted by: brownstoner at January 25, 2008 11:31 AM

Hey Brownstoner, it is unfair that you are spreading these rumors. You might cost this guy tens of thousands of dollars due to his weakened bargaining position. Nice.

Posted by: guest at January 25, 2008 11:33 AM

I tend to agree with 11.33 and others. Either independently verify if the rumor is correct or don't publish it. To do so without verification is irresponsible imo. It is easy enough to search the lis pendens records to see if it about to go into foreclosure. If it is not there, then the seller is getting a bit of a rough shake down via this blog (a blog I like quite a bit - despite some of the nasty threads).

Posted by: guest at January 25, 2008 11:39 AM

How do we find out how much it finally goes for without actually going there

Posted by: funstraw at January 25, 2008 11:43 AM

People, this is a blog, not a newspaper. We should be trading in rumor exclusively.

In all events, if the rumor is false, the seller can reject those low ball offers from the vultures with misinformation. If the rumor is true, Mr. B has generated interest and the vultures can bid each other up to an efficient price.

Posted by: guest at January 25, 2008 11:47 AM

I think most important thing to remember here is "This is a BLOG" A blog dedicated to population of folks that are in love with Brownstones. Public record also indicates the possible foreclosure. This is the type of information that you would look to get from an informed community.

Lighten Up. Good Grief!

Posted by: guest at January 25, 2008 11:48 AM

It's a sad day when someone who has cashed out to the tune of $750,000 (or $910,000 if they didn't pay out the initial $149k loan) over ten years suddenly can't pay their mortgage. Tis but a cautionary tail.

Posted by: guest at January 25, 2008 11:54 AM

A 910K mortgage was taken out on the house last year, after what appears to be a situation in which the owner owned the house outright after an earlier satisfaction of a much smaller mortgage amount. Owner has had house since 1997.

Posted by: guest at January 25, 2008 11:56 AM

Rumors....Yeah, brownstoner....what do you think this is Star Magazine.

Posted by: guest at January 25, 2008 12:07 PM

Too bad it's not a real house any more but rather a decrepit four-unit tenement.
A rent stabilized tenant really does not have to pay any rent for years and years if they have any complaints such as moisture damage on walls or ceilings, drafty windows, bugs, you name it. It may well be heading for foreclosure because the owner may not be able to cover his debt to the bank through a sale.

Posted by: guest at January 25, 2008 12:08 PM

I agree that is shameful and bordering on cruel to print and publish this type of information, particularly when it is a human being that is under this pressure and is facing, not some corporation.

When this blog first started it seemed as if the mission were to be helpful to folks wanting to live in and improve homes in Brownstone Brooklyn. Now is has become predatory.

You should take a close look at yourself Mr. Brownstoner. You may have left behind investment banking, but it sure hasn't left you.

Posted by: spintoto at January 25, 2008 12:11 PM

It ain't very neighborly.

Posted by: guest at January 25, 2008 12:13 PM

Please don't turn this blog into some kind of gossip site where people start reporting about untrue things just because they hate the neighbor next door. By the way...did you guys know that Mrbrownstoner did not wipe the last time he went to the bathroom.

Posted by: guest at January 25, 2008 12:18 PM

THE PEOPLE OF BROWNSTONE BROOKLYN HAS SPOKEN.DO NOT TAKE US FOR GRANTED. THIS HAS THE POTENTIAL OF BECOMING A SLIPPERY SLOPE. LET US STAY RESPECTABLE TOWARDS OTHER PEOPLE.

Posted by: guest at January 25, 2008 12:21 PM

wow, didn't realize how may democrats read this blog....maybe you guys should pool your 300 dollar relief checks and turn it into affordable housing.

Posted by: guest at January 25, 2008 12:22 PM

12:22 = brownstoner

Posted by: guest at January 25, 2008 12:25 PM

Okay, that's it. I am gonna find something else to do on my lunch break. Goodbye forever brownstoner.

Posted by: guest at January 25, 2008 12:27 PM

I am encouraged that folks are standing up for a bit of decency and rejecting "rumors". If it is true the that the owner cannot pay their bills we do not know why- tenants, sickness, or loss of job but it is a shame Corcoran is asking him for 6% to sell it.

Posted by: guest at January 25, 2008 12:30 PM

I did not know you were such a republican Mr B.
-wall street- should have known.

Posted by: guest at January 25, 2008 12:31 PM

People, the LIS PENDENS is public information. It's out there.

Posted by: guest at January 25, 2008 12:31 PM

albeit often incorrect. Because crap is out there we do not need to hold it up, examine it and try to smear it around.

Posted by: guest at January 25, 2008 12:33 PM

if info is pubic he could publish what ever he wants.

Posted by: armchairwarrior at January 25, 2008 12:38 PM

Today brownstoner managed to make Corcoran look like the good guys. How the fugh did you manage to do that?

Posted by: guest at January 25, 2008 12:39 PM

I don't have a problem with him publishing public information armchairwarrioir. But he never cited any public information. He describes his source only as reliable. I got blowjob last night from someone who I now consider reliable. I wonder if it's the same girl. DAMMIT, she told me I was the only one.

Posted by: guest at January 25, 2008 12:43 PM

Looking forward to hearing from someone who attends the 14 Fort Greene Place open house to report in on Monday, after asking the agent whether there are any legal proceedings pending over the mortgage.

The agent has the fiduciary obligation to the seller not to provide information against the seller’s interest without permission, but also the legal obligation not to lie. So the agent can legally say (1) “I can’t answer that either way”, (2) “yes”, (3) “no”, or (4) “not to my knowledge”. If the seller really wants to sell and if the real answer is “no”, I assume the agent would (eventually) get permission to say that out loud if the rumor depresses the market.

If the truth is “yes” and buyers searching lis pendens find out, the seller will have to deal with it. I go with the A Blog Not A Newspaper line here … Brownstoner reported the FACT that a “very good source” (11:31 AM) gave him the information. He believes it is a very good source, and says “*if* that is indeed the case …”.

I assume this thread will get to the agent’s attention today, and that he will be prepared for the questions after talking to the owner before Sunday. That should eliminate #4 above (“not to my knowledge”). He may even weigh in here (if the truth is “no” or if he gets permission from the seller to address this publicly).

I recall many threads here in which anonymous posters weigh in with “information” about the particular circumstances of a building or a seller that bears on value or motivation; I assume all readers take that with the proverbial grain of salt.

At this point it may be in the seller's interest to publicly say the source is wrong if that is the truth. Seller's choices are more dicey if the source is correct.
source is wrong,

Posted by: Sandy Mattingly at January 25, 2008 12:55 PM

I wonder if the it's the same source who tipped off Gabby about the Tibetan Store coming to Park Slope?

Posted by: guest at January 25, 2008 12:56 PM

Hey, the skimulus package might help this seller out. See my comment in the Friday Links thread. Okay, okay! I'll paste it here...

Re: Stimulus Package a Boon for Housing [NY Daily News]

Considering back-to-traditional lending standards with a 20% DP, the package would help NYC with loan amounts as much as 730/0.80 = $913K. But your credit would have to be stellar. However...

"The higher cap, to be effective until the end of December, would breathe life into housing markets in New York, California and other pricey areas because lenders would feel more comfortable knowing Fannie and Freddie can buy and package the loans into securities that investors consider to be relatively safe."

After December, then what? And are investors ready to jump back in the MBS game considering insolvency problems with even prime borrowers in the face of a recession? I don't know. People's thoughts?

Posted (in Friday Links) by: guest at January 25, 2008 1:19 PM

Posted by: guest at January 25, 2008 1:26 PM

Funny. I attended the OH a couple of weeks ago. Okay brownstone. Kinda shallow (front to back) and needed a lot of work but nice location. If tipster is right, seller better take what he/she can over $910K.

Posted by: guest at January 25, 2008 1:29 PM

A trend grows in prime brownstone Brooklyn.

Posted by: guest at January 25, 2008 1:30 PM

Oh yeah (1:29 here), I forgot about the tenant issue.

Posted by: guest at January 25, 2008 1:31 PM

people. it looks like the seller her/himself is not a complete innocent here. had almost NO mortgage and took out over 900k?? now can't pay that. own fault. geez.

Posted by: guest at January 25, 2008 2:06 PM

if this weren't true, don't you think the broker would have let the stoner know by now

Posted by: guest at January 25, 2008 2:38 PM

I live here. What's the over / under on me getting my deposit?

Posted by: guest at January 25, 2008 3:05 PM

Hey neighbor! (3:05 commenter)

I've always wondered what the deal was with the people living downstairs. Seems like the old guy is pretty cool - he practically RUNS Fort Greene Place. I see him taking care of trash in front of a different brownstone every morning it seems.

Posted by: guest at January 25, 2008 3:24 PM

the downstairs apt is rent stabilized at $400/month. they seemed like nice people living there. i would be constantly worrying about them, as one of them was very old and ill when we went to the openhouse a month ago. i'd also feel bad about all the noise from the renovation. they're really quite elderly.

Posted by: guest at January 27, 2008 8:05 PM

It's public information, get over it. You are just shooting the messenger: brownstoner. Maybe those of you complaining are homeowners who are getting nervy that prices in the nabe are flattening and starting to go down. Boo hoo. Don't worry, may a celeb will come along and buy it up.

If the seller is not in a bad spot he will hold for a better price, if he is in a bad spot he will take the best offer. The market will find the price and the truth will come forth in the price that it closes.

Posted by: cgriggs at January 28, 2008 12:20 PM

there are two separate issues here people. the guy has leveraged himself with a 900k mortgage to buy another property. the place looks vacant other than the garden apt with stabilized tenant. now he can't float both. but do we think resale of this should be lower... not because of his risk of foreclosure... but more importantly because it's neighboring both brooklyn tech h.s. and the hospital? does the influx of 4,500 teenagers each day affect the price? and what about ambulances screaming past all night. at what cost is that discount?
anyone live on ft greene place? are you affected?

thoughts?

Posted by: guest at February 1, 2008 1:41 PM

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