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April 22, 2008
Foreclosure of the Week: 872 Park Place
In a sign of the times, this five four-story brownstone at 872 Park Place in Crown Heights sold for $525,000 at the end of 2004 and now has a lien of $600,000 on it. The 3,600-square-foot, four-unit building is scheduled to be auctioned on Thursday at 3 p.m. at 360 Adams Street. Or you could try to go straight to Wells Fargo's lawyer at 718-204-2400.
872 Park Place [PropertyShark] GMAP
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Comments
Never been good at math, but I count four stories not five.
Posted by: Brooklynnative at April 22, 2008 1:19 PM
There may be an attic (5th floor) you can't see from the street.
AClintonHillLady
Posted by: guest at April 22, 2008 1:24 PM
Not crazy about the neighborhood but that house could be absolutely stunning with a little TLC.
Posted by: guest at April 22, 2008 1:25 PM
That's a very good part of Crown Heights. I think it would make a good long term investment.
Posted by: Brooklynnative at April 22, 2008 1:28 PM
At $600K, Brooklynnative? Seems like there's more room to fall considering the TLC needed.
Posted by: guest at April 22, 2008 1:48 PM
Don't forget, if the dollar keeps falling, you will end up with massive inflation for all hard assets including real estate. What's a safe investment these days?
Posted by: Brooklynnative at April 22, 2008 2:32 PM
Residential real estate is almost exclusively driven by income and interest rates.
If incomes inflate at a rate commensurate with prices, then perhaps we will see inflation of real estate. This however did not happen in the 1970s.
Foreigners are not going to be spending their euros on a subdivided house in Crown Heights, so if that's what you're thinking - I'd stick to trading on FOREX.
Posted by: Polemicist at April 22, 2008 2:51 PM
I've been inside a couple of houses in this group and they are way over the top in terms of interior detail. Coffered ceilings, leaded glass, fully panelled dining rooms, service stairway etc. As a four unit, this place likely suffered quite a bit in the breakup.
Posted by: Hal at April 22, 2008 4:38 PM
how about getting a job in europe and commuting from your home in the US everyday? c'mon, what do you think kept the spunk in the 11 times appreciation on park slope brownstones over the last 25 years? inflation. in times of negative economic sentiment it's called inflation, in times of positive sentiment it's called appreciation. and you live, work, and consume in the US, the dollar doom is just water cooler talk.
Posted by: BrooklynLove at April 22, 2008 9:00 PM
by the way, not a stretch to say that people were paying 800+K for similar places w/n blocks of this place a year or so ago.
Posted by: BrooklynLove at April 22, 2008 9:13 PM
Those were foolish people who will end up as future foreclosures of the day.
Posted by: guest at April 22, 2008 11:48 PM
This is a beautiful block! I only wish I had the dough.
Posted by: guest at April 23, 2008 1:14 AM
11:48 - maybe some straws in there, but many legit transactions that won't go to foreclosure, but will suffer significant drops in market value. not all that different than what you're seeing in bedstuy now. however, encouraging to see that lefferts has been able to seemingly buck that trend thus far.
Posted by: BrooklynLove at April 23, 2008 6:10 AM
BrooklynLove,
Are we seeing that in Bed Stuy now? I look at recent sales on Property Shark and I am just not seeing prices "plummet."
Posted by: amanda at April 23, 2008 9:24 AM
nah, by "that" i meant foclosures mixed in with top of the market buys throughout the neighborhood. i know several recent buyers in bedstuy who paid in the 800k range and have seen mutliple houses on surrounding blocks go into foreclosure over the past 6 months or so. these foreclusures kill the market value in the area. you'd need to watch sale prices in the area this year and next to gauge the effect.
Posted by: BrooklynLove at April 23, 2008 7:53 PM
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