« Inside Third & Bond: Week 60 House of the Day: 400 Dean Street »

October 30, 2008

Foreclosure of the Week: 167 Prospect Place

167-Prospect-Place-1008.jpgIt's not often (or at least it hasn't been often—maybe it will be in the future) that you see a house on such a prime block coming up for foreclosure auction. There are no clues as to the condition of the interior of 167 Prospect Place, but from the outside it looks like a classic four-story brownstone. The long-time owner sold the place in 2006, and then that buyer flipped it again in February 2007; by July of this year, the foreclosure walls had started to close in. Lien size: $1,114,555. And don't forget it's got an extra-deep lot.
167 Prospect Place [Property Shark] GMAP




Posted by Brownstoner at 12:38 PM | Comments (14)
Categories: Foreclosure

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Comments

Jeez, who could buy in Feb then get foreclosed on by July? Developer who lost financing? Any guesses?

Posted by: mopar at October 30, 2008 12:41 PM

I think Mopar's guess is the most likely explanation. Either that or some kind of family disaster.

Posted by: Bob Marvin at October 30, 2008 12:52 PM

Look at the records again: what I see is a $50,000 sale in 2007, and the lis pendens filed against the seller who unloaded the place in 2007. My money says there's more to this than meets the eye.

Posted by: serpentor at October 30, 2008 12:56 PM

Prime block indeed, Brownstoner.

Posted by: Fjorder at October 30, 2008 12:56 PM

"Jeez, who could buy in Feb then get foreclosed on by July? Developer who lost financing? Any guesses?"

Let's see.. A Asshat "investor" looking for a quick flip got caught holding the steaming pile of dog crap!

And guess what folks? When that house sells, it will be a comp. In this market no appraiser will go over that amount. Oh well..

The What

Someday this war is gonna end..

Posted by: Return of The What at October 30, 2008 12:59 PM

It's "an asshat".

Posted by: dittoburg at October 30, 2008 1:12 PM

yeah, definitely something funky going on with this place. even if not, it seems impossible to me that this place will go for just $1.1m. if it does, that buyer gets a steal.

Posted by: i disagree at October 30, 2008 1:43 PM

Why do I just know I am going to be reading the times real estate section this time next year about a smart, happy couple who held out during the bubble and bought this place for a song..............................

Posted by: HomeSweetstuy at October 30, 2008 2:39 PM

maybe. or maybe you will hear about it next week when miss muffett comes to brag about it....

Posted by: i disagree at October 30, 2008 2:51 PM

Also a soon to landmarked block!

Posted by: mimi at October 30, 2008 3:47 PM

Does anyone know where and when this is up for auction? Also - where can I find records regarding the foreclosure?

Posted by: jmartin at October 30, 2008 5:12 PM

When properties go to auction, are they usually sold for over the lien price?

Posted by: brooklynmike at October 30, 2008 7:58 PM

Actually I Disagree - I'm not crazy about the schools in this location so will pass on this one. Besides, the price cuts have barely begun.

Posted by: Miss Muffett at October 30, 2008 10:08 PM

Instead of plummeting into a severe recession, the US economy appears to be easing into the downturn with a certain grace, shrinking “only” by 0.3% q/q annualized in Q3. However, the better than expected headline hid a few
truly ugly details, as personal spending contracted at the fastest pace in 28 years. Going forward, the intensification of financial troubles in September paints a grim picture for Q4. Sectors which contracted over the summer months (consumption, residential investment and business investment in machinery and equipment) should remain in the red in Q4. In addition, sectors which have helped keep the economy afloat (business investment in
structures, exports) will likely suffer at the hands of tighter credit standards and global recessionary woes. In addition, given gloomy prospects for holiday sales, the likely unintended inventory accumulation recorded in Q3
suggests production is likely to plunge towards the end of the year.

Posted by: Dora Chica at October 31, 2008 9:26 AM

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