Foreclosure of the Week: 821 Greene Avenue

Something tells us the bank ain't going to be made whole on this loan. This four-unit house at 821 Greene Avenue in Bed Stuy sold for $775,000 in 2006 (after selling for $600,000 in 2005) and somehow has managed to accumulate a lien of $805,937. Downright bubble-icious! The four-story house has an interesting exterior but we're betting from the looks of those windows and the condition of the brownstone that the interior is not exactly move-in ready. What do you think this goes for at auction tomorrow? The auction takes place tomorrow at 3 p.m. at 360 Adams Street, Room 274.
821 Greene Avenue Foreclosure [Property Shark] GMAP

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Anyone on here that goes to these auctions regularly?

I'm just curious if there has been a difference in the 'atmosphere' pre- and post-bubble bursting. For example, is the starting bid much lower now (relatively speaking)? Are there fewer/more bidders?

Just curious.

Posted by: tybur6 at August 5, 2009 12:58 PM

Ruh roh. Lien is worth more than house.

Posted by: mopar at August 5, 2009 1:29 PM

Is there a way to find out what the auctioned houses go for?

Posted by: Arkady at August 5, 2009 1:39 PM

Hhm this is a tough one...maybe around $500K. How is the area?

Posted by: pierre de taille at August 5, 2009 1:43 PM

area is among the least desirable in bed stuy. no convenient trains, far from fulton street, the only worse parts are those farther north and northeast, abutting broadway/bushwick avenue.

Posted by: southbrooklyn at August 5, 2009 1:49 PM

Does anyone know of any realtors in the area who specialize in the selling of foreclosed homes? I've been asking around and nobody seems to know.

Posted by: backinbrooklyn at August 5, 2009 1:52 PM

My bet? The bank can't sell it. Period.

Our fall-through finally sold (at 15% less than the contract we had. Their loss, not ours.) for $645K on a much nicer block, closer to trains, Von King Park. Move in condition and bigger -- from the looks of it that fourth floor is not one you're going to do many jumping jacks in. $775K was beyond a bubble price.

We looked at a few places by Marcus Garvey -- the blocks aren't bad, but there's n-o-t-h-i-n-g nearby and the walk from the train at night is long and forlorn.

I'm not kidding with my estimate. $450K.

And, Arkady, the sale price is public record. It'll be on p-shark a few weeks (two or so) after the sale closes.

As for the lien ... not that I'm a propertyshark expert or anything, but they borrowed $736,250 which means they put 5% down. Which means they were probably paying sharp interest rates and bonus special extra fees and fines which can add up and start accruing interest pretty damn quick.

Posted by: serpentor at August 5, 2009 2:20 PM

@backinbrooklyn I don't think there are specialists since the foreclosure crisis is wreaking havoc on that neighborhood and by nature people in foreclosure are desperate and scared. If there's anyone who specializes you'll find them by the signs they've taped up on the block.

Posted by: serpentor at August 5, 2009 2:23 PM

@ : pierre de taille....please do not listen to some folks on here...
This is not the least desirable of Bedford Stuyvesant.
True it is not close to Fulton but you can hop on the J train if you are willing to walk a couple of block(J train is super fast) or you can take the 46 bus on Malcolm X. Who ever decides to buy this way will get a nice return in a couple of years.

Posted by: mysideofstuy at August 5, 2009 4:14 PM

backinbrooklyn, yes, there are quite a few companies that specialize in foreclosures and it's just like a regular sale except with a few caveats (as-is condition, construction loan, etc.). Just search Trulia or Realtor.com in the areas you are interested in. The foreclosures are the really cheap ones. Tom Marco Realty has several properties in Bed Stuy and Bushwick. They are at (718)998-7100. There is another company too, with a property on Jefferson Ave. in Bushwick they are rehabbing and several others, forget the name of the company.

Posted by: mopar at August 5, 2009 5:28 PM

Southbrooklyn, are you sure the area near Broadway is worse? I guess there are blocks there to avoid, but the JMZ is convenient and has new businesses around the Gates and Kosciuszko stops, such as a farmer's market and French cafe.

Posted by: mopar at August 5, 2009 5:30 PM

@ Mopar...I live by the Gates and Kosciuszko stops and i can get to 34th street in a half an hour the only thing i would complain about are the types of business in the area it could be better but Athom the coffee shop just opened on Broadway and just as you mention the Green market on Gates.To be honest the area is by no means Stuyvesant Heights.

Posted by: mysideofstuy at August 5, 2009 9:53 PM

Mysideofstuy, thanks for the info. Yes, it was the Athom I was thinking of. We're moving to the Halsey stop in a few months.

Posted by: mopar at August 5, 2009 10:35 PM

Congrats Mopar...My husband and I have been living in the neighborhood for about 4 years and we have seen alot of positive changes
I remember when I first came out to Broadway(bed-Stuy/Bushwick) about 18 years ago and it was frightening especially walking around the area mid afternoon, but it has improved so much.
You can not beat using the J and Z trains especially when it runs express in the morning and rush hour evenings just note that from 2pm- 7:30pm the J runs express.
Good Luck!!

Posted by: mysideofstuy at August 6, 2009 9:53 AM

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August 5, 2009

Foreclosure of the Week: 821 Greene Avenue

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