A Couple Foreclosures of Note
We came upon a couple foreclosures worth mentioning in Clinton Hill and Fort Greene. Pictured at left is the six-family home at 26 Lefferts Place, scheduled for auction later today at 3pm. There’s a lien of $484,450 on the property. The other is 242 Cumberland, a two-family home in the Fort Greene Historic District that…
We came upon a couple foreclosures worth mentioning in Clinton Hill and Fort Greene. Pictured at left is the six-family home at 26 Lefferts Place, scheduled for auction later today at 3pm. There’s a lien of $484,450 on the property. The other is 242 Cumberland, a two-family home in the Fort Greene Historic District that has a lien upon it of $870,000. That one won’t be auctioned until March 8th, 10:30am.
242 Cumberland went for over 1.2mil. About 75 people showed up but were quickly put away buy 2 all cash bidders. Right as 1 cash bidder (MacArthur) was about to win a woman with a 2mil pre-approval letter jumped in and “won” at 1.25m
The house easily needs 300k – 400k worth of work.
A great realtor who has a good eye for finding diamonds in the rough sent me Cumberland house about a month ago. His name is John Chubet with Imagine Marketing, it’s a small boutique firm in the city. The house has a cheapo listing on Trulia and the interior needs a lot of work. I think I even saw fire damage in one of the bathrooms. It needs a full/partial gut but could be an amazing house. I kinda want it for myself but I’m pretty sure it will get snatched up either at or before the auction for all cash for more than is listed above.
thats why i decided to goto these auctions sick of looking at houses where these jerks buy it and resell it quick for profit. hell i have brought from jerks like that before they don’t even bother to fix anything. they make easy like 200k for doing nothing.
I would have gladly paid 526k. The investor is looking to make a quick 50+% profit, asking 899k.
http://www.elliman.com/long-island/brooklyn/clinton-hill/26-lefferts-place/26-lefferts-place/xmebkxs
Maybe it’ll be back later in the week as an open house pick.
“An investor purchased it for $526,000.”
And that is exactly what it is worth. 526k/(10×12)/4 = $1,100 per month per floor, about right for the area and inline with historic mean GRM. People who pay over that for similar properties are playing Russian Roulette with the timing of the next leg down.
***Bid half off peak comps***
Where does this information come from? When I was trying to buy a brownstone last year, we had an awful time finding information on foreclosures.
Anyone interested in the Cumberland house should take a good hard look at it from the top down. Word on the street is that it’s in pretty bad shape due a roof leak. (Disclaimer: I haven’t been inside the house myself).
26 lefferts was resolved. An investor purchased it for $526,000.