A Red Hook Townhouse for $270,000? Yessiree Bob
It’s hardly a Pierrepont Street mansion, but a house in Red Hook was recently snapped up in foreclosure for the cool price of $270,000, less than half of what the bank was into it for. According to ACRIS, the 2,100-square-foot vinyl sided property went into contract on November 16 and closed on January 29. The…
It’s hardly a Pierrepont Street mansion, but a house in Red Hook was recently snapped up in foreclosure for the cool price of $270,000, less than half of what the bank was into it for. According to ACRIS, the 2,100-square-foot vinyl sided property went into contract on November 16 and closed on January 29. The lien on the house had been $598,021, according to Property Shark. How big a deal this was is unclear though: The place looks like it could use some serious work and the house next door looks like it’s about to fall down. Was this a good buy or not? GMAP
Oops! Read to fast. It’s the vinyl house. I’m gonna get flamed for ASSuming it was the brick one on the right! Still…($500K reno?!)
***Bid half off peak comps***
“good buy or not?”
Not. It was just a buy. This is what these brownstones are worth. Half off peak. This is a mark-to-market leak through a cracked preforeclosure dam. Hold on tight!
I hope we’re not assuming the condition of the house and stability of the neighboring one from the photo alone! If so, how do we arrive at $500K rehab price? Sounds absurd, especially for a 3-story.
***Bid half off peak comps***
In most towns and cities across the USA you could buy a pretty decent house for $270,000.
I think what fsrq said in the first post just about sums it up!!!!!!!!
Bad deal because the buyer has to pay the lien. If the house was any good, flippers would have bought it before the auction process. Bet they tear it down and build a four-story “luxury” cinderblock.
hmm
too negative – i wouldn’t live in Red Hook either, but that’s beside the point.
having once owned a house pretty much exactly like this with zero issues, not sure where the “wood frame” house is a nightmare comment comes in – they are fine – tons all over park slope in fact and seem to be ok.
it’s only a couple of stories, so let’s say closer to $200K for some fixin up. then you have a whole house around $500k well even if it was $600K – it’s not bad. it’s hard to find a decent 2 bed for that.
deed recorded at 950k in 2005.
man this could be the poster child for lax underwriting / fraud in nyc.
72% off.
270 is what it is worth apparently those old wood frames are a nightmare
if you look at the acris record, one thing jumps to your mind: FRAUD.
i’d live in redhook, but not in this particular spot. if i’m going to suffer the lack of transport, at least get on the waterfront.