Foreclosure of the Week: 1073 East 19th Street
This is the first foreclosure property we’ve seen in this market cycle that hasn’t been run down or in a fairly poor neighborhood. What’s more, the foreclosee had owned the house since 1994, so this wasn’t a case of someone over-stretching during the boom. He did, however, take $720,000 out of the house back in…
This is the first foreclosure property we’ve seen in this market cycle that hasn’t been run down or in a fairly poor neighborhood. What’s more, the foreclosee had owned the house since 1994, so this wasn’t a case of someone over-stretching during the boom. He did, however, take $720,000 out of the house back in 2002. The lien on the house is now $674,320, quite a bit less than we imagine its market value is. The big question is, however, whether this is an aberration or the first of many such middle-market homes that will go into foreclosure in the coming months. The auction for this property takes place on Thursday at 3 p.m. in Room 261 at 360 Adams Street.
1073 E. 19th Street [Property Shark] GMAP
Photo by Nicholas Strini for Property Shark
So why do we have to pay for foreclosure listings or is there a place to get it free?
In this case, if the house sells for more than the outstanding lien then the owner of the house will get the balance of the money after the mortgage(s) and court costs are paid off… you always get a balance if there is any money left. Real Property 101.
It seems to me that most of the recent buyers in Victorian Flatbush are couples with children which would more than likely mean a stable two family income. My Bed Stuy brownstone was great when I purchased it – before children but I’d like to now buy in one of the Victorian Flatbush neighborhoods. I’d like my toddlers to each have their own rooms and a nice yard with grass. I also need a room for a Nanny and I need parking space but I want the charm of an older home. It would seem that purchasers in the younger more hip neighborhoods would be more likely to foreclose. I know that there several homes in foreclosure in my neighborhood now. I do not plan on selling just yet. I will convert my duplex into two separate apartments and use it as a rental. I even considered buying a foreclosed property in Bushwick but it wasn’t as easy as it seemed.
When people buy at auction, are they just buying sight unseen? True, if you pay just a bit above the lien you’re getting a good deal- as long as the house is not a total disaster. Who knows, maybe there’s unfinsihed construction, or flooding, etc. I guess that’s what high risk/high reward is all about.
According the the Flatbush Development Company, single family home owners and co-op owners make up only about 15% of the poplulation in Victorian Flatbush.
keep in mind that the larger neighborhoods (read: zip codes, as this is how the data is organized) within which the sub-neighborhoods of Vic. Flatbush are located, contain many many more types of housing than the large single family structures that get so much attention.
I think the key here is the re-fi. Gonna be a lot of these where people extracted themselves underwater.
Makes no sense to me that Victorian Flatbush would be in triple or double trouble. A lot of the houses have been in the same family for many, many years. Can’t imagine the mortgages are that high. These are only beginning to be flipped to younger families taking on large mortgages.
Last evening I read a NY magazine article “triple bubble trouble”.There was a link to a propery shark map for NYC, This area and most of Victorian Flatbush was in triple or double trouble.Does anyone know what is going on?