Foreclosure Pick: 185 Vernon Avenue
As usual, most of the foreclosures in Brooklyn this week are in East New York. We did spot this one house at 185 Vernon Avenue in Bedford Stuyvesant that looked interesting. Like most foreclosures, it looks like there’s a sad story behind it. After owning the house for at least 20 years, the owner all…
As usual, most of the foreclosures in Brooklyn this week are in East New York. We did spot this one house at 185 Vernon Avenue in Bedford Stuyvesant that looked interesting. Like most foreclosures, it looks like there’s a sad story behind it. After owning the house for at least 20 years, the owner all of a sudden took out at $421,000 mortgage in 2003. And now, less than four years later, she is in default and the bank is selling off the 2,500-square-foot house. The auction is today at 3 p.m. at the Kings County Supreme Court, 360 Adams Street, Room 261.
185 Vernon Avenue Foreclosure [Property Shark] GMAP
Photo by Christopher Bride for Property Shark
where do you live that there are projects around every corner?
Mr. Fox,
There aren’t housing projects “around the corner” all over NYC. What the hell are you talking about?
A property that is NOT near huge housing projects is generally worth FAR MORE than one that is.
I’m speaking strictly from an investors perspective.
Can someone explain how the auction process happens?
Do you need on the spot available cash?
Can you finance the bid price?
Do you get a chance to see the property first?
good idea ! thanks !
michaelcampion, if you want to research the nyc market, the best source (outside of an appraiser/real estate broker) is the nyc real estate section. Do a search of existing homes in bed-stuy (last 2 weeks) and you’ll should be able to get an accurate range of current prices for two family homes. A house like this typically starts at $600K. But someone with more knowledge of the brooklyn market could provide a more accurate range.
david James Fox-
LES projects are considerably worse than Bed Stuy projects. Do some precinct stat research.
uhh, anon, where in nyc is there not a ‘huge housing project’ right around the corner..? LES is $$$ and its surrounded by projects. give me a break.
I guess I didnt phrase that correctly. what would be an acceptable comp for this place. No seller duress included. (I live in CA and was curious how much places like this ran.)
Nobody mentioned the huge housing project just around the block on Myrtle.
Unfortunately, it’ll play a big factor in the price.