Foreclosures of the Week
On Thursday at 3 p.m., the financial institution that loaned the current owner of 416 Pacific Street $810,392 against the four-story brownstone will seek to recoup its money at the weekly public foreclosure auction held in Room 261 at the Kings County Courthouse in Downtown Brooklyn. Also of interest to bottom feeders bargain hunters may…
On Thursday at 3 p.m., the financial institution that loaned the current owner of 416 Pacific Street $810,392 against the four-story brownstone will seek to recoup its money at the weekly public foreclosure auction held in Room 261 at the Kings County Courthouse in Downtown Brooklyn. Also of interest to bottom feeders bargain hunters may be the sale of Apartment 1D at 325 Clinton Avenue in Clinton Hill. There’s outstanding debt of $159,022 against the co-op apartment.
416 Pacific Street [Property Shark] GMAP
325 Clinton Avenue, #1D [Property Shark] GMAP
I wish his cursing would stop, but because residential real estate is highly leveraged with mortgage payments directly related to income – the state of the current economy is of paramount importance.
The national economy is looking extremely fragile right now. Banks are losing billions of dollars and the dollar itself has lost 20% of its value in the last few months.
There is really not enough discussion out there regarding how this is going to affect the residential real estate market. This can reasonably get some people very angry. His anecdotes are interesting; I just hope they become a bit more civilized. For the record, I try and keep my criticisms equally tasteful, and uncivilized cursing hurled in my direction is rarely condemned with the level of vitriol directed towards The What.
Uhhhh I think the people that were taking offense live in the co-ops or something similar. The term bottom feeders was only applied to the apartment undergoing foreclosure not the $800,000 building in the preceding sentence which is also in foreclosure.
4:36 – I disagree – free speech is at the core of our values. Do you live in NY and take the train? If you can’t deal with ranting on a blog, not sure how you survive out there….
Dear Brownstoner, I am asking sincerely that the ‘What’ be eliminated from posting. it is absolutely unfair to have to deal with his rage.
does anyone else here agree?
People that pursue foreclosed properties can be described as ‘bottom feeders’ – that’s a perfectly fitting description for someone attempting to capitalize on the failure of a mortgagee for their personal benefit. I don’t see why folks are so up in arms about this.
I frequently attend auctions with the hopes of landing an opportunity in this space (yes, I am a bottom feeder and opportunist). Unfortunately, I have always been outbidded in Brooklyn, because properties are so highly priced, and alot of folks know there is opportunity for obtaining a discounted property (feeding from the bottom vs. buying at a premium). Quite simple really!
if you’ve ever been to an auction, it does have the look of “bottom feeders”.
The What lives in The Bronx
Poor “The What”. He’s just angry that his years of plotting and scheming to buy up Brooklyn haven’t come to fruition. Hopefully you’ll be able to hold it together while you’re waiting . . . , and waiting. . . . In the meantime people are going on with their lives and are actually happy about what they’ve bought.
The fact that oil is at $93 only reinforces the fact that people will continue to choose to live in denser urban areas. Your master plan of hoping that people will want out of New York and Brooklyn is about 20 years too late. Take that 50-grand you have in the bank and find something else to do with it. Hopefully it involves some psychotherapy.
There’s so much money sitting on the sidelines waiting for perceived ‘value’. New York has nowhere near the problems that it did in the 1980’s. There may be a dip, but competitive investors will keep prime New York prices strong.
http://www.wnyc.org/news/articles/87930