House of the Day: 1171 Dean Street
This four-story house at 1171 Dean Street in Crown Heights just hit the market with an asking price of $595,000 and the full disclosure that it’s a handy-man special. With plenty of original detail, it definitely has potential. Now here’s the weird thing: This house changed hands for $850,000 two years ago according to Property…
This four-story house at 1171 Dean Street in Crown Heights just hit the market with an asking price of $595,000 and the full disclosure that it’s a handy-man special. With plenty of original detail, it definitely has potential. Now here’s the weird thing: This house changed hands for $850,000 two years ago according to Property Shark! So either someone’s taking a serious bath or there’s some mortgage fraud going on. Regardless, it’ll be interesting to see how a how in this condition in this area will sell in today’s market.
1171 Dean Street [Mark David] GMAP P*Shark
Guest 2:58, If you walked down Dean Street between Nostrand and Kingston, you’d understand why it’s one of the most beautiful streets in Brooklyn. It really is beautiful. We looked here a few years ago but bought a condo in prospect heights… that turned out to be a crappy new build. I wish we’d bought there now but prices haven’t come down enough yet…
“a bit sketchy”? Now there’s an understatement. Buy this house if you want to run home from the subway during the day (be sure to take a buddy) and lock yourself in your house at night. And I do mean LOCK YOURSELF IN with deadbolts and/or rolldown shutters. This street (and really the whole surrounding neighborhood) is the pits and will only get worse as the economy turns and the neighboring criminals get desperate for money for their next crack rock. You couldn’t get me to live there if the house was free. Only a totally stupid sucker or out of towner who doesn’t know better would buy that house.
And last time I checked, buildings don’t “reside” People do. Supervising broker should proofread this stuff.
naw I would pay 300k for it.
‘Located on noteworthy Dean Street, this home resides on one of Brooklyn’s most beautiful streets.’
What’s so noteworthy about Dean Street in Crown Heights?? And how is it one of the most beautiful street in Brooklyn?
Based on what I’ve seen in the neighborhood, I think $595K is the right asking price, although I’d probably offer less based on the work required. I’m guessing it needs new kitchens and baths, maybe a roof and a boiler.
Also, the block is a bit sketchy. While there are some fabulous building and it’s in the historic district, there are at least a half dozen houses on the block that are boarded up. Not sure if they’re undergoing renovation or housing pigeons.
I saw this posted yesterday and was going to try to see it. I’ll let you know if I do.
Very interesting examples.
But I do think the banks are participants in the fraud here, not the victims. They outsource so much of the work, made their fees on mortgages, and generally didn’t care what the properties were worth. It wouldn’t take much for a bank to have someone actually look over outside appraisers work to sniff out this stuff – using common sense is underwriting 101. But they didn’t care.
The banks generally did this because they were able to immediately sell the mortgages to structured securitizations – bonds backed by pools of mortgages. The banks got their fees and were no longer affected by whether the buyer paid their mortgage or not. The institutions who bought the bonds backed by the mortgages were left to take the losses. Banks turned themselves into entities that made their money off of fees, rather than prudent lending.
So it isn’t really the banks who took the hit here – which is what comes to mind when we hear “mortgage fraud” – its all of us – anyone who has any money invested in almost anything at all – in the pension funds or other funds who buy these structured bonds backed by mortgages, or who had money in funds invested in the stock of financial or other institutions who bought the structured bonds (which is just about all mutual funds) – we’re the ones who lose.
As well as the rest of the taxpayers, who will, once again, likely somehow end up bailing out the financial institutions who looked to their short term profits (which went largely to high-level employee compensation, and to shareholders who sold before the stock went down.)
And the banks and other financial institutions’ directors and managers basically couldn’t care less about the fraud on the markets they participated in. They’re just looking for other market sectors to find the next opportunity to do it all over again with some kind of loans other than mortgages.
By the way its also an SRO
The house will sell real quick, in that price range. Its going to sell in mid 500’s. It’s prob a short sell. Any one in the world would pay 300 for it. You would even pay $450 for it.