House of the Day: 14A Monroe Street
A couple of years ago we wrote about 14A Monroe Street, which on its surface looked like the victim of mortgage fraud: After trading for $325,000 and having $570,000 of financing sucked out of it, the small Bed Stuy brownstone was flipped two years later for $950,000 to a guy who almost immediately defaulted. In…
A couple of years ago we wrote about 14A Monroe Street, which on its surface looked like the victim of mortgage fraud: After trading for $325,000 and having $570,000 of financing sucked out of it, the small Bed Stuy brownstone was flipped two years later for $950,000 to a guy who almost immediately defaulted. In 2009, someone bought it out of foreclosure for $650,000 and proceeded to do a top-to-bottom renovation. And while we hope the new owner can earn a couple of bucks for his contribution to improving the city’s housing stock, the new asking price of $1,185,000 seems kind of ludicrous. Only time will tell.
14A Monroe Street [Corcoran] GMAP P*Shark
Foreclosure of the Week: 14A Monroe Street [Brownstoner]
a) Hideous.
b) Worth $600,000.
That’s good for a chuckle.
That block is really mixed. Some nicely renovated and cared for houses and some run down properties. Price definitely absurd. at 750 or so they could find a buyer.
Free bottle of color-coordinated Alize Red Passion to the buyer.
Is that a pig I see flying by?
Ditto what DIBS said about the Streetview.
So can I offer 50% over ask, put no money down, default and buy an island in Lake Nicaragua?
My math has $500/psf for this place. Wow. I can’t believe Corcoran stays in business with jokes like this.
Still, awesome sock-sliding potential.
The mortgage fraud process mystifies me, anyone care to explain?