14a-Monroe-Street-0410.jpg
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]



What's Your Take? Leave a Comment

Leave a Reply

  1. WOW! Are you kidding me with that price. Brokers need to learn when to walk away from a listing when it is completely unsaleable. Corcoran needs to invest in some training. Even if it sold, what bank will appraise it for over a million? There were 2 properties with much nicer renovation on comparable blocks that just closed: 527 Macon st sold for 700k and 781 Putnam Ave sold for 688k. That is where this one will sell if any buyer doesn’t get detracted by the ridiculous price.

  2. OMG! This is really insane. I know Corcoran brokers like to imagine the bubble never burst, but really, how greedy can you get? This is a slick flip in a neighborhood feeling the pressure of the economic downturn.

1 2 3 4