Short Sale at The Washington
The economic crisis has worked its way all the way to The Washington Condos at 35 Underhill in Prospect Heights. Blogger Set Speed spotted a short sale in the buiding: the 1,156-square-foot two-bedroom, two-bath unit is asking $569,000. We weren’t able to figure out what the current owner paid for it, but it appears that…
The economic crisis has worked its way all the way to The Washington Condos at 35 Underhill in Prospect Heights. Blogger Set Speed spotted a short sale in the buiding: the 1,156-square-foot two-bedroom, two-bath unit is asking $569,000. We weren’t able to figure out what the current owner paid for it, but it appears that the listing started out asking $675,000 last August. The current price tag comes out to less than $500 a foot. Deal?
35 Underhill Avenue [Douglas Elliman] GMAP
Short Sale at 35 Underhill [Set Speed]
hey, it is still priced 20% over purchase price. (2 years ago).
“starter condo for a young professional couple: people earning like $60k apiece or whatever. They get a nice place, but are sacrificing location a bit.” — I would think by your logic that 85% of NYC is sacraficing location and ‘starter’ props. ‘starter’ for a couple who what? will be in top 5% income eventually.
actually, the 2/3 is on Bergen and Flatbush.
lechacal – agreed completely. This should be a starter condo for a young professional couple: people earning like $60k apiece or whatever. They get a nice place, but are sacrificing location a bit.
Instead it’s priced at a level where the couple would need to be making well over $200k/yr combined to realistically afford it. Absurd.
Not only do we bail them out but we forgive them the tax obligation on the “income” from the short sale.
As far as I’m concerned this place is worth somewhere between $200k and $300k. This is a perfect example of the type of property that is getting decimated by what is going on right now.
cwbuecheler, you’re about 50% accurate in your description.
the condo is one block away from vanderbilt, which as far as i know, has no fast food places. it’s also two blocks away from GEN restaurant, one of the better authentic japanese places in brooklyn.
the C is 1.5 blocks away. the Q at 7th ave is within realistic daily walking distance, about 8 minutes or so.
one could even argue the 2/3 at grand army plaza is within walking distance on a daily basis.
“Deal?”
More than half a million to live in a condo on a mediocre block surrounded by auto body shops, storage places, and crappy fast-food restaurants, within realistic daily walking distance of exactly one (local) subway line?
No, I don’t think that’s a deal …
Spot on, CSA.
***Bid half off peak comps***
This person is underwater because the fools @ Citibank keep lending him money. He purchased in Jan 07 for $474K, taking one mortgage for $379K(80%) and a second mortgage for $71K(15%). At this point the ‘homeowner’ only had 5% in the game.
A year passes and ‘homeowner’ takes out a Line of Credit. Citi in their infinite wisdom determined that the property appreciated almost 45% in 1 year and approves homeowner for a $222K LOC. The homeowner pays of the second mortgage, leaving them with a cumulative debt of $601K.
How much are they asking…. $599K? Some short sale.. I guess we’ve gotten to a point where ‘short sale’ and “SELLER EXTREMELY MOTIVATED” are the new hot marketing terms for brokers hawking properties.
The bigger picture is, Why are we bailing out people who participated in behavior like this. Bank and homeowner alike.