Tuesday, November 16, 2010

Won't You Be My Neighbor? - Part II: 155 West 9th Street

This block on the edge of Carroll Gardens is like foreclosure alley. Our third posting in a row, in this row, is 155 West 9th Street, not to be confused with 155 A. It certainly had us confused. According to its listing and Zillow, like its neighbor, this 3-Family was last offered at $1.1M and closed for $970K. It supposedly grosses over $6,500/month in rent with its 2BR rentals. Which is why the foreclosure Lis Pendens from 5/12/2010 has us so confused. Again, isn't there enough rental income here not to go into foreclosure?

Maybe there's something we're not factoring in? Thoughts?

Pro's: technically Carroll Gardens, 2BR rentals, supposedly decent rent

Con's: 17' wide, BQE drama, no neighborhood feel

Ideally: pay your mortgage, maybe? This isn't South Florida. Prices have dipped but not collapsed, and rents in Brooklyn (if these were ever real) should be pretty steady.

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