Thursday, August 9, 2012

Foreclosure Sale: 33 Vanderbilt Avenue

If you didn't like this gaudy renovation at $2.25M, you weren't the only one.  The owner picked up this 3-Family at 33 Vanderbilt Avenue in what we'll liberally still call Clinton Hill here (north of Park Avenue) for $650K in 2004, and proceeded to give it "the Scarface treatment".  You'd think a true Italian mob boss lived here with the gold-leaf and the jacuzzis...

Our favorite, obviously, is the backyard:

This probably isn't your taste, but it abounds...

There's gotta be a few hundred thousand worth of trips to the now-defunct "Home Expo" in here.  With the bank bearing down since 2007, foreclosure auctions scheduled as early as 2009, the list price above $2M in 2011 didn't last long.  Neither did the latest attempt to fetch a more modest price prior to the most recent foreclosure auction(s).  This bad-boy finally made it back to foreclosure auction last month, with an outstanding balance of $781K, and a winning bid of $782K.  This wouldn't be the first time a bid had come in and won the place.  Only time will tell if it actually manages to close around that number....

Pro's:  totally turnkey, decked-out in style, better than what this price gets you anywhere else over here

Con's:  location is tough, not everyone's gaudy style, messy foreclosure to sort through, only cash gets it done?

Ideally:  somebody probably gets a great deal here, tacky or not

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