Wednesday, August 21, 2013

Bed-Stuy Foreclosure Gem Goes Today: 272 Jefferson Avenue

We constantly keep our ear to the streets for foreclosure opportunities, and many happen way behind the scenes.  But 272 Jefferson Avenue is the best-marketed foreclosure auction property we've ever seen!  With pictures and open houses before today's auction, many were lurking for this huge corner gem.

We're talking epic stained glass and wood interior in great condition...

Even with some of the interior in generic office-type condition, we're not deterred.  Windows galore on the corner.  Throw in a garage with a great Brooklyn mural on it...

Someone else can wax philosophical about the history of this house better than we ever could, but we're talking 4,900 sqft and an auction that was set with a "minimum bid" of $770K.  With recent Bed-Stuy closings such as 593 Jefferson Avenue, 7 Arlington Place, and 242 Decatur Street in the $1.7M-$1.8M range.. many suspected that 272 Jefferson Avenue bids would soar to twice that, including one owner who's about to list a Crown Heights gem for over $2M.  That owner was correct.  Some suspected the bids would go as high as even the $1.8M-$1.85M range.  We disgreed, and in fact we're told the winning bid today was $1.585M.  If you've got a better house under $1.6M in town in mind, we're all ears.  Until then, keep it BK to the Fullest.

Pro's:  amazing corner gem in Bed-Stuy, original details for days, best foreclosure access you can expect, not on everyone's radar still, great condition (considering), no "best & final" bologna - just auctioned openly in the light of day

Con's:  took cash to get it done, lots of upgrades to come, even value these days isn't quite "cheap"

Ideally:  when an undisputed flagship property sells at a less-than-flagship price, that's value!

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