Thursday, November 14, 2013

Scheduled Foreclosure Auction Today: 575 Eastern Parkway

A cute 2-Family town house in Crown Heights at 575 Eastern Parkway is scheduled for foreclosure auction this afternoon.  It's a 3-story 21' x 50' on a 100' lot with a lien of $875K.  It's got no violations, no SRO drama.  Condition is anyone's guess, but the bank says the scheduled auction is on.  Who knows where the price will land, but a nice stretch of Crown Heights between Nostrand and New York Avenue isn't valued like it used to be.  The listing for a narrower 4-story a few blocks east at 676 Eastern Parkway dwindled last year, but 610 Eastern Parkway didn't have any trouble getting around $1M earlier this year.  Then 270 New York Avenue around the corner sold for over $1.2M, and 291 New York Avenue turned down cash offers even higher than that!

With any luck, 575 Eastern Parkway is as nice as a neighbor around the corner on New York Avenue that locked up for under $700K just last year before the rebound was really in full swing in Crown Heights.   And we figure it's at least as nice as its neighbor at 599 Eastern Parkway:

When a place like this might be worth more than the lien amount and might be go for less than that amount, it may spell opportunity.

Pro's:  quaint 2-Fam in a nice pocket of Crown Heights, may go for a value, supposedly bound to sell today, looks nice to us so far

Con's:  short notice with little chance for due diligence, takes all cash, no clarity on condition or tenancy

Ideally:  couldn't intercept it before auction, so curious to see how it turns out

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