We saw this Streeteasy listing today, advertising a "bank-owned" condo at 200 Rector Place , one of the classic Millstein Battery Park buildings. Bank owned in Battery Park? Really? After seeing this, we had to jump on over to RealtyTrac, which lists foreclosure properties all over the US, including Manhattan, to check out for ourselves exactly what's happening these days over in BPC. We were amazed to find that just this month, there are two scheduled auctions of Battery Park condos (we can't recall anything having ever passed the "pre-foreclosure" stage before) and an additional 8 BPC apartments in the foreclosure pipeline.
The particular bank-owned condo - #25L - is a super cool corner 1 bedroom listed for $490k, which is about $140k or so lower than other apartments listed in the same line. In fact, according to ACRIS records, #25L sold for $550,000 back in Q1 of 2006 (the owner is apparently mortgaged to the hilt) and the condo filed a lien for unpaid common charges last year.
Is the supposed downturn over? We're thinking no...but stay tuned.
Posts
8 comments:
Would you be able to provide updates on any new foreclosures happening around FIDI? Wonder about all those new buildings that people bought in the height,..59 J, 20 Pine, etc.
When we saw the BPC auctions, we actually looked up the FiDi pipeline as well as other neighborhoods downtown. There are currently 21 properties in FiDi listed in the "pre-foreclosure" stage and none at the auction or bank-owned level. 21 might seem high, but it's pretty normal in the current time period (say, the run rate over the last 3 months or so).
In fact, south of 14th street, there are only 2 other bank-owned units: a foreclosure in SoHo and an auction in the West Village.
Not sure what's up in BPC - maybe those astronomical common charges are causing owners to default sooner since they may be unable to renegotiate that portion of their payment.
"Supposed downturn"? I'm pretty certain that it's more that supposed.
Hey anon - we usually compare Manhattan with the rest of the US from a housing price perspective, so when we say a "blip", we mean that relative to the US (where housing prices are mid-2003), Manhattan has held up remarkably well.
Thanks for that bit of info. As a downtowner myself I find your blog interesting and helpful. Love the writeups and on the follow-ups.
Aw shucks (blush)...thanks.
i think it's useful...
Thanks power tools! Vaguely creepy user name notwithstanding :), we appreciate the feedback!
Post a Comment