Bank sale, foreclosure and short sale thread

joedavis: can you please give me your contract contacts for a gut renovations?

now listed as a short sale, a 2/2 condo in hell's kitchen. 7 more years on the abatement, tick tock.

http://streeteasy.com/nyc/sale/567287-condo-517-west-46th-st-clinton-new-york

01/18/2007Previously Listed by Prudential Elliman at $1,155,000.
03/06/2008Previous Sale recorded for $1,125,000.
02/19/2009Prudential Elliman Listing is no longer available. Last priced at $1,125,000.
05/29/2009Previously Listed by Prime NY at $850,000.
09/11/2009Previously Listed by Prime NYC at $895,000.
02/09/2010Also Listed by Prime NYC at $920,000.
02/09/2010Prime NYC Listing is no longer available. Last priced at $920,000.
02/23/2010Delisted by Prime NY. Last priced at $910,000.
11/08/2010Listed by Gold Coast Capital Resources, LLC at $899,999.

this isn't manhattan, but it's a short sale of a recent condo development in prospect heights in brooklyn. bizarre floor plan. 24% below very early '07 sales price.

http://streeteasy.com/nyc/sale/518790-condo-535-dean-street-prospect-heights-brooklyn

11/27/2006Previously Listed by Prudential Elliman at $589,000.
02/06/2007Prudential Elliman Listing sold.
02/06/2007Previous Sale recorded for $590,000.
05/03/2008Previously Listed by Prudential Elliman at $600,000.
09/22/2008Delisted temporarily by Prudential Elliman.
05/01/2010Listed by Prudential Elliman at $600,000.
07/01/2010Price decreased by 13% to $525,000.
07/13/2010Listing is no longer available.
09/07/2010Re-listed by Prudential Elliman.
10/04/2010Price decreased by 5% to $500,000.
10/21/2010Price decreased by 10% to $450,000.

pre-war carnegie hill one bedroom condo. now 9% below an august 2005 sale, and listing indicates that at least some work was done by current owner.

http://streeteasy.com/nyc/sale/566027-condo-110-east-87th-street-carnegie-hill-new-york

12/02/2003Previous Sale recorded for $149,000.
10/05/2004Previous Sale recorded for $400,000.
08/08/2005Previous Sale recorded for $767,500.
11/03/2010Listed by Prudential Elliman at $699,000.

atelier. i suspect the carnage is just beginning in this building. one bedroom condo.

http://streeteasy.com/nyc/sale/554409-condo-635-w-42nd-street-clinton-new-york

06/13/2007Previous Sale recorded for $845,147.
09/01/2010Previously Listed by Promise Real Estate Company at $798,000.
09/12/2010Promise Real Estate Company Listing is no longer available. Last priced at $778,000.
09/17/2010Listed by Meerae Realty Corp at $775,000.
10/13/2010Price increased by 6% to $825,000.
10/29/2010Price decreased by 8% to $758,000.

studio in bryant park tower.

http://streeteasy.com/nyc/sale/552787-condo-100-west-39th-street-midtown-south-new-york

07/26/2006Previous Sale recorded for $758,596.
04/11/2008Previously Listed by Prudential Elliman at $850,000.
08/14/2008Delisted temporarily by Prudential Elliman.
09/16/2008Previously Listed by William40LLC at $749,000.
07/24/2009William40LLC Listing is no longer available. Last priced at $739,000.
09/01/2010Previously Listed by Promise Real Estate Company at $698,000.
09/12/2010Listed by Meerae Realty Corp at $650,000.
09/12/2010Delisted by Promise Real Estate Company. Last priced at $688,000.
09/14/2010Price increased by 3% to $668,000.
09/27/2010Price decreased by 4% to $638,000.
10/13/2010Price decreased by 1% to $629,000.

the o'neil building conversion. one of the earlier closings in the building. convt3/2.

http://streeteasy.com/nyc/sale/543492-condo-655-sixth-avenue-chelsea-new-york

03/12/2007Previous Sale recorded for $1,985,587.
03/22/2007Previously Listed by Corcoran at $2,525,000.
06/15/2007Corcoran Listing is no longer available. Last priced at $2,475,000.
02/07/2009Previously Listed by Corcoran at $2,150,000.
07/19/2009Corcoran Listing is no longer available. Last priced at $1,995,000.
07/30/2010Listed by Prudential Elliman at $2,195,000.
09/24/2010Price decreased by 11% to $1,950,000.

cielo, new construction resale of a studio. they can't seem to give this one away, i wonder if they're looking for all cash. maybe they should reconsider. this is really fugly.

http://streeteasy.com/nyc/sale/543219-condo-450-east-83rd-street-yorkville-new-york

09/27/2006Previous Sale recorded for $722,957.
02/01/2007Previously Listed by Halstead Property at $815,000.
03/05/2008Halstead Property Listing is no longer available. Last priced at $775,000.
11/28/2009Previously Listed by Prudential Elliman at $649,000.
07/28/2010Previously Listed by Prudential Elliman at $4,850,000.
07/28/2010Prudential Elliman Listing is no longer available. Last priced at $495,000.
07/29/2010Listed by Prudential Elliman at $485,000.
07/29/2010Prudential Elliman Listing is no longer available.
09/01/2010Listing is no longer available.
10/04/2010Re-listed by Prudential Elliman.
10/04/2010Price decreased by 2% to $475,000.

and so it continues.... unabated.

My wife and I used to live near that first link AR posted. It is almost three long blocks away from the subway line on 8th avenue and is sitting next to some stables if I remember it right. Parts of 10th avenue are still kinda lonely near that area. I have to think new construction or not, this has farther to fall unless 10th avenue gentrifies faster....

Same with Atelier (well, except for the part about being near a stable....)

thanks for the links

2 BR 1400 sqft in Lincoln Square

http://streeteasy.com/nyc/sale/570714-coop-260-west-end-ave-lincoln-square-new-york

03/29/2006 Previously Listed by Corcoran at $1,595,000.
11/14/2006 Corcoran Listing sold. Last priced at $1,200,000.
11/14/2006 Previous Sale recorded for $(insiders only)
10/17/2009 Previously Listed by Brown Harris Stevens at $1,500,000.
09/22/2010 Brown Harris Stevens Listing is no longer available. Last priced at $1,399,000.
12/01/2010 Listed by Luxor Homes & Investment Realty at $1,150,000.

Malthus: I know the listing for that one touts it as a short sale, but the background there is bad lending, not a good price. The current ask is only $30K below the owners' November 2006 basis of $1.18MM. The only reason that listing would be a short sale is that Commerce and TD Bank wrote ill-advised refis in 2008.

Thanks West81. Didn't seem like much of a deal to me. Doesn't look like 1400 either. How common do you think that situation?

Malthus: It's likely that many cash-out refis done in 2007 or 2008 are now underwater. Those are pretty easy to identify for condos. Unfortunately, for coops I don't know of any way to distinguish cash-outs from straight rate/term refis. Clearly, a lot of people who refinanced at the top of the market were tempted to convert equity into cash; I couldn't even guess how many actually did it, or how many of those are now underwater. The Mortgage Bankers' Association tracks those trends; so do Fannie and Freddie. They publish national stats, and one striking trend has been the virtual disappearance of the cash-out refi over the past three years. I haven't seen statistics at the local level, but they probably exist.

So, what was the 2008 refi?

Some of today's foreclosure notices in NY Post;

1)410 West 24th st (london terrace) apt 8G 376K
2)235 east 87th st 1H 219K
3)330 west 72nd st 9a 294K
4)240 east 35th st 5d 172K

Hey that's not Billyburg nor LIC, wtf?

Yo truthy.

Dubya! Good to see you thick, strong, black as evah.