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Where else can you get a $500,000+ home for five figures? The Real Estate Disposition Corp. is holding a foreclosure auction for 375 homes in NY, NJ, and Pennsylvania at the Javits Center today. The Post explains that while the auction is free, "but buyers need a $5,000 cashier's check and valid ID. Only cash will be accepted for some homes." A spokesman told Crain's, "In the past, there weren’t enough foreclosed New York homes to hold an auction. This year I suspect that there will be a second and third auction in the city." While some of the homes may be great deals—this graphic shows a $740,000 house in Port Chester with a starting bid of $149,000—many of the homes are not in very good shape. And there is criticism of foreclosure auctions: A group will be protesting while Rep. Carolyn Maloney noted that the House passed a measure to make mortgage payments affordable, "In these tough economic times, we need to preserve the American dream, not auction it off."
Foreclosure Auction at Javits Center Today
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It's the same media that NEVER mentioned Muslims' hatred of Israel as a possible motive for 9/11.
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All those areas are either horrible or the homes for the good areas are removed from the auction.
Nothing good there. All the nice homes in the safe and good desirable parts will not be seen at big foreclosure auctions like this.
Plus this auction at the javits center is a notoriously bad auctioneer. Good deals don't come from these at all.
Nothing penthouse-ish on E.79th St.? Must be over at the police auction next door.
Ugh, that people would even conceivably pay the original asking price for some of these houses shows how out of touch with reality the NY housing market is.
If you're really serious about buying, do some research and the math (i.e. use the S&P/Case-Shiller index). You'll find that unless the prices you see out there drop another 50%, it isn't worth it. Factor in the fact that we're in a recession, and you'd probably want to take off more.
Find me a place in Zurich Switzerland then we can talk. Best city in the world. :-)
Not even one good part of New York City in that list. Like Manhattan, Forest Hills, Bayside etc. etc.. The Little Neck property was one of the few in the list and it was removed and I don't even know what type of property it was.
Quite lame listings.
That's why they are at auction.
If they were desirable properties, or bargain-basement bad-mediocre ones, they would have sold.
Houses in the not so great areas of Detroit are going for less than $10,000, may in the low $6,000's - about the price of a used car, and those were going for about 150-200K a couple years ago. Just wait until it hits here. We have several comparable areas in Brooklyn, Queens, and the Bronx that are equivalent to those same types of areas in Detroit.
Greenpoint is the new Livonia!
Only if I can buy Bernie Madoff's place at discount.