Hey, interested in a home in the New York area? You have to check out the foreclosure auctions.
While foreclosures haven’t been as heavy in the region as in other areas, they’re definitely starting to pick up, and a fresh surge in means the forthcoming home auction will be the biggest one yet.
Crain’s reports on the type of deals buyers got this weekend:
In May, foreclosures rose 8% citywide from the previous month. Homes in Queens represented 73% of the foreclosures in the five boroughs, according to the latest figures by PropertyShark.com. There were 285 new foreclosures in the city last month.
Overall, “we’re very pleased with the results from the New York City auction,” said Mr. Frieden. “Consumers walked away with some incredible bargains.”
The biggest deals Sunday afternoon included a house in Staten Island that sold for $63,000—a 90% discount from the property’s peak value of $595,000—and a house in Newark, N.J. which sold for $12,500—a 95% discount from its peak value of $280,000.
Granted, there must be something really wrong with a property that sells for $12,500 in Newark, NJ. The market can’t be that inefficient. Still, at one point the property was valued at $280,000 though that was a different world.
Anyone checking out the NY foreclosure scene have some input on this? Let us know.