Archives For Manhattan Foreclosures

Articles on Manhattan foreclosures. Read distressed properties stats, insights into the foreclosure process and interesting auctions happening in Manhattan.

Luxury Condo in SoHo Scheduled for Auction

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Manhattan is no stranger to big-ticket foreclosure auctions, with properties once valued above the $60 million mark ending up on the foreclosure block. But aside from the inevitable media spectacle they give rise to, very few of these properties are of interest to home buyers and investors as their lien amount generally exceeds their valuation.

105 Greene Street New York, NY

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NYC First Time Foreclosures Reach 2-Year High

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While just a few months back NYC foreclosures recorded a new low, second quarter foreclosure activity experienced a sizeable growth.

NYC Scheduled Foreclosures Q2

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NYC foreclosures recorded a new low in the first quarter of this year, according to our quarterly report. However, pre-foreclosures continued their upward trend, reaching a two-year high.

Down a significant 29% year over year (146 compared to 206), and 33% over Q4 2012, the number of new NYC foreclosures is now the lowest since the beginning of the real estate meltdown. 

Take a look at the chart below to see the trend in foreclosures for the past 8 quarters: Continue Reading…

7-Year Low Reached by NYC First Time Foreclosures in 2012

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It’s true. The foreclosure activity in all NYC boroughs continued to slow down in 2012, a 76% drop compared to 2008 and a 8% decrease year-over-year.

The map below will help you see how the foreclosure listings that first hit the market in 2012 are spread out across NYC:

NYC Foreclosure Map 2012

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First-time foreclosures across New York City continue to stay at a low level in Q3 2012, but pre-foreclosures, or lis pendens, have been up 8 quarters in a row.

After a moderate increase  last quarter, this quarter 228 foreclosure auctions were scheduled in NYC, down 9% from Q2 2012 (251) but up 10% from the same quarter in 2011 (207). Only Manhattan and Staten Island saw more significant increases in scheduled foreclosure auctions.

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Are NYC Foreclosures Making a Comeback?

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After seeing a 22% increase over the first quarter of 2012, the number of new residential foreclosure auctions scheduled in New York City (251) seems to be on the upswing again in Q2 2012. This is also the highest number since Q2 2011.

A PropertyShark in-house report shows that 2,042 residential properties in all NYC boroughs had pre-foreclosure proceedings filed against them in Q2 2012, the second highest number since the beginning of 2011.  This comes after the first quarter of 2012 saw condo lis pendens setting record numbers since the second quarter of 2010 (91 lis pendens filed in New York City).

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Condo Lis Pendens on the Rise in NYC

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Condo boards in NYC have started  to reinforce their actions against owners who delay paying their monthly condo fees. An in-house analysis done by PropertyShark.com and exclusively provided for The  New York Times shows there were 91 lis pendens filed against condo units in New York City (excl.Staten Island), in the first quarter of 2012. This is the highest since the second quarter of 2010.

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The length of the foreclosure process has doubled in New York City over the past three or four years, an in-house study made by our data analysts showed. The average number of months it took for a delinquent mortgage to reach the final stage of the foreclosure process, that is to be scheduled for auction, was 24 in 2011. By comparison,  the average number of months was 12 in 2006 and 2007, and 13 in 2008.

The value  ranged between 20 months in Manhattan and 22 in Queens and Staten Island to 27 in the Bronx and 29 in Brooklyn.

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Only few days ago the reported foreclosure of a Park Avenue apartment owned by embattled developer Kent Swig made headlines all over the New York media. It was the fact that foreclosures are happening in Manhattan’s most desirable buildings that shocked many.

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Sloane Mansion Bought by Billionaire at Auction

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18 East 68th Street New York
18 East 68th Street New York | The Sloane Mansion

The now notorious 18 East 68th Street (aka Sloane Mansion) was bought yesterday at auction by an Ukrainian-born billionaire, reports the Wall Street Journal.

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