Currently over 41 properties are available for sale under the program, most of them located in battered neighborhoods in Staten Island and Brooklyn.  Restored Homes together with its affiliate organization  Restoring Urban Neighborhoods LLC  has spent $7,049,271 acquiring 37 of these properties (purchase price was not available on four properties) and is looking to sell them for at least $11,310,000 according to their website (price can vary on income eligibility).  Asking prices range from $150,000 for a single-family home in Staten Island to $425,000 for a three-family home in Brooklyn on Ridgewood Avenue.

Renovated REO Property in Brooklyn | Before and After

A study made on 21 properties currently listed for sale shows asking prices 26.6% off what foreclosed owners paid for them between 2004 and 2007. The biggest price difference, $305,000, is for a two-family dwelling in Queens. The property, located on 168-13 118th Road, was purchased in June 2006 for $680,000, was repossessed in January 2009, and is now offered for sale for $375,000.

According to the Restored Homes website, it managed to successfully restore and re-sell 22 properties.  The latest property to be sold, according to our records, was a single-family home in Bedford-Stuyvesant. It sold in May 2010  for $416,600.

The month of May has been busy from an acquisition perspective as five new REO properties have been purchased through the program, all of them in Queens. None are available yet for purchase through the program. For a  list of properties associated with the non-profits organization that manages the program search our ownership records for Restoring Urban Neighborhoods and Restored Homes.

Newly Acquired REO Properties in Queens

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Seattle Foreclosures

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• New foreclosures in Long Island totaled 324 in February 2009, increasing 26% over January 2009 (257) and 69% over February 2008 (192).
• There were 220 new foreclosures in Nassau County in February 2009, which is up 26% from January 2009 (174) and 168% higher than in February 2008 (82).
• With 104 new foreclosures in February 2009, Suffolk County saw a 25% increase over January 2009, but a 5% decrease compared to February 2008.
• Hampton’s foreclosures remain very few and far between.

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Los Angeles Foreclosures

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• New Los Angeles foreclosures down 49% from December 2008 and down 33% from January 2008: New foreclosures in Los Angeles recorded a significant decrease in January 2009 (2,605), down 49% compared to December 2008 (5,104) and down 33% compared to January 2008 (3,881).
• New Miami foreclosures up 58% from December 2008, reaching a two-year peak in January 2009: The number of new foreclosures reached a two-year peak in Miami in January 2009, with the current number (1,188) 49% higher than one year ago (795). Compared to the previous month (750), the number of new foreclosures increased by 58%.
• New York City foreclosures up 64% from December 2008 and up 5% from January 2008: New foreclosures in New York City (all five boroughs) increased 64% from December 2008 (170) and were up 5% from January 2008 (266).
• New Seattle foreclosures (104) spiked 300% from December 2008: There were 104 new foreclosures in Seattle in January 2009. The current number was up 300% from December 2008, but was down 42% compared to January 2008.

For a list of markets where we have foreclosure listings, go to http://www.propertyshark.com/mason/Foreclosures

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What we saw this quarter: Foreclosures in New Jersey reached a one year-high in Q3 2008. Compared to the previous quarter (2,798), the current number of foreclosures (3,052) increased by 9%. However, compared to Q3 2007, first time foreclosures increased by 43%.

New Jersey Foreclosures Q3 08

As we see in the chart above, Essex County had both the most first time foreclosures and the highest rate of
foreclosures per household of all of New Jersey counties.

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To get started, here is a list of the current ongoing reports we produce:

1. Monthly Foreclosure Report: This report is distributed to the press and media every month and covers foreclosure levels in Los Angeles, New York City, Miami, and Seattle in a longitudinal study. We also have an additional monthly report on foreclosures in Long Island.
2. Quarterly Investment Property Report: This report covers multifamily building sales trends in San Francisco, New York City, and Los Angeles.
3. The Corcoran Report: This quarterly report on residential sales in Manhattan is produced by the Corcoran Group in conjunction with PropertyShark.com

Click here to view all of our market reports.

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