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Hamptons Distressed Properties Map

laura — Mon, 07 Nov 2011 13:27:25 +0000

Recently the Business Insider wrote an article featuring the 10 priciest distressed properties for sale in the Hamptons with the house at 33 Mill Creek Close, in Watermill topping the list. With a lis pendens filed in September 2011, this property is currently on the market for $9.45M. According to the listing description, it has an indoor pool within a sunlit atrium, a gym, two saunas and a steam room.

33 Mill Creek

In addition to their slide-show we’ve created an interactive map showing all the multimillion dollar properties in the Hamptons that had a foreclosure auction scheduled or a lis pendens filed in 2011. There were 48 such high-end homes with a mortgage amount exceeding $1M. Click on the dots for more information on each of the mapped properties. The orange dots stand for the auctioned properties while the yellow ones are for the properties in lis pendens.

Hamptons Distressed Properties

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Temporary freeze bring foreclosures to pre-crisis levels in Long Island and the Hamptons

calin — Tue, 11 Jan 2011 21:54:35 +0000

The temporary foreclosure freeze had a massive effect on the number of properties scheduled for auction in the last month of 2010, and its effects will extend into 2011 as well. It has artificially brought down the number of scheduled auctions to pre-crisis levels.

Only 78 properties were scheduled for auction in December 2010 in Nassau County, down 69% over the same month in the previous year. The number is even lower than the value recorded four years ago in December 2006, before the foreclosure crisis had even begun. For January 2011, the count has already reached 117, down by more than 50% over the same month last year. Even though some listings are still expected to be filed for the month, the final number is not expected to be substantially higher.

The same trend has occurred in Suffolk County and the Hamptons. 86 properties were scheduled for auction in December 2010 county-wide, and only five of these were in the Hamptons. That represents a 60% drop from the 214 properties that were scheduled for auction in December 2009 in all of Suffolk County.

Foreclosures Trend in Long Island

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Long Island, Hamptons: Potential Deals Coming Up At the Auction

calin — Thu, 16 Sep 2010 13:04:44 +0000

Our attention was drawn by a Curbed Hamptons post on a $485,000 loss (over the previous purchase price) of a Montauk beach house. The property, located at 20 Gilbert Road, was reportedly bought in 2006 for $1.2 million, repossessed by the bank in April 2009, according to our records, and then sold at an online auction for $795,000. The home was previously listed for sale for $864,000. The Wall Street Journal asked their readers provocatively if this is the ‘deal of the year’ in the Hamptons.

We took a look at whether there are other potential deals coming up at the foreclosure auction in Long Island and the Hamptons. To do this, we searched for distressed properties scheduled for auction which are also listed for sale, and having a lien amount lower than the listings asking price. We found several of them.

1. 14 North Ridge Road, Setauket

Listing Price: $3,590,000
Lien Amount: $1,498,928

This 6 bedroom home is listed for sale with an asking price of $3,590,000, down from its original asking price of $4,375,000. It avoided a foreclosure sale in June 2010, but it is now re-scheduled for auction.

14 N Ridge Road

2. 15 Deer Ridge Trail, Water Mill

Asking Price: $2,250,000
Lien Amount: $1,740,942

This 4 bedroom Water Mill home seems to be another property linked to Donald Macpherson, one of the participants in the alleged $50 million mortgage fraud scheme. It’s been on the market since March 2009 and has been scheduled for auction with a lien amount of $1.7 million.

15 Deer Ridge Trail

3. 91 Walker Street, Malverne

Asking Price: $749,990
Lien Amount: $427,977

This property was first scheduled for auction in 2008 and has since been re-scheduled six times. It’s been on the market for less than a month and it is asking $749,990.

91 Walker Street

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Hamptons: Homes of accused participants in $50 million mortgage fraud scheme put up for auction

calin — Tue, 16 Feb 2010 22:15:33 +0000

98 Bridies Path and 191 Shinnecock Hills Road, both located in Southampton, are the properties scheduled for auction in March 2010 with the highest lien amount. According to our foreclosure records the defendants of the scheduled properties are Carrie Coakley and Donald Macpherson.

According to the NY Daily News, the owners of a renowned club in Soho, Carrie Coakley and Donald Macpherson, are allegedly tied to a $50,000,000 fraudulent mortgage scam. Carrie Coakley bought 98 Bridies Path in 2005 for $2,300,000 according to our records, but may have used fraudulent mortgage practices reports the National Mortgage News. Our records also show the mortgage value for Donald Macpherson’s 191 Shinnecock Hills Road to be $975,000.

982 Noyac Path Water Mill

The alleged mortgage fraud spree involved several dozen East End homes reports the Sag Harbor Express. Among these are 1106 North Sea Road, which was scheduled for auction last year though no deed has yet been filed to confirm the sale, and 982 Noyac Path.

A lis pendens was filed against 982 Noyac Path in July 2009 and the property is currently listed for sale by Brown Harris Stevens for $3,000,000.

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Hampton lis pendens increased 84% in 2009 over 2008

laura — Wed, 20 Jan 2010 17:02:55 +0000

There were a total of 566 first time residential lis pendens in the Hamptons in 2009. This is 84% more than in 2008, when there were 307 pre-foreclosure filings. Zip codes 11937 (East Hampton), 11968 (Southampton) and 11946 (Hampton Bays) topped the list for the highest number of lis pendens. (Note: First time lis pendens counts only the first time a lis pendens is filed on a property.)

Compared to Q4 2008, first time lis pendens increased by 230% in Q4 2009 and were almost at the same level with Q4 2007.

Browse current distressed properties in the Hamptons.

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Distressed homes in the Hamptons listed for sale

laura — Tue, 08 Dec 2009 16:09:10 +0000

Yes, the Hamptons have not entirely escaped the foreclosure storm. Occasionally distressed owners in the Hamptons have to put their homes for sale.

Below, we have listed three properties that are currently listed for sales and have a lis pendens filed against them.

Browse current homes for sale and distressed properties in the Hamptons.

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Suffolk County foreclosures up 103% from Q3 2008

laura — Wed, 04 Nov 2009 22:23:02 +0000

There were 454 new foreclosures in Suffolk County in Q3 2009, up 103% from Q3 2008, but down 8% from Q2 2009. Only 5% of the total number of foreclosures were located in the Hamptons. See the interactive Suffolk County foreclosure map below.

Brookhaven (148) and Islip (126) had the highest number of new foreclosures in Q3 2009. Babylon had the highest rate of foreclosures per household (one in every 596 homes scheduled for auction).

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Very few Hampton’s Foreclosure Listings in July 2009

brian — Fri, 21 Aug 2009 14:00:52 +0000

This interactive map shows the July 2009 new scheduled foreclosure auctions for the Hamptons (and the rest of Suffolk County).

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Foreclosures in the Hamptons?

brian — Wed, 22 Jul 2009 20:30:24 +0000

We just released our Q2 Long Island Foreclosure Report, and yes there are even occasional foreclosure auctions in the Hamptons. This map shows each scheduled auction for the last quarter.

http://propertyshark.com/mason/Maps/?map=ny_suffolk

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Long Island foreclosures down 37% from October 2008

brian — Fri, 19 Dec 2008 17:29:46 +0000

In the November Long Island Foreclosure Report we found that there was a 37% decrease in Long Island
foreclosures in November 2008 (196 scheduled foreclosures) from the previous month (311 scheduled
foreclosures). However, compared to November 2007, foreclosures are 37% higher.

There were 103 new Nassau County foreclosure auctions scheduled in November 2008, a 51% decrease from October 2008, but a 51% increase from November 2007. The total aggregate lien amount dropped over 50% from $89.2 million in October 2008, to $40 million in November 2008.

Foreclosures in Suffolk County were down 9% from October 2008, yet despite the monthly decrease, the foreclosure level was still 24% higher than in November 2007.

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