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.
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.
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.
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.