The former Freeport Marina in Nassau County, now a condominium complex, which was scheduled for a foreclosure auction on October 11th, ended up as an REO. The property located on 531 Ray Street, Freeport had a lien amount of $8,630,554.
According to this 2008 article, the 1.39-acre property was previously a marina called the Baldwin Yacht Club. It was transformed into a canal waterfront condominium complex which cost $10.66 million to develop. The plan was to build a 24-units complex and to sell each unit for $500,000.
Also scheduled for a foreclosure auction on October 11th was the property on 109 Post Rd, Old Westbury. We covered the property in this article since it was (and still is) the biggest home foreclosure in Nassau County in 2011. The 18th-century manor also went the bank’s way. It had a lien amount of $2,225,611.
However, this doesn’t mean that all foreclosure auctions end up with the properties becoming REOs. Here are the top 5 properties that went through a foreclosure auction and were acquired by private investors in Nassau County in 2011. The ranking is based on the auctions’ winning bid amounts:
1. 155 Fulton Ave, Hempstead – $583,000
2. 428 Peninsula Blvd, Hempstead – $395,000
3. 7 Park Ln, Oyster Bay – $365,000
4. 32 Iroquois St, Oyster Bay – $301,000
5. 1434 Noel Ave, Hempstead – $230,000