3,900-square-foot three-families home in North Brooklyn goes to auction on December 6th, 2018 with a lien of just over $1 million. The auction will take place at 2:30 PM at 360 Adams Street, Brooklyn, New York.

1309 Gates Avenue in Brooklyn was purchased in 2007 for $815,000. First and second mortgages were taken on the date of purchase. The first for $611,250 taken from MERS and the second for $163,000 from National City Bank.

Five lis pendens have been filed by HSBC Mortgage Corporation USA since 2010, all in the amount of $774,250. The most recent was filed in January 2018 and will remain active until January 2021, thus leading to the foreclosure. The foreclosure judgement was handed down in March for $1,011,714. The property is set to go to auction on December 6, 2018, a postponement from March 28, 2018.

A Comps search indicates that the median value of the property is $1,302,600. This was determined by looking at the median price of four similar homes with similar square footages in the same building class that have recently sold within a one-mile radius. The closest one, located at 1140 Jefferson Avenue, recently sold for $1,027,362, while another one at 17-29 Menahan Street traded hands for $1,450,000.

Disclaimer: As with any auction, we recommend performing thorough due diligence and running your own comps to find out how much the property is worth. Information provided in this article is not, and should not be regarded as investment advice.

Eliza Theiss

Eliza Theiss

Eliza Theiss is a senior writer reporting real estate trends in the US. Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. Eliza writes for both PropertyShark and CommercialEdge. Reach her at [email protected]