3-Bedroom Home on 4,000 Square Foot Lot up for Auction in Midwood, Brooklyn

A 1,916 square-foot single-family home with full basement and two-car garage in south-central Brooklyn goes to auction on January 3, 2019, with a lien of $1,287,425. The auction is set for 2:30 PM at 360 Adams Street, Brooklyn, New York.

The three-bedroom, 1,916-square-foot single-family home at 790 Argyle Road was purchased in November 2005 for $860,000. The buyer took out a $688,000 mortgage on the same day from Option One Mortgage Corporation.

Deutsche Bank National Trust has filed several lis pendens for $688,000, the first of which was filed in 2006 and the most recent of which was filed in February 2016 and remains active until February 2019. An additional lis pendens was filed for a Sidewalk Lien by the NYC Bureau of Highway Operations in September 2017 and remains active until September 2037. A foreclosure judgment was handed down in August for a lien of $1,287,425. The property is set for auction on January 3, 2019, which is a postponement from the original auction date of August 13, 2018.

A Comps search shows the median value of similar properties to be $1,563,456. This amount was determined by looking at ten other properties that recently sold within three quarters of a mile, in the same A1 property class, and with square footages between 1800 and 2000. The nearest building that recently sold with similar characteristics is located at 966 East 14th Street, a third of a mile away, and sold for $1.29 million. Another property just over half a mile away at 1045 Est 22nd Street recently sold for $1.3 million.

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.

Patrick McGregor

Patrick McGregor

Patrick McGregor is a senior writer covering the real estate industry and overall economic trends in the United States for several Yardi product publications. He also holds an MBA from Thunderbird School of Global Management. Patrick was previously a commercial real estate analyst at Yardi Matrix for five years. His work has appeared in the New York Times, Bisnow, GlobeSt, The Real Deal, Business Insider, The Denver Post, The Motley Fool, and more.