Tuesday, February 24, 2009

Jamaica foreclosure's starting bid: $500

From The Real Deal:

Get out your auction paddles. At the Jacob Javits Convention Center next Sunday, California-based real estate auction marketing company Real Estate Disposition Corporation is auctioning more than 375 foreclosure properties from northern New Jersey, northeastern Pennsylvania, and the New York City metropolitan region.

Opening bids are quite low. On REDC's Web site, the starting bid for a two-bedroom house at 118-41 153rd Street in Jamaica, Queens, that was previously valued at $220,000, is $500. And the starting bid for another Jamaica home at 145-22 106th Avenue is $69,000. The property was previously valued at $555,000. All properties are available for inspection before the auction. According to REDC, about 65 or 70 percent of the properties are in turnkey condition whereas the other 30 percent need some degree of work.

1 comment:

Anonymous said...

House for $500...this is the real face of real estate crisis (I guess the price will go up finally, but anyway...). Foreclosures are still not so usual in Canada, but sales in Toronto dropped 45% both in December and January...something never seen before...