Tuesday, March 10, 2009
ONE MAN'S LOST IS ANOTHER MEN’S GAIN
The housing auction in New York
So last night I was home watching CNN and saw that there was a home auction I was so pissed not be informed. Houses were going for at least 225k which is very cheap by New York a standard which is normally 350+.
Being New York you know it wouldn’t have been such a smooth sailing boat right? Well it was not; outside the building were protestors with placards and posters
The auction was only the second New York City sale run by Irvine, Calif.-based Real Estate Disposition Corp., or REDC.
"We don't see as many properties going to foreclosure or being sold in New York City as we do in other parts of the country that have been hit a lot harder," said company chairman Robert Friedman. "It just seems like other areas were overbuilt more." By this he mean that too many houses we build and not enough home buyers are available, for r example Florida they though allot of people were going retire ad move there, and that did not happen, you have more retired going back to work.
About 1,000 people attended the auction at the Jacob K. Javits Convention Center, and more bid online. A fast-talking auctioneer described some homes as fixer-uppers with problems including mold, water damage and vandalism.
The sale featured more than 350 condos, single-family houses and duplexes in the New York metropolitan area and Pennsylvania. Out of which there were only 22 in New York City area which for me include the five borough (Bronx, Brooklyn, Queens, Staten Island and Manhattan and I will add Long Island even though it’s not a borough)
A handful of protesters picketed in front of the Javits Center, chanting "Evictions are a crime! It could be your house next time! This is really funny to me at first, not their cry but the line they were using. "These folks are profiting off the people's misery." But REDC spokesman Rick Weinberg said the auctions help stimulate the economy by putting people in vacant houses.
"Their problem is with the foreclosure crisis in general," Weinberg said. "We are part of the solution, not the problem. Which I totally agree with, hey if you loose your house it makes no sense it stay a rot, because it will not be given back to you
Tami Burgess paid $340,000 for a house in Yonkers that she said she'd had her eye on since last October. I would be happy also that’s a great price.
"I'm excited," she said. "I have a lot of work to do on the house." Ed Bates paid just $115,000 for a house in Nyack. He felt no qualm about buying a foreclosed home.
"It's really not taking someone's home for the simple reason that it's vacant," he said. "If somebody was in there and I had to get them out, chances are I wouldn't have purchased the house. I feel sad for them, but still, that's the way the world is.
Listen I don’t feel sorry for them at that point of the auction not because you loose your house, mean that I should not buy them. I am sorry for you is the most I can’t say but your loss so happen to be my gain.
I am looking in Florida for houses and I think I will attend the auction there or the one in Georgia. I would like to know of good area in these places because I have not clue about the south. Thanks much