Lisa Simpson
May 15,2009
In: Foreclosed Homes

Save a lot in buying properties from Staten Island foreclosed homes

Staten Island is a borough of New York City, situated in Staten Island and is coextensive with Richmond County. As part of the International commercial hub of New York City, it is well connected with New York, Manhattan, New Jersey and Brooklyn. People working in these busy commercial districts in day time, go back to their residences in Staten Island making use of frequent transportation facilities. Overall this Island is well suited for peaceful living, among the five boroughs of New York City as the most suburban area with all the facilities and comforts.

However the neighborhoods in the North Shore, particularly Stapleton, Park Hill, Tompkinsville, and St. George are the most urban part of this Island. Large Victorian Homes are located in this area in the officially designated St. George Historic District as also the St. Paul’s Avenue-Stapleton Heights Historic District. More suburban style residential neighborhoods and the two and a half mile long F.D.R. Boardwalk, the fourth longest in the world, are located in the South Shore.

Staten Island Foreclosed Homes are emerging from all the neighborhoods mentioned above. Therefore home buyers for own occupation and investors for rental income, have a very wide choice of properties like – single family homes; villas of Victorian style; multi-residential condos as well as modern apartments – to choose from.

Prior to the foreclosure crisis, home buying was only a dream in these prime locations and posh neighborhoods. Owing to the mad rush of people with a frenzy of buying a piece of equity in these areas, helped by free-flow of mortgage loans just for the asking, prices of properties in Staten Island as a whole soared sky-high. But once the US economy slid downwards, it brought forth cyclical effects in the financial markets and hit the Real Estate markets by foreclosure crisis. Over 800,000 properties all over the United States are struggling with foreclosure filings including the financially affluent Staten Island.

Because of the abundance of properties listed for distress sale, the prices of properties have plummeted deep down. This is the case with Staten Island Foreclosed Homes as well. New York State foreclosure laws admit only judicial proceedings for foreclosing properties by the mortgage lenders. As such the entire foreclosure process takes the longest time – nearly 15 months – in New York State. This is the reason why there are more properties lying in pre-foreclosure stage, due to prolonged Court proceedings.

Totally 2581 properties are listed under Staten Island Foreclosed Homes, of which 1857 properties are under pre-foreclosure stage. Home buyers have a good bargain in the sale price of these properties and can save thousands of dollars in buying them.