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Montauk Foreclosure Listings

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Latest Foreclosure Homes

  • Montauk
  • Montauk, Suffolk
  • NY, 11954
  • $121,900
  • BD/BH: 2 / 2

Bank Foreclosures in Montauk

Searching for bank foreclosures in Montauk, New York? The real estate market in this city may be particularly difficult to navigate as there are so few available homes. Currently, the more frequented real estate sites show only one foreclosure listing for prospective homebuyers. While about a third of the population's annual income is under $30,000 a year, home ownership may not be financially possible for many, since the only foreclosure listing is priced at over $580,000. Furthermore, this is not even the selling price but is actually the beginning auction price for the unit. For those looking to invest in foreclosure listings, Montauk may not be the best region to do so. There are only four homes listed in the last six months that have sold. The price of those four sales ranged from $400,000 to $1,700,000.

With a third of the population being what is considered the “low income” demographic and another third falling under the $30,000-to-$75,000 income range, purchasing a home at this time appears impossible. With about a third of the population of Montauk being renters, home ownership may not be a possibility for a large portion of its own population. Even with home values being down by more than 28%, the current median home value is in the mid to high $600,000, and the average selling price is in the mid $700,000 range. With property values seeing a slight increase, it will be that much more difficult for individuals who fall in the low-to-mid-income brackets to be able to purchase a home in this area.

It's unfortunate that more of the people that inhabit Montauk are not in a position to purchase a home of their own. The latest statistics show that there is a vacancy rate of more than two-thirds at present. With the current state of the economy, however, possessing the qualifications needed to purchase a home are out of reach for many. Credit scores have to be close to perfect; and the buyer, whether purchasing a home of their own or just for an investment property, has to have a substantial down payment to even consider getting into a home in Montauk these days.