46° Good Morning
46° Good Morning
ClassifiedsReal Estate

Speculators sizing up Brentwood, broker says

Brentwood realty broker Hector Villatoro stands outside a

Brentwood realty broker Hector Villatoro stands outside a home on Washington Avenue. The house is a new listing that's a short sale, in which the lender agrees to take less than owed on mortgage if a buyer is found. (Aug. 24, 2011) Photo Credit: Steve Pfost

Brentwood broker Hector Villatoro says a few investors have come to him with extreme offers.

They’ll buy his entire portfolio of listed homes -- scores of properties priced at $100,000 and up -- but they want him to negotiate prices down to about $50,000 or $60,000 each, said the founder of Arvy Realty.

“Some of them, they think they’re millionaires, but when you go to make a deal, they have to wait for somebody else to lend them the money,” Villatoro said.

He tries to act normal on these "crazy" offers, he said, but tells them that he does not want to waste their time.

“I understand they want to make a return on their investments," Villatoro said, "but the banks will not allow them to steal the properties from the homeowners.”

Brentwood is one of the areas hardest hit by the foreclosure crisis on Long Island  because many borrowers there got predatory or high-cost loans they could not afford. It often vies with Bay Shore and Hempstead as the Long Island community with the most listings on Long Island for the week.

“Some people, it seems like they look down on our community,” said the broker, who has lived in Brentwood for 20 years. “It is what it is. We have enough business, so it’s not like we’re going to go crazy because one investor walks out.”

Photo: Longtime realty broker Hector Villatoro outside a distressed home ion Washington Avenue in Brentwood.


We're revamping our Comments section. Learn more and share your input.

More news