8697 NW 1ST ST, Coral Springs, FL 33071
- 3/2, 2,000 Sq ft., SFH with pool
- Bought on 11/8/2005 for $424,900
- On the MLS for $369,000
- Loss before the Realtor® commission: $55,900
- Loss after the Realtor® commission: $78,040
I need your help with this daily feature. Do you know of a F@cked Buyer? Just add the MLS number or the FSBO link in the comments section and I will add it to an this daily update in the future.
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8 comments:
12200 NW 2nd ST
Coral Springs, 33071
Bought 8/15/2005 $510,000
MLS Asking 450,000
Its been on the market for over 8 months that I know of. Its been taken off the market and relisted 1 time that I know of.
This post in Real Deal blog of Palm Beach POst showed addresses in Palm Beach County with sales for less than paid for . PAPA records verify.
Cheerleaders on that blog have touted Palm Beach County as immune to bubble burst and are still in denial despite these sales and many others with lower prices than paid in bubble peak years.
Recent sales include dozens that sold for less than those buyers paid.
eg : (only a few of them)
651 Okeechobee 704
06/07 235K
07/04 269K
107 Half Moon A3
06/07 250K
02/04 270K
1480 Cupcoy
09/04 352K
06/07 280K
110 Wentworth Ct
02/05 315K
06/07 292K
113 Sea Steppes
08/05 620K
06/07 525K
4581 Avalon
06/05 330K
06/07 278K
22663 W Esplanada 3988
04/05 650K
06/07 610K
5795 NE Verde
10/06 850K
06/07 800K
Orchid Reserve Dr 10A
05/06 438K
06/07 405K
909 NW 18 Ave
06/05 487K
04/07 383K
There are many props that are selling for more than paid for in past years, but it looks like we are in “rinse” cycle for flippers or ARM holders who took their shot in past two years, without enough capital or stomach to enjoy SoFl RE roller coaster ride.
Great blog, I am enjoying the information. I am a future snowbird who bought a condo 4 years ago, at a great price and I am planning to spend winters here when I retire in 10 years. I have a long term view to the market and agree that we are in a real down part of the cycle. Eventually things will shake out, prices will settle to normal range, based on incomes and inflation.
GREAT BLOG!
We won't buy and thank you for the advice!
We live in the lowest income housing in Fort Lauderdale.
We pay $500 for rent! It is not subsidized. We are not on welfare.It's clean just in sleazy Sunrise. Very black but so are we so it is no drama for us. We are lower middle class (combined income $88,000.). We simply cannot afford to rent in Fort Lauderdale. So we live in a 2/1 dump but at least the cops are always there for protection. The inside of the apartment is comfy but the outside...Well, let's just say we never ever have friends over. Too embarassing! But the rent! $250.00 a piece. We live cheaply. Swap shop for movies kinda thing. Shopping at Wholefoods is an expensive treat. All expenses are carefully reviewed.
We love Florida but the salaries! I mean my girlfriend's job has debated two months whether to give her a 3700 raise! It amounts to about a $2.00 increase in her salary! These corporations are in for a big surprise. With poor schools, high cost of living. Sorry people sunshine isn't going to sell Florida for much longer. Talented boomers are leaving in droves. The schools suck, the crime is deplorable..I mean some of these crimes are sick. Always someone being found in a bathroom garbage can, and the housing prices! And the corporations don't want to pay. So who is going to work?
I predict South Florida will become a place for the wealthy and the poor. Anyone say New Orleans? The middle class will not live in South Florida.
AND the Mayor hates gays. The advantages just aren't adding up.
I make 80k and I am single and don't think of myself as lower middle class. Funny, I heard recently that poor people don't think of themselves as poor either. I think the FAR emphasizing the "medium" price is having the effect of people thinking thats the "average" price. I think house prices are sticky at the 360k range because people think their house is at least "average".
I meant to say "median", oops.
In northern Palm Beach County, there is a Lennar townhome development near Abacoa called Cielo.
A bunch of people closed on these things around mid-2006 and the average price was around $525k (which is ridiculous to begin with).
Well, earlier this year, Lennar decided to dump their inventory and lower the asking price down to the low to mid $300k range.
Some of those people that closed a year ago are already down almost $200k. Ouch.
Here is one guy that decided to bite the bullet and take the loss (probably some rich idiot investor who couldn't just "walk-away" and declare bankruptcy):
http://www.pbcgov.com/papa/aspx/web/detail_info.aspx?p_entity=52424125170C20080
Purchased: July 2006 $527,615
Re-sold: March 2007 $350,500
$177,615 loss in less than a year.
Good thing he sold, too--he'd probably get even less for it now.
I've been watching Palm Beach County very closely. The foreclosures and really bad losses are JUST NOW starting to appear.
A lot of homes are just now coming on the market as bank-owned foreclosures. Pre-foreclosures are piling up. And banks are just dumping them. You'll see a bunch of these coming on the market soon.
Don't believe a word from anyone saying "now is a good time to buy". Now is a TERRIBLE time to buy. The real pain is still to come.
Keep up the good work.
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