This one has a projected loss of $304,000 in just 9 months. Ouch.
11784 NW 5TH ST, PLANTATION, FL 33325
- 5 Bed, 4 Bath, 4,094 Sq. Ft., SFH
- Bought October 2006 for $1,150,000
- On the MLS for $900,000
- Loss before the Realtor® commission: $250,000
- Loss after the Realtor® commission: $304,000
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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11 comments:
Well the following must be a case of fraud, and anyone who buys now will be a F@cked buyer. Get this:
891 NW 110 Ave
Coral Springs
Bought 3/14/2001 for $86,000
Bought 4/18/2006 for $500,000
current foreclosure price 349,000.
I think its a dump, not worth 200,000. Take a look at the pictures and know there had to be a crooked appraiser.
Thanks for posting that. I'll make that an upcoming F@cked Buyer.
I have little doubt that a bunch of these so-called buyers were really just cases of mortgage fraud at work.
However, I'll continue to post them because it shows: (1) how the market was artifically inflated by people who either never intended to or never had the means to service the loans, and (2) how far the market is really dropping from its 2005 highs.
Remember, FAR keeps telling us that prices are not dropping very much. In fact, they recently announced that the median sales price in Broward County went up by 1% since 2006. The daily F@cked Buyer posts expose the farce of the median price data.
I agree, I see a few nicer homes in the 400k to 500k range that you couldn't touch below 650k 2 years ago. And this in Coral Springs. There is definately a big drop in asking prices by some Sellers who are wising up, but still a lot of price stickyness by most Sellers.
One interesting change on ziprealty. Used to be the ranges to search on were 200k, 300k, 400k etc, so you selected a 100k range of houses. Now they have 25k increments. There are just too many houses in a 100k range for ziprealy to handle in a view.
I'm not surprised by the stickyness. After all, FAR tells them that homes are worth $650k. Their realtor tells them their house is worth $650k. Their neighbors have their similar home listed for $650k. Their other neighbor sold their similar home for $650k early in 2006. All the shows on HGTV and TLC say their homes are worth $650k. Worst of all, their appraiser is telling them that their home is worth $650k.
They just can't figure out why no one even bothers to request a viewing at $650k.
So, they leave them homes on the market for a year, slowly dropping the price by $25k each month after no viewings and they remain perplexed why they can't sell their home.
I see this over and over again in South Florida.
Eventually, they'll get it.
Subject property also has 100% 80/20 financing. 1st at 920K second at 230K. Nothing in the development has sold for near their asking price ever.
I got one for you Bought for $340000
On MLS $301,900
6380 SW 37 ST
MIAMI, FL 33155
MLS ID# M115497
Doing my part to keep the blog going
Above purchased 1-05
here's another one:
1910 SW 71 CT
MIAMI, FL 33155
MLS ID# D1208120
Purchased: Sale Information:Sale O/R: 24369-3478
Sale Date: 3/2006
Sale Amount: $420,000
MLS: $319,900
I'm still trying to figure this one out
It's been for sale for quite some time now and it still has yet to sell.
Look at it on ziprealty.com
Price Reduced: 02/27/07 -- $719,900 to $709,000
Price Reduced: 03/14/07 -- $709,000 to $350,000
http://homes.realtor.com/prop/1075488560
Sold 9/27/06 for $690,000
Home is not homesteaded.
Apparently these things are everywhere:
2301 SW 59 AV
MIAMI, FL 33155
MLS ID# D1191975
Purchased: Sale Information:Sale O/R: 24562-0530
Sale Date: 5/2006
Sale Amount: $399,000
Current MLS: $359000
I have a feeling that it's going to be REALLY easy to find f@cked buyers in the coming months.
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