Thank you to a reader for this one in Boca Raton. It's a newly listed "short sale" that was just purchased in March 2006. It sure didn't take this homeowner long to get into trouble even though we can assume it is her primary residence (it's homesteaded).
12890 MAPLETON Ct, Boca Raton, FL 33428
- 4 Bed, 2 Bath, SFH
- Bought in March 2006 for $490,000
- On the MLS for $427,900
- Loss before the Realtor® commission: $62,100
- Loss after the Realtor® commission: $87,774
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12 comments:
I bet this sucker took out an ARM with a teaser rate and the teaser rate expired. Now, faced with a real mortgage payment, they have to short sell it.
They're really F@cked. Check out this listing in the same development, "Boca Winds" (sounds like something some of the local Century Village residents develop after eating a big plate of gefilte fish):
http://homes.realtor.com/prop/1076924753
It's also a 4/2 that $38,900 less. And this one has been on the market for 180 days.
Yep - it was an ARM. Reset in May of this year:
http://tinyurl.com/2lgsxb
"Yep - it was an ARM. Reset in May of this year: http://tinyurl.com/2lgsxb "
Wow! Nice find.
So, this woman was paying $1,653.03 month in principle and interest for the first year she lived there. PITI was probably around $2100.
In January 2007, her new assessment kicked in based on her purchase price and she started paying around $175 more per month for taxes. So, her PITI went up to arund $2300.
Then, May 1, 2007 rolled around and this mortgage reset to around 8.22% (LIBOR + 2.90%). The principe and interest then shot up to around $3,321 per month (more than double her previous payment). Her PITI was probably around $4000 a month at that point.
Her HOA was also $115 per month during this whole mess.
And, that explains why she got herself in trouble. Personally, I would have no trouble paying her intitial $2,100 per month in PITI, but it would be a struggle to make a $4000 a month payment.
But, she'll get kicked while she down. If she is able to complete this short sale at the current price, she'll get a 1099 this January for over $50,000.
She'd be better off mailing in the keys and letting the property go into foreclosure.
Here's another one! Looks like $250k is going to be the new magic number.
Purchased 9/14/2006 for $320k
http://tinyurl.com/323ddc
On the MLS 1 year later for $250k
http://tinyurl.com/3x3ouz
Address:
11750 NW 31 St
Sunrise, 33323
MLS # M1170204
400 G's for Boca Winds? LOL. When I lived in Loggers Run, I paid 178,500 for my 4/2 on a 1/3 acre in 1998. The neighbors all made between 75K and 125K a year ( combined Husband and Wife )
My question then would be, has everyones income in that area doubled?
If not then these prices all need to come down significantly.
To Coin Guy:
I sold my house in Boca Winds (and not even the nicest part of Boca Winds) for over $400,000 late last year -- a profit in five years of almost $250,000.
You're right: The neighborhood is nice but not worth close to what they're asking now -- and not worth anything near what this person paid.
At the end of the day, the lower end of Boca winds is nothing more than 3BR and smallish 4BR early 1990s tract homes.
I am surprised at times, the crazy money some people paid for properties in questionable areas in the past.
Good example downtown Delray Beach, Swington ave. I never saw the value, not even 4-5 years ago. Nevertheless, people made lots $$ there.
Braziliano
In case anyone is interested, in conjunction with the property appraiser websites that are listed on the front page of this blog (towards the bottom of the links on the right side of the page), the county clerk's website is where you can find information about mortgages, liens, deeds, judgments, etc:
Palm Beach County:
http://oris.co.palm-beach.fl.us/or_web1/or_sch_1.asp
Broward County:
http://205.166.161.12/OncoreV2/Search.aspx
Dade County:
http://www.miami-dadeclerk.com/public-records/pubsearch.asp
Martin County:
http://clerk-web.martin.fl.us/wb_or1/or_sch_1.asp
St. Lucie County:
http://oncore.slcclerkofcourt.com/oncorewebpublic/Search.aspx
Just type in the name of the person listed on the appraiser's site and it will pull up all public records for that person or company. Most other counties in Florida have these same websites, as well. Just Google the county name plus "clerk" or "public records" and you'll usually pull it up.
Just another tip for Palm Beach County appraiser's site:
To see the most recent sales for a given subdivision, from the front page of PAPA:
http://www.co.palm-beach.fl.us/papa/aspx/GeneralSearch/GeneralSearch.aspx
- Click the "Advanced Search" link in the upper right corner above the "OR Book/Page" button.
- Click the "Sales" button
- Click "Residential"
- Click "Subdivision"
- Enter just a partial name for the subdivision. If there is more than one "Oaks", it will list all the options on the next page. If you get too specific, it may not pull it up properly. The subdivision name is listed for each property when you pull it up under the normal PAPA search, in case you don't know it.
- You can choose the time frame. I usually just click "Last 3-5 years"
- At the bottom where is says "Sort Order", if you want the most recent sales first, choose "Sale Date" from the first drop down box.
- Click "Search" button at bottom and there you go.
Of course, you can ignore any sales that list "$10" for the amount. Those are usually just people changing names on the deed, etc.
Another Thousand Oaks property (big % drop):
Although we should probably start calling this feature "F@cked Lenders":
MLS#: R2836414
2028 Oakhurst Way
Rivera Beach, FL 33404
Bought: Jun 2005, $253,990
http://tinyurl.com/ypv52e
Foreclosure, now bank owned.
Just reduced, now asking: $159,900
Even with full-price offer:
Loss before commission: $94,090 (37% loss)
Loss after commission: $103,684 (41% loss)
This was purchased with an ARM. However, this must have been in foreclosure even before the rate reset. I think a lot of buyers are simply walking away from properties that are underwater, regardless of the interest rate changes.
After all, the interest rate doesn't matter if the property is worth $100k less than you owe. Why keep feeding the alligator at that point? Even if rates went DOWN, people will still be walking away.
You'll see a lot of prime mortgages default for that reason, as well. It's certainly not just subprime that's going to be affected here. They were just the first to be affected because the borrowers couldn't afford the payments.
This mortgage mess is going to get a lot messier.
"In case anyone is interested, in conjunction with the property appraiser websites that are listed on the front page of this blog (towards the bottom of the links on the right side of the page), the county clerk's website is where you can find information about mortgages, liens, deeds, judgments, etc:"
Thanks for the fantastic tip. I have added the links you provided (plus Monroe County) to a new link or the lower right side of the site.
Thanks again.
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