"No mortgage - paid cash. So, no mailing the keys back to the bank on this one. It's all out of pocket loss. Not to mention the holding costs for the past 2 years. Total loss should be well over $150k+ when it finally sells."
"By the way, The Moorings was one of the last big condo projects to sell in Palm Beach County. There will be TONs of F'd buyers in that community. 130 active listings currently, plus who knows how many that are rented out well below carrying costs. Keep an eye on that development."
"I actually went to the preconstruction sales "party" for this development 3-4 years ago (I don't remember exactly when it was). It was a crazy mob. People camped out all with $ signs in their eyes."
"I overheard a lady that was in line to buy one say "Oh - it's not going to be completed for at least 2 years - that's great!" She thought that the longer they took to build it, the better, because the property values would keep going up and up while she only had to put down her $10k deposit."
"I looked around and said to myself, "I'm in Lantana - on land next to a crappy boatyard, a trailer park and a bunch of rabid condo flippers." I didn't even go into the sales center. I left after 30 minutes of standing outside waiting to get in. I was there with some other people who thought you couldn't lose buying pre-construction. Fortunately, they agreed that it was a waste of time."
806 E WINDWARD WY # 208 - BLDG 3, Lantana, FL 33462
- 2 Bed, 2 Bath, Condo
- Bought in August 2005 for $465,000
- On the MLS for $379,900
- Loss before the Realtor® commission: $85,100
- Loss after the Realtor® commission: $107,894
Stumble It!
19 comments:
This buyer is much more f@cked then their wishing price indicates.
Check out this one: MLS # R2806074
http://tinyurl.com/35zmgm
This 2/2 in the same building is going is being sold for $295,000 or $85,000 less than this one.
F@cked indeed.
One of the most comical products of the real estate boom down here is the soon-to-be-completed "Landmark at the Gardens".
In case any of you are unfamiliar with it, it's a trio of high-end luxury, $800k-3M+, condo towers that have a stunning view of.... a parking lot!
That's right. If you've got a couple mil burning a hole in your pocket and want to live the dream of stepping out onto your large outdoor terrace and soaking in the panoramic view of the Gardens Mall parking lot, I-95, a medical complex, and a movie theater parking garage, look no further than the Landmark.
Hurry up! They're "80% sold":
http://landmarkatthegardens.com/index.shtml
[/sarcasm off]
Seriously... what were they thinking?
I'll be watching this one very closely. This will provide many "f@cked buyer" segments in the future. That is, if anyone actually closes on their unit. I'm sure there will be some clueless people that will close. But I assume the vast majority of their "80% sold" units will be back on the market at half or less their original contract price.
How much would you pay for a 2 bedroom condo here?:
http://tinyurl.com/yoedcm
I am very curious on how the condo situation will pan out, between the associations going broke from lack of dues/and the lenders refusing to even hold loans on florida condos.... It may be worse than we all predicted. I practically choke when I read the sunday real estate section and see 2 bedroom condo's listed 700-900K.... WHO would still buy them?
God, we have so many geniuses around here. I hope you guys are making lots of $$$ since you know exactly where the market is going...
God, we have so many geniuses around here. I hope you guys are making lots of $$$ since you know exactly where the market is going...The truth is, none of us know how this whole mess will turn out, how low prices will go. In California the same thing happened 3 times in the last 20 years. Each time the market recovered in 2-5 years, and went higher
Today's F@cked Buyer:
Sold for $490,000 in March 2006. (Source: Palm Beach County Property Appraiser)
For Sale: $427,000
12890 Mapleton Court, Boca Raton, FL 33428
Square footage (total): 2,722
Square footage (under air): 2,122
MLS#R2842423
LOSS BEFORE REALTOR'S COMMISSION: $63,000
LOSS INCLUDING REALTOR'S COMMISSION: $88,620
PERCENTAGE LOSS: 18 PERCENT
PAPA PAGE ON THIS HOUSE: http://www.pbcgov.com/papa/aspx/web/detail_info.aspx?p_entity=00414727050000940&geonav=Y&styp=general&owner=&city=-1&zip=&method=address&cidx=-1&sdiv=&sdivnam=&stno=12890&pdir=&st=mapleton&strnm=&sufx=&ptdir=&cty=&rng=&twp=&sct=&blk=&lot=&book=&page=&tangid=&condo=&condoname=&use=&usnam=&sloc=&prd=&pedir=&podir=&famt=&tamt=&fsqft=&tsqft=&srt1=&srt2=&srt3=&stpage=0&adlfilter=
Geez Braziliano how many times must people tell you that this is not California. We've had crashes here in So. florida, and did not recover for 10+ years.
Bank is owed $465,000 on that house in West Boca Raton.
Ouch.
Take a chill pill Mr.Genius, and relax! Florida will recover.
And the lender on that house in West Boca is...
FIRST MAGNUS of Arizona!
94% LTV at inception of Loan
108% LTV based on current list price.
First Magnus... Imagine that!
Just one more thing, so many of you Geniuses told me in the past, " I am moving to Georgia, SF sucks" now they have a higher foreclose rate than us!
Braziliano, would you like to buy some properties, now?
Please
Smart money/investors buys when "there is blood on the streets" just like on the stock market. You can never time the market perfectly, and I can assure you lots of people are/will make money in the real-estate market in SF. But to answer you I would!
Braziliano
"Smart money/investors buys when "there is blood on the streets" just like on the stock market"
That's the thing, Braziliano. There ISN'T blood in the streets yet. This thing is just now starting to get bad. It will take at least another year or two before you start to see the worst of it.
It's not that hard to predict. It was hard to predict the peak, yes. However, if you look at past real estate booms, they ALWAYS fall back in line with the long-term trend. We're nowhere near that point yet. Prices have a long way to go before they get back in touch with fundametals.
The RE market is not the stock market. It moves MUCH slower. The 2000 stock market "crash" took 3 years to bottom out.
If you think the real estate market will bottom that quickly, then go ahead and use some of your "smart money" to buy some real estate. Although, something tells me you probably already did.
Braziliano, nice to see a troll has joined the discussion.
"On Friday, the Commerce Dept. reported that new home sales fell sharply in the Northeast and remained weak in the Midwest. New home sales perked up in the West, lifting the monthly data to show a national sales gain"
"No one can predict how long that shake-out in the housing industry will take, and the recovery timetable — like everything in real estate — will differ from one region to the next. Markets that got hit early and hardest may get back on their feet sooner than others. "
No one, but you Guys on this blog!
"How much would you pay for a 2 bedroom condo here?: http://tinyurl.com/yoedcm "
BRAVO!
To borrow a realtor term, "Location, location, location."
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