2028 Oakhurst, Riviera Beach, FL 33404
- 3 Bed, 2 Bath Townhouse
- Bought in June 2005 for $253,990
- On the MLS for $159,900
- Loss before the Realtor® commission: $94,090
- Loss after the Realtor® commission: $103,684
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.
Stumble It!
4 comments:
Back in 2005, I used to post on various message boards that the market would eventually drop by 30 to 40% and the real estate cheerleaders used to mock me. They've mostly disappeared by now. The few that remain are now claiming that we've hit bottom and that it's a great time to buy now.
F@cked buyer: 2142 S. Palm Zip
33408. according to records bought for 1,450 mtgd for 1,648 and listed
for 1,350 R2626545. doesnt come up for me on zip but does on planet.
apparently owned by corp of 4 people. 2142 s. palm inc.
Thi was posted earlier in the blog:
2025 BRICKELL AV Unit: 306, MIAMI, FL 33129
* 4 Bed, 4 Bath, Condo
* Bought in August 2005 for $1,000,000
* On the MLS for $679,900
* Loss before the Realtor® commission: $320,100
* Loss after the Realtor® commission: $360,894
It is now listed for $644,900. $35,000 less. On the positive side, the Realtor® commission is lower.
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now. Maybe a little more, or a little less, but either way doesn't sound too good does it?
http://patrick.net/housing/crash.html
email me your thoughts on the south florida market to dontbuy2007@yahoo.com
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