Thank you to a reader for telling us about this newly listed property. The reader provided this insight into the listing: "Home is listed as a 3/2/2, but is actually a 2/2/2 as the Master Bedroom does not have closets and the '3rd' bedroom is probably a 7 X 6 sized room (that has the 2 closets the MB should have) "
This property had a 36% price drop less than two years.
10830 NW 20TH CT, SUNRISE, FL 33322
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5 comments:
This is a canal front home close to Sawgrass Mills. Huge yard with wide frontage on the canal, pool 1891 SQ FEET+$132 per square foot!!!
The back yard on this house is amazing & so is the pool.
It's unfortunate about the rooms in it though - the Master bedroom & bedroom #2 are connected by a sliding french door.
The 2nd bedroom is literally 7x6, but it has the 2 closets (non walk-in) that the master should have.
The 3rd bedroom is maybe 8x8, 9x9.
The home itself has great features (the back yard being the best) - but it's inaccurately portrayed as a 3/2/2.
Another F'd Buyer:
The Moorings at Lantana
MLS# R2831741
806 E Windward Way #208
Lantana, FL 33462
Bought: $465,000 in Aug 2005
http://tinyurl.com/ywosbm
Asking: $379,900
Loss before commission: $85,100
Loss after commission: $107,894
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.
Take a look at the Fort Lauderdale real estate listing on craigslist.com
The Radius building on Young Circle in Hollywood and Hollywood Station at Dixie and Hollywood Blvd are both trying to close contracts now. People are offering their deposits for free to get out from under these elephants. It's going to be awful for these 2 vacant and ill-advised projects.
36% percent drop in 20 months. Ouch.
I remember when I used to say that price would drop by more than 30% and people and they would laugh at me.
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