8556 NW 111 CT, MIAMI, FL 33178
- 4 Bed, 4 Bath., SFH
- Bought in March 2006 for $750,000
- On the MLS for $620,000
- Loss before the Realtor® commission: $130,000
- Loss after the Realtor® commission: $167,200
Wednesday, August 15, 2007
Today's F@cked Buyer
Thank you to a reader this property in Doral. It was originally listed 160 days ago for $745,000. The price has been reduced eight times since then.
8556 NW 111 CT, MIAMI, FL 33178
8556 NW 111 CT, MIAMI, FL 33178
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5 comments:
mls#F828644
Yeech, no land, no privacy, 600 G's? LOL, try 399K and even that's too high.
WTF was this dude thinking? He paid over $700k for crappy house with no property line in Doral?
Sorry, but for $700k, I would expect the neighborhood to be relatively free of gangs and street thugs.
Doral is not that bad. This house might not be anywhere near $400,000, but Doral is okay.
Downtown Miami is a 1000 times worse and there are lots of condos on the market there for much more than $600,000.
Another one from Thousand Oaks in Palm Beach County:
MLS#: R2784233
1026 Center Stone Ln
Riviera Beach, FL 33404
Purchased Dec 2005: $390,000
Financed 100%, Adjustable rate starting at 8.05%
Foreclosed, now bank-owned:
Asking Price Now: $256,900
(reduced several times from $328,125)
Assuming full price offer (big assumption):
Loss before commission, title insurance, doc stamps:
$133,000 (34% loss)
Loss AFTER commission, title insurance, doc stamps:
$149,000 (38% loss)
I'm simply amazed that all these Wall Street people were caught off guard by this mortgage implosion. Basically, I've concluded that there are only a handful of smart people on Wall Street. The rest of them are sheep.
Sure glad I sold my Palm Beach Gardens townhouse in early 2006. I can already buy a house for the same price. Probably a mansion by the time this market completely deflates.
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