3851 NE 24TH AV, LIGHTHOUSE POINT, FL
- 3 Bed, 2 Bath, SFH
- Bought in May 2006 for $1,295,000
- On the MLS for $899,500
- Loss before the Realtor® commission: $395,500
- Loss after the Realtor® commission: $449,470
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6 comments:
You would think that the lazy, crappy realtor at ERA could spend the few minutes on uploading a picture or two to sell that home or nearly $1M.
Hey, dumbass Realtor, it's not 2004 any more. No one is sleeping out on the sidewalks to buy crappy pre-construction condos in the ghetto. There are no more 100% financing, no-doc loans for folks with 550 FICO scores.
Realtors actually put in some minimal effort make their 6% (probably less on this house since it's bank owned).
How about starting with a freakin' picture?
I've heard rumors that 12 homes in the Long Lake Ranches West community are in foreclosure.
Will try to find more info....
I actually expect to see the biggest losses at the top end of the market. As bad as the sub-$500k market is, the $1M+ market is far, far, worse.
For example, here is a chart from the top brokerage in Palm Beach County showing the inventory of $1M+ homes vs. sales:
http://ipre.com/trendg/images/palsld6.PNG
The numbers fluctuate a bit throughout the different selling seasons, but I just did the math: over the past 12 months, the average inventory on the market in Palm Beach County for $1m+ homes is 52 months. That's 4.3 years worth of inventory.
In July 2007, there were 1,710 homes over $1M on the market. How many sold that month? 25.
The more expensive your home, the worse your loss will be. I remember even during the much gentler real estate bust we had down here in the early 90's, a guy I knew bought a house on the water in Singer Island for $850k around 1988. Wanted $1M for it in 1991. Ended up selling it finally for $550k in 1995.
This bubble is much, much, bigger, so the losses will also be much bigger.
LOL!!! You are so right gator ted. I've seen 500K houses and the lead picture is a toilet in a bathroom.
The high-end will be particularly impacted by the evaporation of the jumbo prime market. Countrywide announced today that they will only do FNMA/GNMA conforming loans (e.g. loans of 417k or less). Even when the jumbo prime market returns, I suspect the credit terms required will make credit availability significantly limited. Just wait until the 3Q07 numbers come out. It will be bloody.
another Fu$ked buyer
Ibis Palm Beach Gardens
3 bedroom 3 1/2 bath 3174 sq ft.
Purchased 9/06 $756,009
Asking Price $659,000
http://www.thetelchingroup.com/Palm_Beach_Gardens_FL_Ibis_Golf_Country_Club_FL_listings/143C2CE4-AFD9-0F37-E8DD5ADF4B372EF1.shtml
PB Assessor
http://www.pbcgov.com/papa/aspx/web/detail_info.aspx?p_entity=74414236020000790&geonav=Y&styp=general&owner=&city=&zip=&method=address&cidx=&sdiv=&sdivnam=&stno=&pdir=&st=sparrow%20hawk&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=50&adlfilter=
Mortgage $527,1000 3 year arm 6.75%
Estimated loss $136,000 before carrying costs.
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