1700 NE 191 ST, Unit: 408, MIAMI, FL 33179
- 2 Bed, 2 Bath, Condo
- Bought in November 2005 for $172,000
- On the MLS for $166,000
- Loss before the Realtor® commission: $6,000
- Loss after the Realtor® commission: $15,960
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:
This is so funny!! Dropping the price by 3k - 1k. Idiot. But, in any case, this place looks awful. These can't be worth over 50k, if that. It looks like a prison.
This is one of the worst I've seen as far as percentage price drops go:
-MLS# R2773298 (just sold)
-4BR/2.5BA, 2642 sq ft living single family home
-Built 2005 (actually a nice-looking house)
-Subdivision: Thousand Oaks
1074 Center Stone Ln
Riviera Beach, FL 33404
Purchased: Jan 2006: $427,000 (financed w/100% ARM with a STARTING interest rate of 9%)
Went into foreclosure and was listed as a bank-owned property this year. Bank started out asking $388,500 for it.
Just came through as SOLD in MLS:
Sold Aug 3, 2007: $255,000
$172,000 drop in value since Jan 06, or a 40% drop
"percentage price drops go:
-MLS# R2773298 (just sold)
-4BR/2.5BA, 2642 sq ft living single family home
-Built 2005 (actually a nice-looking house)
-Subdivision: Thousand Oaks
1074 Center Stone Ln
Riviera Beach, FL 33404"
Thanks!
I won't add your example as a F@cked Buyer because it's already sold. I like to be able to link the properties to a Realtor.com listing so readers can see the actual properities. Unfortuantely, Realtor.com drops the listing from its database as soon as it sold.
However, there are loads of other F@cked Buyers in that community. They're not quite as bad as you example, but that community is good through some tought times.
I add another one in that community as tomorrow's F@cked Buyer.
Thanks!
"there are loads of other F@cked Buyers in that community"
Yep. Big time. On Foreclosure.com, I counted 41 places in Thousand Oaks (anything on Center Stone, Laurel Ridge, Oakmont or Oakhurst streets):
http://tinyurl.com/2fh5gf
This was one of the last new communities to be sold in Palm Beach County. It's nice looking, but it's right on the outer fringes of Riviera Beach (very bad part of PB County). Lots more to come from there.
Another favorite of mine is a townhome community across the street from Abacoa (Jupiter, FL) called Cielo. It's a Lennar development that originally sold for around $525k. Lennar decided they needed to dump some inventory. Prices now? Low to mid 300's. These closed in mid to late 2006, so a ~$200k loss in less than a year for some unlucky flippers.
Here is one that re-sold, for example (bought Jul 06: $525k, sold Mar 07: $350k):
http://tinyurl.com/yv2qnj
That one sold in March, so of course it's even lower now.
Anyways, I'll post some more stuff when I find it.
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