The following video covers "vulture capitalists" in the South Florida. Included are quotes from Jack McCabe and a priceless quote from a Realtor® that declares that "This market will never die; [Miami] is the new Manhattan!"
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14 comments:
The condo real estate guy at the end was dellusional. Do real estate agents ever listen to what they say? They sound like robots...
That flamer (NTTIAWWT) realtor sounds exactly like the former Iraqi Minister of Information.
I love how the CNBC reporter cautioned the viewer about the reatlor's bias before they played the clip.
Miami = Manhattan. Now that is funny.
I found this house that was posted ealier in the blog.
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
It is now listed at $609,000. An 11k drop in price in a week. This house is cratering. The owners are looking at a $180,000 loss on this one. All I can say is Stunning!
This house was posted ealier in the blog.
126 INKBERRY DR, JUPITER, FL 33458
3 Bed, 2 Bath, 3,315 Sq. Ft., SFH
Bought in March 2006 for $598,500
On the MLS for $469,000
Loss before the Realtor® commission: $129,500
Loss after the Realtor® commission: $157,640
It is now listed at $449,000. A drop of $20,000 since it was posted on this blog. The potential loss is now at $177,000. I am glad the median price of homes is doing ok per the NAR.
I noticed that google ads is posting home buying ads on this blog. Thats funny.
They must have pulled this video, since I get an error.
"They must have pulled this video, since I get an error."
It's still working for me. Is anyone else having problems?
Can't play videos tonight, tech problems, but I tried to post a good clip from usatoday with link for you, would not post?
140 dollars,
Send it straight to my email:
sfhbubble at gmail.com
Thanks!
You would have to be absolutely nuts to buy a house in South Florida now.
Just watched the video - no problem here. ISP is BellSouth.
I still can't see the video, I am not a registered user with cnbc and I wonder if that is the problem. My isp is Advanced Cable.
I think they should replace the term "vultures" with "idiots".
Anyone who thinks that getting something "below retail" is a bargain deserves to lose a bunch of money.
Want to know if you're paying too much for a property?
It's really simple. If you can't rent it out for enough money to cover ALL expenses (mortgage interest, HOA fees, taxes, insurance, maintenance, vacancies, etc.) and then some, it's OVERPRICED. Even if you plan to live in it, you should still apply that formula.
Here in Palm Beach County there is a new waterfront condo at the foot of the Blue Heron Bridge called Marina Grande.
You can rent a unit in there for $1600/month. People paid $500k+ for them. So, to own one of these would cost $4,000+ month.
Gee..$1600 or $4000/month?
Don't consider yourself a "vulture" investor unless you get that condo at a price that would be covered by a $1600/month rent.
It's time to get back to fundamentals.
The video works for me.
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