7649 WOOD DUCK Dr, Boca Raton, FL 33434
- 7 Bed, 9 Bath SFH
- Bought in October 2004 for $2,300,000
- On the MLS for $1,300,000
- Days on the MLS: 260 Days
- Loss before the Realtor® commission: $1,000,000
- Loss after the Realtor® commission: $1,078,000
Thursday, September 27, 2007
Today's F@cked Buyer (Boca Raton)
Thank you to "140 dollars per sq foot" for this new record loss on the daily "F@cked Buyer" post. This currently shows a $1.078 million dollar loss. It has been foreclosed on and is now bank-owned. It has languished on the market since January.
7649 WOOD DUCK Dr, Boca Raton, FL 33434
7649 WOOD DUCK Dr, Boca Raton, FL 33434
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4 comments:
Wow! Below 1988 prices!
Someone paid $2m for this property way back in 1988.
This property has gotten crushed!
another f**ked buyer
105 TRANQUILLA DR
Mirasol
Palm Beach Gardens, Fl
Purchased 7/05 $800,000
http://www.pbcgov.com/papa/aspx/web/detail_info.aspx?p_entity=52424203090000030&geonav=Y&styp=general&owner=&city=-1&zip=&method=address&cidx=-1&sdiv=&sdivnam=&stno=105&pdir=&st=TRANQUILLA&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=0&adlfilter=
On MLS $669,000
http://www.mirasolproperty.com/listing_sheet/R2756258
I copied and pasted this insightful post by Old Real Estate Lawyer on another forum.
Most people have the misconception that once the real estate market reaches a "bottom" it will then quickly start on rapid appreciation and prices will quickly turn upward. This is not how real estate works. From 1920's to present day proves that.(There are great charts and graphs showing this at the S&P Case-Shiller web site.) Once prices turn downward,(which they did over a year ago) they continue downward FOR SEVERAL YEARS. Over 80 years of real estate statistics show this. Then, prices REMAIN FLAT for a few years before trending upward. Most economists,(not real estate sales people) feel the market prices will drift downward for the next 3 years. Florida will suffer the most in this real estate recession because the housing market was one of the hottest in the nation during the boom, and high property taxes and very high insurance rates. Additionally,@ 22% of Florida's economy is construction related. This will further the ripple effect in the recession in housing. Add to this a severe credit crunch and housing prices in Florida will trend downward for quite a few years. Time will tell. I base my comments of 30++++years of real estate law in Florida and on reading charts, and comments from economists. Also my foreclosure files continue to grow each week.
What bothers me is the ignorance of so many people.
I know very few homeowners who realize the bubble for what it was.
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