Thank you to a reader for this listing. This unit is being sold at a price that is 22% below its 1984 (not a typo) purchase price. It's beyond me why they paid that much back in 1984. Certainly it must have something to do with Emmanuel Goldstein (obscure Orwell reference).
6845 WILLOW WOOD Dr # 3046, Boca Raton, FL 33434
2 Bed, 2 Bath Condo
Bought in December 1984 for $122,000
On the MLS for $95,000
Days on the Market: 72
Loss before the Realtor® commission: $27,000
Loss after the Realtor® commission: $32,700
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9 comments:
Condos selling at or below their 1980's price is not unusual in Palm Beach County as late as 2000 or so. There was a condo bust in the 80's and you could buy some condos for less money in 2000 than the early-1980's price.
For instance, I know of some condos in Eastpointe (a gated golf-club community) where the condos were still selling below 1983's price in 2004. Here is one example:
Pinewood
Sales:
1983: $93,000
1986: $90,500
1997: $52,500
2004: $90,000
All the other units in that same subdivision are the same way. You could buy for almost half the 1983 price in the early 1990's, and only recently have the prices gone higher than the original developer's price.
There are several similar examples in Palm Beach County. My grandmother bought a Divosta townhome in PGA National as an investment in 1981. Held it for 17 years. Sold it for the same price she bought it for. Although, I believe the rent was enough to cover the holding costs, so it wasn't terrible.
So, bottom line is, we could see that happen again. People "waiting for the market to come back" may be waiting a long time. Don't expect to see 2005's prices for a LONG time. I suspect it could be 2015 or later.
It amazes me that people have such short memories of the real estate market down here.
Does anyone have images of Jerry Seinfeld's dad living in Del Boca Vista?
Anyone know where you can get one of those astronaut pens?
anon said "There are several similar examples in Palm Beach County. My grandmother bought a Divosta townhome in PGA National as an investment in 1981. Held it for 17 years. Sold it for the same price she bought it for. Although, I believe the rent was enough to cover the holding costs, so it wasn't terrible.
So, bottom line is, we could see that happen again. People "waiting for the market to come back" may be waiting a long time. Don't expect to see 2005's prices for a LONG time. I suspect it could be 2015 or later.
It amazes me that people have such short memories of the real estate market down here."
anon,
Excellent point and comment.
I see the same thing in Lighthouse Point and Deerfield canal homes, where the sales prices DECLINED in some cases from the 1980's to 19990's. Not always, but often enough to not be a surprise anymore.
Maybe I will start keeping track of said properties and we can do a special section on them.
What do you think Admin?
This is off-topic a bit, but this would be interesting to keep track of.
There was a Palm Beach Post article in 2005 about some idiot from Ohio betting big in the Cabana Colony subdivision in Palm Beach Gardens:
Behind the housing boom: Investor buying up homes in neighborhood
Cabana Colony is known as the "hood" of Palm Beach Gardens. Obviously Palm Beach Gardens is a nice area, but Cabana Colony is the pits. White trash central.
Anyways, this guy bought up around 20 houses in this awful neighborhood at the top of the boom, thinking that the neighborhood would improve and the houses would be worth a fortune. I checked the public records and he took out a $4.6 million mortgage against these properties in 2005 with a balloon payment due in 2010:
Mortgage
I just read somewhere that there are a ton of foreclosures in that neighborhood now (no surprise). Anyways, this guy is going to lose a bunch of money on this bet. It will be interesting to see what happens when that balloon comes due.
NOTE TO ALL ANON POSTERS.
It would be terrific if you all would pick a name. You do NOT NEED to register or sign up to do that.
When you post, look at the "Choose an identity" radio buttons below.
Click on the "other" radio button and type in a "Name". Then click on "publish your comment". That's IT!
Simple, and you can change your name each time (how confusing is that). But still easier to cross comment than having 3 or 4 anon's out there.
I have a relative near this home, been empty for over a year, carrying costs probably exceeded 80k a year.
142 SWAN AVENUE, PLANTATION
10/5/2007 WD $700,000 44703 308
4/28/2005 WD $900,000
Does $423 per square foot seem a little high priced?
http://www.owners.com/Search/ShowListing.aspx?id=1973834
Is $100 a square foot a little more reasonable?
"NOTE TO ALL ANON POSTERS.
It would be terrific if you all would pick a name. You do NOT NEED to register or sign up to do that.
When you post, look at the "Choose an identity" radio buttons below.
Click on the "other" radio button and type in a "Name". Then click on "publish your comment". That's IT!
Simple, and you can change your name each time (how confusing is that). But still easier to cross comment than having 3 or 4 anon's out there."
I concur. I wish Blogger had a feature that forced users to insert a username, but it doesn't.
Hopefully, people will start using the "Other" feature more often.
Seems like a good deal. Back in the 80's though you could have bought an ocean front condo for that money so why so much for this one?
No matter, it's less than 100 bucks a foot and that about right. I think west boca in general SWF should be priced that way.
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