2621 NW 79TH AV, MARGATE, FL 33063
- 4 Bed, 2.5 Bath Townhouse
- Bought in November 2005 for $466,000
- On the MLS for $309,900
- Days on the Market: 183
- Loss before the Realtor® commission: $156,100
- Loss after the Realtor® commission: $174,694
Wednesday, October 10, 2007
Today's F@cked Buyer (Margate)
Thank you to a reader for this foreclosure. This property has lingered on the market for 183 days, but the listing agent warns, "Hurry, this property will not last." The bank that is selling this property has reduced the price five times from its original listing price of $419,000.
2621 NW 79TH AV, MARGATE, FL 33063
2621 NW 79TH AV, MARGATE, FL 33063
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29 comments:
These homes need to go back to the $200k range. (circa 2001 pricing)
Who would spend that kind of money in that area?
Who spend that kind of money for a house that eats the damn lot
This is just another case where someone got 100% financing with absolutely no chance of paying the loan back.
This person took out a piggy-back loan in November 2005. She was foreclosed on by June 2006. She probably paid two or three payments (if that).
I have no idea why it took so long for this property to hit the MLS if they were foreclosed on so long ago.
Here's a good one in Lighthouse Point.
Bought for $1.35mil 1/29/2007
On the market for $849k Pre foreclosure since August.
MLS #: F864301
Almost $500k LOSS in 6 months!!
Here's another xtreme one.
Bought Dec 2006 for $1.46Mil
On mls now at $1.1 Mil Pre Foreclosure 42 days on market.
MLS #: F864296
It's a crappy neighborhood, not worth the money + no lot.
140 $/ft2
Clearly F864296 is a cash out scam. The LHP market was dead last Dec and the house would not have sold for more than $1M at that time.
You know LHP very well and every house has it's price. Unfortunately, this house will sell in the $800K range now.
Who was the buyer and seller in this transaction? I've noticed some of the same names keep re-appearing.
Here is a closed sale of a foreclosure at Fiore in Palm Beach Gardens:
3303 MYRTLEWOOD CIR E
Parcel #: 52-42-41-25-16-003-3030
Bought: Dec-2005 $201,000 (developer's price)
Re-sold: Sep-2007 $127,000
Decline in value of $74,000 or 37% in less than 2 years.
Who was the buyer and seller in this transaction? I've noticed some of the same names keep re-appearing.
Grantor=SABATINO,ADRIAN
Grantee=CHERISOL,VILER
If you suspect that, just do a search on bcpa by name. It will turn up every property in that name.
Decline in value of $74,000 or 37% in less than 2 years.
30-40% decline is pretty common now. Makes me think we will see 50-60% before it's all over.
140 $ / ft2
Is REMI Developers still in business? I noticed the web site is gone
Is REMI Developers still in business? I noticed the web site is gone
I don't know who they are, doesn't ring a bell.
Clearly F864296 is a cash out scam. The LHP market was dead last Dec and the house would not have sold for more than $1M at that time.
You know LHP very well and every house has it's price. Unfortunately, this house will sell in the $800K range now.
We went over and looked at it today, we figure $700k max.
I am in same position as you, I want a lhp house or deerfield but hve to sell my house first. belong to realtytrac, lots of foreclosures there but... 99.9 percent owe more than worth, I figured I could give somebody my house (paid for)and pay their mtg off but wont work since they all it seems have huge 110 % mtgs.we lots of ppl looking at our house, when we sell, my husband wants to rent for ayear. maybe not bad idea.
Anon said, "I am in same position as you, "
If you own your home free and clear, you are indeed fortunate.
If I were you, I would weigh the option of renting out the current home.
My home is under contract, but I had to give it away, quite literally. I accepted less than it cost me to build it in 2000. The value of the 6 acre lot was totally lost. The property appraised 50% higher than the selling price for my HELOC.
Now I am just hoping the buyer can get financed, although I did have another good offer the same week, and a third who did not want to ignite a bidding war, so if it falls through I could still have a deal.
Anyway, I don't see this market hitting bottom before 2009, so you have plenty of time to sell your home, although values are dropping quickly, so price it right.
At the current rate, I wouldn't be surprised to see LHP and Deerfield waterfronts in the $600's-700's by summer 2008.
Many are still clinging to the myth that builders are paying $1 mil for teardowns. So much BS.
If builders are paying $1 mil for teardowns in Lighthouse and Deerfield, then WHY are there so many nice liveable homes available for $700-900k?
What a crock!
There are so many new mansions on the market sitting empty its a joke.
There is one going up for auction next week. Was listed for about #4 mil, no buyers so they will auction it with a $2 mil reserve.
Beautiful! 28' ceilings, elevator, drop dead gorgeous!
But they are everywhere! Sitting empty like monuments of some ancient civilization.
Be careful of Jack Prenner, he is a bold faced liar. When I balked at the price of his open house, he claimed they were selling those homes for over $1 mil in 1993! I went home and looked them up and they were in the $300-400 range for the home we were in!
I guess thats why he's so successful, screwed lots of trusting buyers over the years.
Here's a good example of how to sell and how prices are going in LHP.
Bought for $560k in 12/02.
MLS #: F694622
Price Reduced: 03/14/06 -- $995,000 to $950,000
Price Reduced: 07/29/06 -- $950,000 to $929,000
Price Reduced: 08/31/06 -- $929,000 to $899,000
Price Reduced: 03/20/07 -- $899,000 to $885,000
Price Reduced: 07/15/07 -- $885,000 to $825,000
It's costing this guy $50-60K PER YEAR to hold this thing.
I bet you could buy it for $600k.
If not this year, let him get beat up another year.
Adrian Sabatino is a real estate Broker who buys and sells primarily in the LHP area.
140 sq ft, Are you looking for deepwater or waterfront in LHP?
Adrian Sabatino is Broker who owns Pinnical Real Estate Co. his partner is a man name Shawn cant remember last name. I know for a fact they were both heavily invested in waterfront homes in LHP area during the peak of the boom and were left holding some hefty overpriced properties.
"140 sq ft, Are you looking for €deepwater or waterfront in LHP?"
Not sure what distinction you are making.
Looking at NFB Canal front.
Not sure what distinction you are making.
Looking at NFB Canal front.
Just asking because you seem pretty knowledgable about the LHP area. I ask you because I will be looking in that area for a dry lot home in LHP very soon. I sold out in LHP 5/06 and bought a farm up in the mountains and we are planning on buying again in LHP.
What is a NFB?
NFBmeans no fixed bridge. yes 140 our house is free& clear. I cant tell you how many RE agents I contacted regarding trading my house plus cash and not one gave me a response. Now I wouldnt consider it. I live in one of those ritzy golf /yachting/intracoastal developments in jupiter. our house is newly renovated and has one of the lowest equity memberships that are no longer avail here. I dont want to rent it out cause I need the $ for new place and I dont want a mtg. ppl are buying houses here. and I must of had a 20 rental inquiries at 5k/month. we are fortunate in that we can wait.& yes you are right about the stuff these rltors tell you its amazing.there are according to rlty track 59 house in lhp that are preforclosure,auction&bank owned.
Here are some interesting buys in Lighthouse Point. NFB canal homes for $599k and $619k !
MLS # F771120 $599k
MLS # F 785469 $619k
Why are you picking on Jack and Cathy Prenner?
These poor soles who barely made $3 million per year during the boom are now embarrased to go out in public and face all the friends and neighbors that they milked, conned and lied to over the last 7 years.
Jack and Cathy need our sympathy!
Who would spend that much money to be in that area? Seriously . I wouldn't pay 150K for that. Heck, I bought my SFH in Palm Aire Village for less than 100K and even then the area was starting to go, Creole.
Jeez, this is all just crazy!
Hey Coin Guy!
The homes in LHP don't have wheels under them, unlike the ones in Palm Aire Village.
I thought coin guy was referring to the Margate repo?
I can't believe nor understand the comments about Jack and Cathy Prenner. As far as believe your comments, I have done 3 transactions with them since 97. They have been professional and straight with me in every instance. When I've asked for advice, I got good solid advice. As far as understand your comments, what is it that anonymous is saying. That Jack told him a house was worth the asking price? Isn't that a matter of opinion? Shouldn't every buyer do his own due diligence and reach his own conclusions. And lastly, anonymous? What a wuss! You ought to be ashamed of such hit and run tactics.
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