I wonder if these F@cked Buyers realize that there are thousands of brand new townhouses going up in the area -- all being offered at prices below their listing prices. But, you need not worry, the listing agent advertises that the unit is being "priced below market." Miramar and Pembroke Pines are toast.
Townhouse #1: 2412 CENTERGATE DR # 202, Miramar, FL 33025
- 3 Bed, 2 Bath Townhouse
- Bought in January 2006 for $356,600
- On the MLS for $224,900
- Days on the Market: 18
- Loss before the Realtor® commission: $131,700
- Loss after the Realtor® commission: $145,194
Townhouse #2: 2424 CENTERGATE DR # 203, Miramar, FL 33025
- 3 Bed, 2 Bath Townhouse
- Bought in January 2006 for $338,600
- On the MLS for $224,900
- Days on the Market: 18
- Loss before the Realtor® commission: $113,700
- Loss after the Realtor® commission: $127,194
New request: I am looking to add "buyers" that have multiple distressed properties for sale. If you know of any, please provide a link or MLS listing to one of their properties. I want to highlight some of speculators that were caught holding multiple properties.
Stumble It!
11 comments:
3br, 2ba, 1-car garage, built in '04, in the low 200's (asking price, could probably buy for high 100's), did South Florida real estate become affordable overnight?
The HOA in this complex, which includes structural insurance, is just under $400 a month.
The property tax on this units is just under $500 a month if it is homesteaded.
That's $900 a month BEFORE you pay a cent on your mortgage or buy content insurance.
If you put 10% down on a 30-year fixed at 6.5%, you'll be paying around $1200 a month in PI -- $2100 total.
The median household income in Broward County is right around $43,000 per year.
This would mean that the median household would have to dedicate 59% of its income to support this house.
And before you say that not everyone should be able to afford a brand new 3/2/1 townhouse in Miramar, keep in mind that the median price home (SFH & Condo) in South Florida is $315,000 -- far more than these units.
South Florida is still far from affordable for the vast majority of its population.
Way too much money for a condo, condos are for the poor or the old. Condos are not for children and for 2100 a mounth, you could rent a home for less than that...
Steve S
Did you see the photo of the interior? Looks worse than an "execu-stay" suite hotel (the cheap ones on the freeway) that boasts a kitchenette.
I don't usually make fun of stupid people but man, $350K x 2 for these dumps?
Makes you wonder how they get to work and back every day without getting rolled by every Nigerian official looking to get money released from the government. . .
This complex is absolutely full of F@cked Buyers. I went to Ziprealty and counted 67 units listed on the MLS for sale.
In addition, the builder is still selling units. Here's their website:
Aventine Condos
The builder is offering free HOA for a year, 100% financing, and probably prices that are WELL below those that the current owners paid. Why would someone buy from these sellers when the builder is still undercutting them?
I hear you gator ted, but the HOA+property tax+property insurance calculation you did is going to be true of any property. Insurance and HOA have nothing to do with a housing bubble, and even if property tax is only $300/mo, it's still adds up to $700/mo before P&I. So in this scenario, housing will never become affordable no matter what home prices do.
Insurance certainly does have plenty to do with the housing bubble. Insurance rates are at least partially determined by the value of the property. When these places are selling for half the price, I imagine that insurance will be reduced by around 33%.
I think by the time we bottom out, places like this will be selling for around $125,000 (as they were in 2001/2002). When that happens, this same place will have a PI of around $700 a month (keeping the 10% down assumption).
The property tax assessment will be half on a $125K property, but I expect milage rates will start creeping up as assessed value drop. So, we can assume $300 a month.
The HOA will probably drop to $350 with insurance savings following the devaluation.
This puts the new PITI+HOA at $1350.
At that price, it will take 37% of a median household's income to pay the PITI+HOA. That's not exactly great, but it starts to approach affordability.
More importantly, at $1350, it start to approach current similar rents.
In this part of Miramar, you can currently rent a similar condo for around $1200 a month -- maybe $1300 with the garage.
That how it used to work for 50+ years here in South Florida; back then rents usually ran around 95% of paying a similar unit's PITI+HOA.
Things just got wacky for the past six years and are finally starting to correct themselves.
LOL
Going Down, Floor Please?
The prices are already DOWN $5k to $219,900!
What a cheesy website the builder has! LOL
No decent pics.
Makes one wonder if the units are just as cheesy.
I have a question for you all. According to the new proposed tax plan (if it passes in Jan) Lets say I purchase a cheap shack similar to the one f@cked buyer in Pompano for the sum of the $79,000, then I homestead said property for a year and sell it next year. My question is could I buy my dream house over on the intracoastal for a million dollars and pay the same taxes as I was paying on the $79,000 crack house?
Sorry Pricecrash... the short answer is NO. You will most likely be able to transfer an amount equal to the Property Appraiser's assigned 'Total Market Value' on your old house minus it's 'Assessed Value' to the new property.
Also... I know you didn't imply that you would actually buy the condo in Pompano but the listing is actually a short sale. The owner is mortgaged at 100% of purchase price. NO WAY the mortgage holder will forgive that amount of loss. They will most likely foreclose and take their chances at auction or REO later.
BTW... there are many such listings on the market now. If a listing is priced much below similar properties in the neighborhood there's a good chance it's a short sale.
Post a Comment