1000 MICHIGAN AV Unit: 705, MIAMI BEACH, FL 33139
- 1 Bed, 1.5 Bath Condo
- Bought in March 2006 for $295,000
- On the MLS for $249,000
- Days on the MLS: 96 Days
- Loss before the Realtor® commission: $46,000
- Loss after the Realtor® commission: $60,940
Monday, October 8, 2007
Today's F@cked Buyer (South Beach)
The price on this South Beach short sale has dropped 16% in 18 months, but be prepared to pay $243 in monthly HOA fees. For those of you who follow South Beach, can't you do much better for a quarter of a million dollars than this place?
1000 MICHIGAN AV Unit: 705, MIAMI BEACH, FL 33139
1000 MICHIGAN AV Unit: 705, MIAMI BEACH, FL 33139
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18 comments:
Here is one I found.
Margate
Bought 11/4/2005 $466,000
(http://www.bcpa.net/RecInfo.asp?URL_Folio=484123230210)
MLS ID# M1135596
For Sale: $309,900
MLS R2837200 bought in 1984 for 122k, on market for 95k, 6845 willow wood #3046, boca raton,
Who in there right mind would buy a condo for that price on south beach. You could never rent it and break even...
4011 NE 31 Ave (Lighthouse Point)
mls F869269
4011 NE 31 Ave (Lighthouse Point)
mls F869269
That home is only worth 702k tops, its not even on the water!
If we were to go back to 2000 price and then add 5% for each year thats were we need to be. How much more money do we relly make compaired to then?
I have developed an ingenious system for determining if a condo is overpriced. This will blow your mind.
Here it is:
1. On a potential purchase, add up the mortgage interest, lost interest on the down payment (figure 5%/yr), property taxes, HOA fees, and property insurance.
2. Look up what similar units are renting for (Craigslist or MLS). Note that the numbers on Craislist are ASKING prices--almost no units end up fetching their asking price, so go with the lowest asking rent for a similar unit.
3. If the rent is lower than the cost of owning, it's OVERPRICED.
Simple, isn't it?
However, you may still be better off renting even if the cost of owning is slightly less, because there is going to be a MASSIVE glut of condos in Miami over the next 5 years or more. Prices should dip below even their fundamental values simply because there will be such a huge oversupply.
Plus, I don't see the tax or mortgage problem being fixed anytime soon. This market slump will last for years.
2333 N BAY RD, Miami Beach, FL 33140
MLS #: M1178791
List Price: $1,495,000
Last Sale: 02/21/07
Sales Price: $1,900,000
Love your site, keep up the good work.
Just wondering how do you find the HOA information on a property like you do?
Also, is there a good MLS website that you can recommend (free or paying site)?
You can email me at Wakeupbroward@gmail.com
Also, is there a good MLS website that you can recommend (free or paying site)?
Zip Realty is good, better search options than realtor.com.
Both sites work well. Most big RE Brokers have good search otions free on their sites.
ziprealty.com
Like 140 said, ziprealty.com & realtor.com are the best ones to use.
Realtor.com allows a more finite search than ziprealty does.
I use both. Realtor.com to find specific places, then ziprealty.com to see how long it's been on the market & how many price reductions (if any) it has had.
"ziprealty.com to see how long it's been on the market & how many price reductions (if any) it has had"
Keep in mind that many properties have been cancelled and re-listed with another broker several times. Sometimes the same broker will cancel and re-list a property to make it appear newer.
I doubt that would show up in a place like Zip Realty (I'm not sure, though).
I have direct MLS access, and even I have to dig a bit to get the real history on each property.
Is direct MLS access hard to get?
Do you need to be a realtor to have access?
Please advise.
"Do you need to be a realtor to have access?"
Yes. Or know a realtor that will let you use it.
Here is a doozie....
9260 SW 71 ST, Miami, FL 33173
Bank Owned
MLS #: M1145203
Listing history...
Reduced: 05/22/07 -- $802,500 to $716,000
Reduced: 07/03/07 -- $716,000 to $680,500
Reduced: 07/29/07 -- $680,500 to $626,500
Reduced: 08/19/07 -- $626,500 to $620,000
Original Sale Date: 12/2005
Sale Amount: $750,000
Currently listed at 148 per sqft.
The next door neighbor at 9250 SW 71 ST bought a 1708 sqft house for $469,000 (or $275 a sqft) in May of this year. She is looking at a paper loss of of over 215k+. Yikes. I wonder if she just turns in the keys now. How much is 7yrs of bad credit worth? Never a good thing to catch a falling knife. Then again, this could be a case of mortgage fraud, and we shall see this become a first payment default.
"ziprealty.com to see how long it's been on the market & how many price reductions (if any) it has had"
I like the search funcions zip has.
For instance, you can search by map with a corresponding list of properties in a given neighborhood.
I don't even use realtor.com anymore.
Anonymous said...
4011 NE 31 Ave (Lighthouse Point)
mls F869269
There are numerous canal front homes within 1/2 mile radius for sale for $2-300k LESS than that one. Come on, across the street from a canal is NO claim to fame.
Pretty home, great area, ridiculous price.
4011 NE 31 Ave (Lighthouse Point)
mls F869269
I was mistaken about that one, it is on the water. But the rear yard faces west, not as desirable as an east exposure.
Next year I say $650-700k.
140
I agree. East exposure on the canal is worth $50K more than West. The folks facing West don't use their backyards April thru Nov.
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