House # 1: 5264 E 3Rd Av, Oakland Park, FL 33334
- 2 Bed, 1 Bath SFH
- Bought in December 2004 for $196,500
- On the MLS for $190,000
- Days on the MLS: 473 Days
- Loss before the Realtor® commission: $6,500
- Loss after the Realtor® commission: $17,900
House #2: 2502 N 54Th St, Tamarac, FL 33309
- 2 Bed, 1 Bath SFH
- Bought in December 2004 for $168,000
- On the MLS for $179,000
- Days on the MLS: 473 Days
- Profit before the Realtor® commission: $11,000
- Profit after the Realtor® commission: $260
House #3: 227 Lakeview Dr Unit: 202, Weston, FL 33326
- 2 Bed, 2 Bath Condo
- Bought in April 1995 for $60,000
- On the MLS for $199,900
- Days on the MLS: 97 Days
- Profit before the Realtor® commission: $139,900
- Profit after the Realtor® commission: $127,906
House #4: 2121 E 32Nd St, Lighthouse Point, FL 33064
- 3 Bed, 2 Bath SFH
- Bought in December 2005 for $900,000
- On the MLS for $699,000
- Days on the MLS: 486 Days
- Loss before the Realtor® commission: $201,000
- Loss after the Realtor® commission: $242,940
New request: I am looking to add "buyers" like this 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.
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16 comments:
Looks like he had a condo and then went crazy buying 3 other units, thinking the boom would never end.
Music stopped and he's out of chairs.
The Lighthouse Point is one fixed bridge and you can find No fixed bridge homes in LHP and Deerfield for that now, so they need to come down another $2-300k on that one.
Hey, congratulate me, I closed on my home today! I had to bring $71k to the closing table, but I got it sold!!
I don't want to hear these sellers whining that it doesn't help to lower your price, I AM LIVING PROOF!!
Congratulations 140. If you had waited another year, you would have brought $171 to the table instead of $71. You're right, there's a buyer for almost anything as long as the price is right. I remember my neighbor not being able to sell his house a year ago saying "it's not about the price, there's just no buyers". I didn't even have the energy to tell him there's no buyers because of the price.
By the way 140, are you leaving the state, just moving down the road, or renting and wating it out?
el a,
I sold up north, the market there is not as bad (24 month supply). LOL
I will eventually buy in Fla, but I'm on the sidelines till 2008-2009 soonest.
You should introduce your neighbor to this blog.
I get so sick of hearing that same old lame excuse 'it doesn't matter if you lower the price, things aren't selling'.
I guarantee when the price hits the right level buyers appear. I had multiple offers during the worst month in history after 2 years of nothing.
Sellers who are 'waiting it out', will be waiting for YEARS. Banks foreclosures are just starting and they will dominate the market with low low prices for years to come.
My home sold for 20% LESS than the Realtors CMA (comparative market analysis) and 35% LESS than the last appraisal.
I had to convince the realtors to lower the price, they are hurting themselves by trying to keep prices up and please the sellers. Everytime I suggested to the realtor we drop the price she would resist. If I wasn't adamant about it, she would have convinced me otherwise. Lets face it, it doesn't take a LOT to dissuade a seller from lowering his price when the "Professional" thinks he can get more money! BTW I know many of you hate realtors. I have RE Sales License but since I am not active, (never sold a home in over 10 years since getting the license) I do believe a good realtor will earn their commission. I paid a tiered commission of 7% on the first $100k and 3% on everything over $100k.
el a, show this message to your neighbor, if he really wants to sell, he deserves to know the truth.
140 - you're damn right that if prices hit the right level that they will sell.
Give me a 2500 sq ft (living, not total) 3/2/2 in a NON GHETTO area, let's say Davie or Cooper City & let's have it sit on at LEAST a quarter acre lot (1 acre would be better, but hey we all have to start somewhere) and price it at about $200k & I will probably buy.
I have no plans to move for a LONG time.
140,
Congrats on your close. Sorry, to hear about your loss, but it's better that you're out.
I've had a few friends who have gone all the way to closing day on a "sale" only to find out the buyer's financing did not go through. It seems like that's been happening very frequently since the credit crash.
So, consider yourself fortunate that the closing actually happened.
Congratulations 140!
I have a friend with a home on the market now for two years in Mentor OH. He is very sorry that he didn't take out a HELOC or refinance to get his cash out previously. When he bought the house in '99 he put down 50% and he is certain he will lose most of it.
I agree with your comments about the one fixed bridge house in LHP. They need to go back to the $300K range to be realistic. I remember when the folks at Balesteri and the Prenners would not even give you the time of day if you were wanting/willing to look at a fixed bridge property.
I can't believe that even at the peak FB homes went for over $500K.
I recently discovered a $119k listing in my condo complex. When the listing agent returned my REALTOR's phone call she (a) thanked her for pointing out the mistake, as it should have been listed at $199k and (b) said that NOBODY had called her for the entire week the listing was at $119k. This is for a totally renovated ~1000 sq. ft. 2/1 unit that could easily rent out for $1200. So my conclusion is that price doesn't matter if demand is exactly zero.
Re: Price doesn't matter
P.S. Link to listing
http://homes.realtor.com/realestate/hypoluxo-fl-33462-1089431369/
Thanks for posting the link. If you go to Ziprealty.com (requires registration -- use a spam account because they will spam you), you can see the price history...
Date Listed: 09/21/07
Price Reduced: 10/25/07 -- $229,900 to $119,900
Price Increased: 10/26/07 -- $119,900 to $199,900
Not surprisingly, the Realtor® wasn't exactly truthful with you.
It was listed for a month at $229,00 and then she reduced it to $119,900. She increased the price to $199,900 after only one day at $119,900.
I imagine had she kept it at $119,900 for more than a day she would have generated significant interest and perhaps even a sale.
worthless realtors
Re: Price doesn't matter
According to the Palm Beach County Clerk's web site the owners financed their purchase with a ~$250k loan. It would make more sense for them to just walk away rather than go through with a sale at $119k. The unit is not in foreclosure as far as I can tell. Even so a $199k sale will realize a significant loss...
anon,
Even IF it was on the market for one week, thats hardly long enough to get the word out.
If you doubt that price wont sell in this market, then I challenge you to put your property out there for 20% BELOW the CMA of a reputable Realtor for a period of 3 months, a normal DOM for a normal RE market.
You WILL sell your property.
Now you can BS yourself, but you cannot BS us, and especially ME, since I just sold and closed using that technique.
Re: Price doesn't matter
Sure, I can sell my property if I give it away with a bonus pile of money. (I am willing to part with some cash to be out of here sooner rather than later.) Selling is entirely discretionary in my situation so I can just continue to live here and let the ongoing hyperinflation of the USD do its magic.
re price doesn't matter:
anon,
No one is saying it won't be painful, we are just saying that lowering one's price in this market WILL bring on a sale.
I had to take $71k to the closing table in a market that only appreciated 10-20% over the last 8 years. S Fla has appreciated 100-200% and in some waterfronts, 300%.
YOU do the math and tell me HOW low a seller must go to get a sale today. In my case, I got action at 20% BELOW the CMA the Realtor performed for me. In layman's terms, the Realtor did a Comparative Market Analysis when I listed. In their opinion, that was the price that would trigger a sale. I interviewed three Different Realtors and they were all within a few thousand of each other. I finally got action when I dropped 20% below that number.
Buyers ARE out there, but they need to see REAL DEALS to bring a sale.
Our economy has been driven by low interest rates and new construction for the past 10-15 years.
Those days are coming to an end and we don't know what's going to drive our economy.
I don't see a lot of sunshine for housing in the next 3-10 years.
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