2025 BRICKELL AV # 306, Miami, FL 33129
- 4 Bed, 4 Bath Condo
- Bought in August 2005 for $1,000,000
- On the MLS for $509,900
- Days on the Market: 43
- Loss before the Realtor® commission: $490,100
- Loss after the Realtor® commission: $520,694
Wednesday, November 14, 2007
Today's F@cked Buyer (Brickell)
It's simply amazing how many REOs I've been seeing from Deutsche Bank. Either they're getting clobbered by the South Florida market or they're simply quicker at getting their repossessed properties listed (maybe it's both). This Deutsche Bank-owned foreclosure is being offered for 49% off its 2005 purchase price. If this sounds like a bargain, keep in mind the monthly HOA fees on this property is a stunning $1,360 per month.
2025 BRICKELL AV # 306, Miami, FL 33129
2025 BRICKELL AV # 306, Miami, FL 33129
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16 comments:
DEUTSCHE BANK holds title to 144 properties in PB county as of this date. They are the leader with US Bank(82) and Wells Fargo(51) trailing.
Even the rich are getting hit:
http://blogs.wsj.com/developments/2007/11/13/eight-figure-property-hits-the-foreclosure-auction-block/
This from todays Post
Thursday, October 25, 2007
The housing decline has been under way for more than a year, and analysts say it could be at least another year before the market plateaus, based on September existing-home sales reports.
The median price for an existing single-family home in Palm Beach County dipped to $355,300 in September, down 3 percent from $365,500 in September 2006, as sellers continued to hold out for their asking prices despite heavy market pressures. The number of homes sold in the county fell 17 percent, to 471 from the 566 homes sold in the same month one year ago
In Martin and St. Lucie counties, the news was even worse. The Treasure Coast posted the second-steepest home-price decline in the state. The median price plunged to $202,000, off 17 percent from a year earlier, when the median was $244,300, the Florida Association of Realtors said Wednesday.
"The number of homes sold in the county fell 17 percent, to 471 from the 566 homes sold in the same month one year ago"
At some point, the sales can't get much worse. I think we're close to that point now. HOWEVER, even if sales stayed steady or increased a bit, if the inventory of homes available keeps growing or stays high, prices will still come down.
But you just know that in a few months if sales have a year over year increase (which they will at some point), all these real estate cheerleaders will be screaming "it's here!! we've hit bottom! back to partying!".
The true gauge of the market is not number of sales, but rather the supply vs demand. That is best measured by "months of inventory". And that number continues to go up. Even if sales experience a YOY increase, if the inventory is still really high, prices will still fall.
It's basic economics--price is determined by supply and demand. The local papers seem to exclusively focus on demand. I expect as prices fall, sales will pick up. But as long as you have more supply than demand, that price decline will continue.
A bottom in 2008 in terms of prices declining is VERY wishful thinking. I personally feel it will be at least a few more years. Prices are still nowhere near fundamentals. When you can buy a property and rent it out to completely cover its holding costs, ONLY THEN should we be talking about a bottom.
Shiller: Housing Market Is Nowhere Near Bottom
had a sub prime group also, MortgageIT.
this place was posted on 26 Aug on this blog. At that time, it was listed for around 690k.
Drunken,
Thanks. I try not to add any repeats. I guess I missed on this one.
W Miramar, it seems like every fourth home there is in foreclosure.
Another DB property. Multifamily this time. Huge difference between assessed and MLS price.
http://www.bcpa.net/RecInfo.asp?URL_Folio=504210013570
On the MLS
http://homes.realtor.com/map/search/listingdetail.aspx?zp=33315&typ=4&sid=1a66a633442e4fedb9f9a9e694265cef&sdir=0&sby=1&lid=1091410036&lsn=1&srcnt=57
This is a 3 family right next to downtown.
One thing for sure, the days on the market is 80+, not 43. On a different blog, someone went in the place and said it need a refurb to the tune of 100k. The current price is 193 / sq ft.
Just looked up DEUTSCHE in BCPA, 371 listings, lots of Ameriquest and Argent.
Loans were to condo conversions and lower priced homes, mostly.
Looks like it's going to be a lot worse for them
I just checked a few of the Deutsche Bank listing. They weren't the lender, they are the trustee for the RMBS certificate. In the case of the property I just listed, Countrywide was the original lender.
Yes, as was mentioned in a previous post, Deutsche Bank is simply the trustee for a large number of Residential Mortgage Backed Securities ( RMBS ). They are not the actual lender. The loans are packaged by investment banks and then sold off in pieces with various risk profiles. The these pieces or tranches are sold off again in CDO's. ( collaterized debt obligations )
Yes, as was mentioned in a previous post, Deutsche Bank is simply the trustee for a large number of Residential Mortgage Backed Securities ( RMBS ). They are not the actual lender. The loans are packaged by investment banks and then sold off in pieces with various risk profiles. Then these pieces or tranches are sold off again in CDO's. ( collaterized debt obligations )
Deutsche Bank is a large servicer of securitized loans.
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