426 SW 4Th Av, Fort Lauderdale, FL 33315
- Multi-family: 3 units, each with 1 Bed and 1 Bath
- Bought in May 2004 for $265,000
- On the MLS for $247,900
- Loss before the Realtor® commission: $17,100
- Loss after the Realtor® commission: $31,974
Thursday, November 15, 2007
Today's F@cked Buyer (Ft. Lauderdale)
Thank you to "2l" for providing today's listing, our first multi-family listing. This is currently selling for 6% below its 2004 price (makes the FIU professor in Today's News look silly). What's really interesting is the massive difference between the listing price and the County's assessed value ($517,190).
426 SW 4Th Av, Fort Lauderdale, FL 33315
426 SW 4Th Av, Fort Lauderdale, FL 33315
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For some reason, this unit did not come up in a search on Ziprealty.com. Anyone have any idea why not? Ziprealty does show other multi-family listings.
For that reason, I didn't include the number of days on the market.
Admin,
I have stopped using ZIP's website for the same reason.
They do not show most of the waterfronts in Deerfield either.
I love their website, but question how incomplete their listing info is.
I don't think ziprealty claims to list all MLS properties. I think the owner or realtor has to agree to have the property listed on ziprealty's site.
you can access the mls through planet, but its limited. doesnt show days on market, price reductions etc. but.. its still up to date, not lagging like realtor.com click here:
http://webapps2.planetrealtor.com/idx/pkg_IDX.pr_IDXSearch?sStateID=FL&sUserType=S&sSearchStateID=FL&sSearchSource=X
A significant article in Bloomberg today discloses how much $$ the state of Florida has lost from investments in subprime backed securities. They've used pension $$ for this and not taxpayer funds. But, this looks bad for anyone who thinks there is going to be meaningful relief from real estate taxes I think.The state will want to make this up, and its got to come from us. Moving anyone?
http://www.bloomberg.com/apps/news?pid=20670001&refer=home&sid=a5r97PixUHkA
-HappyRenting
correction hope this works:
http://webapps2.planetrealtor.com/idx/pkg_IDX.pr_IDXSearch?sStateID=FL&sUserType=S&sSearchStateID=FL&sSearchSource=X
The mortgage taken on 5/28/04 was for $251,750 adjustable, initial rate was 7.35%. On 6/2006 it went to Libor plus 600 basis points but was capped at 9.35%. At time of foreclosure in was probably over 12%. This Donald Trump wanna be got his first foreclosure notice in December 04.
Deed, Mortgagne and Foreclosure notices
http://205.166.161.12/OncoreV2/search.aspx?bd=1%2F1%2F2003&ed=11%2F15%2F2007&n=walker%2C%20stanley%20samuel&bt=O&d=11%2F15%2F2007&pt=-1&dt=ALL%20DOCUMENT%20TYPES&st=fullname&vbt=M
Here's a guy that will be facing big problems. He bought a few houses between 2004-2006 now is facing foreclosure on one of them.
Listed for $300,000
http://homes.realtor.com/realestate/boca+raton-fl-33486-1084158069/
Purchased for $545,000 in June, 2005
http://www.co.palm-beach.fl.us/papa/aspx/SALES/search_results.aspx?styp=general&owner=DIMUSTO%20ALEXANDER&city=-1&zip=&method=owner&cidx=-1&adlfilter=
He has 5 other properties that are probably worth 60% of what he paid.
I have a realtor friend in Ft. Lauderdale, well, she is still a friend, but no longer a realtor. I have been in living in Marin County for years and keep telling her she need to move here.
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