539 EDGEBROOK LANE, West Palm Beach, FL 33411
- 6 Bed, 5 Bath SFH
- Bought in December 2005 for $1,045,000
- On the MLS for $699,000
- Days on the MLS: 11 Days
- Loss before the Realtor® commission: $346,000
- Loss after the Realtor® commission: $387,940
Thursday, November 1, 2007
Today's F@cked Buyer (West Palm Beach)
This short sale is listed for 33% less than its late-2005 purchase price. It's interesting to see how lenders are becoming much more aggressive on pricing their short sales. The lenders seem much more willing to take significant losses like this early in the selling process.
539 EDGEBROOK LANE, West Palm Beach, FL 33411
539 EDGEBROOK LANE, West Palm Beach, FL 33411
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27 comments:
Apparently new construction in 9/2005
First owner paid $800k
3 months later this Einstein pays $1+mil.
But why is the tax base $700k and taxes only $12k?
Guys when will i find a good deal in cooper city?
Engle Homes is touting LUXURY TH in Cooper City from the LOW 400s.
140 dollars,
Given that you are focusing on purchasing a Deep Water, No Fixed Bridge home in LHP, do you believe 140 dollars per sq foot is every likely again? I purchased two such homes in LHP (one in 98, one in 99)and looking back, they were both bang on $140. These were liveable 3/2's. I purchased another liveable 3/2 in Sept. 01 and paid $206 per.
Hope you are right and the $140 opportunity comes around again but I would gladly buy today at $206 again.
I'm more interested in no HOA and some space to park my boat in cooper city, 400k is way out of my leage. I need somthing around 250k. At 400k i would have to work to much and not enjoy the boat or life.
Steve S
ja,
When I adopted the handle 140, I was looking at homes in Coral Springs and Parkland. I actually started at 170 or 180. We are seeing homes in those markets well below 140 now, but I have grown attached to the handle. Posters have suggested I may want to change it to 110. LOL
Anyway, I would never have thought to see NFB homes at $140, but since I would not be shocked to see prices drop back to 2000 levels, and based on what you are telling me, who knows? It seems a little low, but then again, I waould not be surprised if we started seeing them in the $300-400's.
Then again, I imagine many of those homes have had considerable updating since 1998.
Curious, could you post a couple addresses I can run on the bcpa?
Most of the ones I have run were in the $300's in 1998-99.
to 140 dollars
10201 SW 50TH CT
COOPER CITY, FL 33328
MLS ID# H834047
4995 SW 93Rd Av
Cooper City, FL 33328
MLS ID# F843293 --- however this one is across the street from duplex's - i am not interested
then there was this that was going in a shot sale, i offered 230k and was told that i was beat for 250k. This was 2 months ago, its still in the same owners name, never sold. WHY!
http://www.bcpa.net/RecInfo.asp?URL_Folio=504132031500
steve s
http://www.bcpa.net/RecInfo.asp?URL_Folio=504107132820
10720 SW 10Th Ct
Davie, FL 33324
MLS ID# F864298
What happened here, did the bank buy it back?
Someone should tell these home sellers, or the newspapers that write stories, that if a Seller wants to sell a house drop the price, not buy and bury a St Joseph statute. Geez.
Admin SFHB,
There's an excellent article in Fortune Mag about projected RE price declines.
http://mag1.olivesoftware.com/ActiveMagazine/welcome/Time/Fortune/TFM-12-November-2007SGRVPS.asp
Everybody,
Find Fortune Magazine online. It is a little harder to locate since it goes through 'olivesoftware' instead of it's own name, but the extra effort is worthwhile.
An excellent article about RE prices in major metro areas including Miami, Ft Laud, Orlando, Jacksonville, Tampa and dozens of others.
They are predicting a 37% DROP in Lauderdale off 2007 prices!!!
And their logic is unique and makes sense.
Here is what I got when I goggled fortune magazine.
Fortune Magazine - October 29, 2007
To read the magazine please click on the magazine image below. Fortune Magazine - October 29, 2007. Copyright © 2000-2004. Olive Software Inc. All Rights ...
digital.fortune.com/ -
Hey Anon,
Re: 10720 SW 10Th Ct
Davie, FL 33324
MLS ID# F864298
It's not possible to know exactly what happened regarding this property but one thing is evident. The lender did not buy back the property. If I were to guess I would say that the owner was transferred by the company he/she worked for. The company agreed to buy the employee's house. The purchase price ($363,500) was probably set very early in the year. The current list price is more reflective of today's value.
Other possibilty:
The house is titled to the Prudential Relocation Service so there may have been a prior listing with a buyout guarantee.
This is ONLY a guess so don't hold me to it.
Interesting article in the Palm Beach Post today:
Recession symptoms near fever level
I think I've posted this one before, but the price keeps dropping:
2368 Center Stone Ln
Riviera Beach, FL 33404
MLS ID# R2855787
Bought: Aug 2005: $280,000
On market now at: $142,900
$137,000 reduction
49% decline in price before selling costs
Didn't think I'd see prices 50% off anytime soon. Looks like we're already there in some subdivisions.
pb,
Good one. I was talking to one of the more successful Realtors in Lighthouse Point today and he told a tale of a home (waterfront) that was on the market for $3.2mil, reduced to $2.1. They got an offer for $1.4 and countered at $1.7. Don't know the outcome, but I looked up the property on bcpa. The people paid $1.95 mil in 2001.
Interesting they are prepared to take pre 2001 pricing!
I also noticed numerous waterfronts in LHP and Deerfield in the $700's and 800's.
A year and a half ago they were all DEMANDING $1.1-1.4mil in those areas.
Can't wait till summer! It should get REAL interesting!
Boris Badanoff, What happened to fearless leader, he is in Europe again? LOL
Really where is 'the man'. I enjoy reading this blog and miss the updates. Hope nothing is wrong with SoFlaHousing.
its time that he hands the torch to 140 dollars
Anonymous said...
its time that he hands the torch to 140 dollars
Re to Anon,
That's a scary thought! LOL
I'm more of a "town crier" than a reporter.
I am good at copy and paste to the SS threads, but I'm running out of new material.
Let's discuss this article then
Fortune Housing Market Article
We need something new to talk about, other than the fact that I hate how the only thing I can "afford" without sacrificing my lifestyle is a condo :|
re fortune: fortune didnt take into consideration, oil is 100 barrel or soon will be, our money is worth less than the canadian dollar, first time in 50 yrs, and we are on verge of major recession in my view.
Looks like even George Perez's ICON is getting hit too, 450 Alton Rd. Miami Beach Unit 808 listed for 550K on 9/07 purchased on 12/05 for 590K uh oh....
Anybody know when this website will be updated again?
Last entry was Nov. 1st
Here's some good news.
I just signed up for Realty Trac, and in an hours time tonight I have found about 6-8 ocean access homes in Deerfield and Lighthouse point that have become bank owned in the past 6 weeks!
Things seem to be picking up steam.
There are 413 bank owned homes in Lighthouse Point alone.
Interesting, the first waterfront I looked at in Deerfield is now bank owned, I bet I could buy it for $2-300k less than the f@cked buyer paid.
Patience pays!
That is a hard site to use though, and at $50 a month not cheap.
WOW, things are getting bad. A good friend of mine is looking for the repo man that’s coming to get his Mercedes, the guy is a electrician. He had a nice business going and grew from 2001to 2006, he told me I was stupid for putting all that cash away and not getting a huge home. Well he now wants to know what he can do about the money problems he got himself into = big mans not so big anymore. Me, I’m in the insurance defense business, no worries here. But things are getting worse everyday, a lawyer tried to talk me into cutting my bill in half, it was only $300. That has never happened to me for such a small amount in ten years of business. Then take a look at the crime, two cops dieing a month in broward - I’m buying some new guns.
But yes the housing market needs to come down another 25%. If I was to buy a home today for 300k, it would cost 2800 a month. That doesn’t cover insurance and taxes. However I could rent a nicer home today for 2200 a month, something is not making sense. If I was to save the money and put the extra money away I would be way ahead of the game in ten years – probably have more cash then someone who purchased today and waited ten years. Does the American dream ever come true?
PS We still have not seen the glut of foreclosures that are going to hit the market, they are still tied up in the court system..
140
Ill split it with you, contact me at sykespi@bellsouth.net
re realtytrac, I have belonged to realtrac for almost a year, yes the site is hard and labor intensive and some of the information isnt exactly correct,
Ifound several instances that I knew about personally that the info was old and no longer valid but its still worth it in my opinion. where else are you going to find this info?? I am thinking about bldg rather than buy a renovtd 1970 box. if I can find a wf lot for in the 5's and build a house for in the 3's I am ahead, lots of hungry contractors out there now. have 2 sets of ppl coming back @ my house. bldr here still buying up property & paying too much in my view.
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