It's been an interesting year to say the least.
2464 NE 22ND TERRACE, Fort Lauderdale, FL 33305
- 3 bedroom, 2 bath SFH
- Bought in July 2006 for $1,300,000
- On the MLS for $630,000
- Days on the MLS: 59 Days
- Loss before the Realtor® commission: $670,000
- Loss after the Realtor® commission: $707,800
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12 comments:
This is a $630,000 home, and there's one picture on the listing. A lot of the MLS listings on the SFHB site have one or zero pictures. WTF???? If I was selling something for $630,000 I'd have 800 pictures of it on the site. I just listed an old army helmet on ebay for $300, and I put 12 pictures up. Does anyone know what's up with the no picture/no description high-dollar listings?
oh, and I see Wachovia owns this one. No worries, I have $1,341.42 in my Wachovia checking account, which they've invested somewhere to offset their $700,000 loss.
The banks approach to marketing defies all logic.
They act like their doing buyers a favor.
Real primadonnas on some kind of power trip.
They apparently spend nothing on marketing, nothing on cosmetics, nothing on repairs, make ridiculous demands on potential buyers and ask too much money.
I look for this market to soften them up as well.
This appears to be a halfway decent deal. I'm not real familiar with the area, but the last sale shown was 2004 for $745 in March 2004.
So this price is circa 2003-not bad.
I keep predicting circa 2000-2001 before its over.
I'll check it out next week when I'm back in town.
When you talk about 2000/2001 prices, do you adjust for inflation?
I bought my house in 2001 for around $150,000 (1500 sq ft under air). The houses now in my old neighborhood, with realistic prices, are ranging between $250,000 and $300,000. I think when the price range reaches between $175,000 and $225,000, we can start talking about a market bottom.
Great to have you back!
Interesting...the MLS realtor history shows no sales back to at least 2000. However, the tax records show sales in 2004, 2005 and 2006? Three great "by owner" sales! Makes you wonder.
I think that you would have to adjust for inflation when figuring a market bottom.
Although, there is such an oversupply in some areas (Miami condos), that you could easily see nominal prices go back to the 2001 range as well.
However, in most areas, I think using the rent vs buy formula would be a better gauge. If you can rent an equivalent house or condo for less than it would cost to buy, don't buy. When buying becomes cheaper or at least equivalent, then a bottom could be discussed.
What happened to this blog, did it die?
It's nearly May (ie five months since this post, almost), and the house is listed at 599K.
If it still belongs to the bank, the bank is an ass not to lower it more. With the current bust and general consumer malaise, it's insane to list THAT house (with one pic only..still!) for more than half a million.
I don't give a fat fig if it has a waterview. It's too expensive.
Mir
wanna see fucked buyer?????
from the BCPA web site....
We are all fucked!!!
SHORT SALES, FORECLOSURES, ASSESSMENTS AND YOUR 2008 TAXES.
If you purchase a property in a foreclosure or short sale, your actual
purchase price may not reflect the just (market) value used for determining
your taxes. Instead, Florida law requires our office to use the reasonable
market price of a sale of similar homes in your neighborhood (or a similar
area) sold under normal financial conditions to determine the assessment.
Regardless of your 2008 purchase price, assessments in Florida are done a
year in arrears. This means your 2008 assessment is based on the sales in
your neighborhood (excluding foreclosures, short sales and non-arm's length
transactions) between January 2, 2007 and January 1, 2008.
I can not believe people are not up in arms over this. Why is this not on the news? I would think that more people who are trying to buy now would be screaming bloody murder on this! If you are buying, I would make sure that the taxes are accounted for in the purchase price you settle for!!!!
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