15348 N 80TH DR, West Palm Beach, FL 33418
- 3 bedroom, 2 bath SFH
- Bought in June 2005 for $350,000
- On the MLS for $257,500
- Days on the MLS: 26Days
- Loss before the Realtor® commission: $92,500
- Loss after the Realtor® commission: $107,950
Monday, December 3, 2007
Today's F@cked Buyer (West Palm Beach)
The foreclosure in Palm Beach Country Estates is selling for 26% below its 2005 purchase price.
15348 N 80TH DR, West Palm Beach, FL 33418
15348 N 80TH DR, West Palm Beach, FL 33418
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4 comments:
i would to know what they paid in 1980 for a frame home the listing says 2000sq/ft under air but the picture shows a two car garage and no ac i wonder if this was a cash back deal in the first place the first bloated appraisal and on and on and on
I'm familiar with this neighborhood. Vacant, unimproved acre lots were selling for over $300k at the peak.
So, there is nothing fishy about this deal. Just an attempted flip that didn't work out.
pb, this home was built in 1980 the price of an acre was $10,000 more or less,the building materials seems to be of economy class it would be interesting to know the provenance of how it came to be worth $350,000 the history of owners button didn't work on the property appraiser's page so if it worked we would know
What does it matter what the cost was to build this house in 1980?
In 2005 (and early 2006), vacant lots were selling for over $300k in this subdivision. That's the price before fill (another $30k or so extra) and clearing. Homes under $400k were very rare at the time. Even now (after the market decline) vacant lots in this subdivision are still selling in the $200-250k range.
So, to get a cleared, filled lot in this area with a house on it for about the same price as a vacant lot probably seemed like a good deal at the time.
This house used to be wood siding exterior. This last owner stuccoed the outside of the house (presumably to make it more marketable). Why would you go through the expense and hassle of improving the property if you were planning to walk away from it?
Again, this is just a failed flip--not a mortgage fraud. I think too many people are looking for fraud where there is none.
The vast majority of foreclosures are simply failed flips. The investors thought the value would go up and they could sell it for a profit but instead the value went down.
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