Today's F@cked Buyer (Miami Beach)

Our first post of 2008 is a short sale in Miami Beach. Althought it was purchased only 13 months ago, it is being offered for 41% off of its last purchase price. It's still outrageously overpriced. No one will ever $850,000 for a 1,400 square foot 2-bedroom apartment with $900 of monthly HOA fees. The days of $600 per square foot are long gone. It's amazing that there was ever a day when some folks paid $1,000 a square foot for an apartment like this.

400 ALTON RD # 2209, Miami Beach, FL 33139

• 2 bedroom, 2 bath Condo
• Bought in November 2006 for $1,450,000
• On the MLS for $850,000
• Days on the MLS: 14 Days
• Loss before the Realtor® commission: $600,000
• Loss after the Realtor® commission: $651,000