Today's F@cked Buyer (Coral Springs)

This is a classic F@cked Buyer. At the end of 2006, this couple bought the house using a 80/20 piggy-back loan -- of course, with no money down. The primary mortgage was an interest-only ARM. What's interesting about this house is the timeline of the inevitable foreclosue. First, the ARM was not due to reset until January 2009. So, the homeowners defualted long before the loan ever reset.

The homeowners received their notice of default (Lis Pendens) of February 22, 2008. The final judegment on the case was on April 22, 2008 (surprisingly fast). However, the house is just now being listed on the MLS -- nearly 11 months after the first notice of default and probably 14 months after the couple missed their first payment.

Now the house is being sold for 55% off its original late-2006 purchase price.

11061 NW 41ST CT, Coral Springs, FL 33065

• 4 Bed, 2 Bath SFH
• Bought in December 2008 for $387,000
• On the MLS for $174,800
• Days on the Market: 2
• Loss before the Realtor® commission: $212,200
• Loss after the Realtor® commission: $222,688
  

New request: I am looking to add "buyers" that have multiple distressed properties for sale. If you know of any, please provide a link or MLS listing to one of their properties. I want to highlight some of speculators that were caught holding multiple properties.

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

Today's F@cked Buyer (Fort Lauderdale)

Our final F@cked Buyer post of 2007 is short sale being offered for 52% off its 2006 purchase price. It is also well below a previous purchase in early 2004.

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

Today's F@cked Buyer (NW Miami)

Check out this pictures of this crack house. Think about it; at one point an appraiser went to this house and deemed it worth $135,000. Perhaps the appraiser smoked some of that crack when he was making his assessment. Now it has been repossessed by the lender and is being offered for 50% off that 2006 purchase price.

1763 NW 68 ST, Miami, FL 33147

• 3 bedroom, 1 bath SFH
• Bought in March 2006 for $135,000
• On the MLS for $68,000
• Days on the MLS: 45 Days
• Loss before the Realtor® commission: $67,000
• Loss after the Realtor® commission: $71,080

Today's F@cked Buyer (West Palm Beach)

It's getting relatively easy to find condos and townhomes in Palm Beach County being offered for half off their 2005/2006 purchase price. Here's another one. This short sale is being offered for 49% off its 2006 purchase price. I remember when people used to laugh at me when I told them that we'd being seeing 50% price cuts.

160 LAKE GLORIA DR # 1600, West Palm Beach, FL 33411

• 2 bedroom, 2 bath Townhouse
• Bought in February 2005 for $147,980
• On the MLS for $75,000
• Days on the MLS: 241 Days
• Loss before the Realtor® commission: $72,980
• Loss after the Realtor® commission: $77,480

Today's F@cked Buyer (West Palm Beach)

I covered another unit in this development back in September. That owner was f@cked, but this one is more severely f@cked (mainly due to the passage of time). This unit is being offered for 47% off its 2005 purchase price.

4271 SAN MARINO BLVD # 208, West Palm Beach, FL 33409

• 1 bedroom, 1 bath Condo
• Bought in February 2005 for $139,900
• On the MLS for $73,900
• Days on the MLS: 34 Days
• Loss before the Realtor® commission: $66,000
• Loss after the Realtor® commission: $70,434

Today's F@cked Buyer (West Palm Beach)

At one point, this F@cked Buyer thought it was prudent to pay $163,453 for a one-bedroom apartment in marginal area of West Palm Beach. Now that an inkling of sanity is returning to our market, this unit is being offered for 55% off its 2006 purchase price.

738 EXECUTIVE CENTER DR # 36, West Palm Beach, FL 33401

• 1 bedroom, 1 bath Condo
• Bought in January 2006 for $163,453
• On the MLS for $72,900
• Days on the MLS: 130 Days
• Loss before the Realtor® commission: $90,553
• Loss after the Realtor® commission: $94,927

Today's F@cked Buyer (North Miami)

This property exemplifies the housing bubble. Nearly every unit in this complex is either in foreclosure or is already bank owned. Amazingly, someone actually paid $140,000 for this studio apartment. Now the lender is trying to sell if for half its price 2006 purchase price. I wonder how the HOA in building is doing trying to collect monthly fees.

2005 SAN SOUCI BL # 104, North Miami, FL 33181

• 0 bedroom, 1 bath Condo
• Bought in April 2006 for $140,000
• On the MLS for $69,900
• Days on the MLS: 10 Days
• Loss before the Realtor® commission: $70,100
• Loss after the Realtor® commission: $74,294

Today's F@cked Buyer (Miami - Brickell Area)

If you're going to lose money on real estate, you might as well go out large. Since this is being offered as a short sale, the lenders will probably lose more than $1.75M on this transaction. It's being offered for 49% off it March 2006 purchase price. HOA on this property is $1,700 a month and taxes are another $50,284.20 per year.

1331 BRICKELL BAY DR # 4211, Miami, FL 33131

• 4 bedroom, 4.5 bath Condo
• Bought in March 2006 for $3,425,000
• On the MLS for $1,750,000
• Days on the MLS: 17 Days
• Loss before the Realtor® commission: $1,675,000
• Loss after the Realtor® commission: $1,780,000

Today's F@cked Buyer (West Palm Beach)

There's a bonus on this foreclosure; the F@cked Buyers left the furniture behind when the lost their house. It's now being offered for 41% off its purchase price, furniture and all.

406 SHEFFIELD Q, West Palm Beach, FL 33417

• 2 bedroom, 1 bath Condo
• Bought in December 2004 for $85,000
• On the MLS for $49,900
• Days on the MLS: 45 Days
• Loss before the Realtor® commission: $35,100
• Loss after the Realtor® commission: $38,094

Today's F@cked Buyer (Boyton Beach)

The significant price drops in Palm Beach County are happening at every price level. This one-bedroom condo is being sold fro 39% off its 2005 purchase price.

1837 MEADOWS CIRCLE # 1837, Boynton Beach, FL 33436

• 1 bedroom, 1 bath Condo
• Bought in October 2005 for $138,700
• On the MLS for $84,900
• Days on the MLS: 19 Days
• Loss before the Realtor® commission: $53,800
• Loss after the Realtor® commission: $58,894

Today's F@cked Buyer (Boca Raton)

I remember being told by colleagues that prices may come down in many South Florida neighborhoods, but not in desirable neighborhoods lie Weston and Boca Raton. Well, we're now seeing significant price drops in both areas. This home in Boca's St. Andrews development is being offered for 40% off its December 2004 purchase price.

7415 FENWICK PL, Boca Raton, FL 33496

• 3 bedroom, 3 bath SFH
• Bought in December 2004 for $899,000
• On the MLS for $535,000
• Days on the MLS: 19 Days
• Loss before the Realtor® commission: $364,000
• Loss after the Realtor® commission: $396,100

Today's F@cked Buyer (Davie)

You've got to wonder about some of these deals. This was purchased in 2006 for $998,900. Only 11 months later, it was sold for $1,250,000. In other words, it went UP over 25% at a time when virtually every other home in Broward County went down by 10% or more. Now, it's being offered as a short sale for 33% off the latest purchase.

4335 SW 141ST AV, Davie, FL 33330

• 3 bedroom, 4 bath SFH
• Bought in January 2007 for $1,250,000
• On the MLS for $800,000
• Days on the MLS: 47 Days
• Loss before the Realtor® commission: $450,000
• Loss after the Realtor® commission: $498,000

Today's F@cked Buyer (Pompano Beach)

Here's another one with a staggering purchase price. Someone actually spent $1.3M for a 3/2 in Pompano Beach. Now it's in foreclosure and being sold for 44% off of that price -- and it still seems well overpriced. I have a feeling this one will be sitting on the market for another 103 days or more.

2585 SE 9TH ST, Pompano Beach, FL 33062

• 3 bedroom, 2 bath SFH
• Bought in May 2006 for $1,300,000
• On the MLS for $724,900
• Days on the MLS: 103 Days
• Loss before the Realtor® commission: $575,100
• Loss after the Realtor® commission: $618,594

Today's F@cked Buyer (Sunrise)

This foreclosure is down 53% from it's purchase price. It shows what is happening to the 55+ communities in Broward. They're getting absolutely crushed.

9700 SUNRISE LAKES BL # 301, Sunrise, FL 33322

• 1 bedroom, 1.5 bath Condo
• Bought in April 2005 for $51,500
• On the MLS for $24,000
• Days on the MLS: 14 Days
• Loss before the Realtor® commission: $27,500
• Loss after the Realtor® commission: $28,940

Today's F@cked Buyer (Davie)

Here are some more interesting transactions at Imagination Farms. In May 2006, a couple purchased this home for $980,000. Despite a market that was dropping rapidly, they sold the house just seven months later to the current "owner" for $1,225,000. They made a $245,000 profit while nearly everyone else in Broward County were seeing losses.

Of course, the current "owner" pruchased the house with 100% financing. Only 8 months after the purchase, the owner received a notice of default. Now, it's being offered as a short sale at a 35% discount off its last purchase price.

13021 SW 40TH ST, Davie, FL 33330

• 5 Bed, 4 Bath SFH
• Bought in May 2007 for $1,225,000
• On the MLS for $800,000
• Days on the Market: 201
• Loss before the Realtor® commission: $425,000
• Loss after the Realtor® commission: $473,000

Today's F@cked Buyer (Davie)

It's simply impossible to ignore the suspicious nature of this property. It was purchased just seven months ago for $1.5M using 100% financing for more than double its 2004 purchase price. Then, just seven months later, it's being offered as a short sale for 33% off the purchase price? How does someone get themselves in trouble that quickly?

This property was briefly listed for $799,000. A few days ago, the listing agent raised the price to its current price. Why?

It seems fitting that this home is in the Imagination Farms sub-development.

3913 SW 135TH AV, Davie, FL 33330

• 5 Bed, 4 Bath SFH
• Bought in May 2007 for $1,500,000
• On the MLS for $999,000
• Days on the Market: 82
• Loss before the Realtor® commission: $501,000
• Loss after the Realtor® commission: $560,940

Today's F@cked Buyer (Surfside)

Here's another head-shaking purchase price that has resulted in another foreclosure. Only 18 months after its purchase, this home is being offered for 37% off its purchase price.

9024 EMERSON AV, Surfside, FL 33154

• 3 Bed, 2 Bath SFH
• Bought in June 2006 for $772,000
• On the MLS for $484,900
• Days on the Market: 27
• Loss before the Realtor® commission: $287,100
• Loss after the Realtor® commission: $316,194

Today's F@cked Buyer (Homestead)

As I look at these F@cked Buyers, I am amazed that some people bought in so late. This home was purchase only 11 months ago for a price that far exceeded its true market value. Weren't buyers aware that a bubble had burst? A year from now, I imagine we'll be saying the same thing about people who are buying today. Now this property is being offered as a short sale for 33% off its purchase price.

On a side note, based on the photos available on Ziprealty.com, I doubt that this is in a very good neighborhood. Every window is covered with bars -- the home resembles a prison.

13624 SW 284 TE, Homestead, FL 33135

• 3 Bed, 2 Bath SFH
• Bought in January 2007 for $240,000
• On the MLS for $160,000
• Days on the Market: 2
• Loss before the Realtor® commission: $80,000
• Loss after the Realtor® commission: $89,600

Today's F@cked Buyer (Hialeah)

Here's another unbelievable purchase price that certainly raises suspicion. Just eight months ago, someone actually paid $430,000 for a 3/2 home in Hialeah. Now it's behind offered as a short sale for 35% off of that purchase price.

19020 NW 84 PL, Hialeah, FL 33015

• 3 Bed, 2 Bath SFH
• Bought in April 2007 for $430,000
• On the MLS for $279,812
• Days on the Market: 57
• Loss before the Realtor® commission: $150,188
• Loss after the Realtor® commission: $166,977