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 (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 (Lake Worth)

Here's another one with a head-scratching purchase price. I guess purchase prices like this are the result of 100% financing. I can guarantee you that no one would have paid $225,000 for this home had they been required to put 10% ($22,500) down. It is now been foreclosed on based on the listing agents notes. It is being offered for 58% below its purchase price.

1109 S 15TH AV, Lake Worth, FL 33460

• 2 bedroom, 1 bath SFH
• Bought in September 2006 for $225,000
• On the MLS for $94,900
• Days on the MLS: 16 Days
• Loss before the Realtor® commission: $130,100
• Loss after the Realtor® commission: $135,794

Today's F@cked Buyer (Jupiter)

I'm starting to see this pricing strategy more and more. This home was listed 142 days ago and they have dropped the price almost every 12 days. It has now had 11 price reductions from its original and silly listing price of $244,500. The current price (bound to change shortly) is 36% off of its purchase price two years ago.

6404 CHASEWOOD DR # 27-G, Jupiter, FL 33458

• 2 bedroom, 2 bath Condo
• Bought in December 2005 for $178,900
• On the MLS for $114,000
• Days on the MLS: 142 Days
• Loss before the Realtor® commission: $64,900
• Loss after the Realtor® commission: $71,740

Today's F@cked Buyer (Boyton Beach)

Again, this one has a perplexing purchase price. Did the buyer actually believe that paying over $160,000 for a one-bedroom apartment in Boyton Beach was a good idea? Now, it's being offered for 48% off of that purchase price and it's still probably over-priced.

815 W BOYNTON BEACH BL # 5-205, Boynton Beach, FL 33426

• 1 bedroom, 1 bath Condo
• Bought in December 2005 for $161,900
• On the MLS for $84,900
• Days on the MLS: 18 Days
• Loss before the Realtor® commission: $77,000
• Loss after the Realtor® commission: $82,094

Today's F@cked Buyer (Boca Raton)

This home is selling for 35% below its purchase price only 20 months ago. It has languished on the market now for 225 days despite seven price drops.

10772 CYPRESS LAKE TE, Boca Raton, FL 33498

• 4 bedroom, 2.5 bath SFH
• Bought in April 2006 for $425,000
• On the MLS for $275,000
• Days on the MLS: 225 Days
• Loss before the Realtor® commission: $150,000
• Loss after the Realtor® commission: $166,500

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

• 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

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

Today's F@cked Buyer illustrates how a single "investor" was able to reak havoc on our local real estate market. Between January 2005 and September 2006, this one would-be Donald Trump purchased five homes, all with 100% financing. Now, two have been sold, two are being offered as a short sales, and one was foreclosed on and is on the market as an REO.

Here's a single "investor's" path of destruction:


Home #1: 801 S OLIVE AVENUE # 1622, West Palm Beach, FL 33401
This condo, which is being offered as a short sale, is listed 47% below its purchase price just 14 months ago

• 1 bedroom, 1 bath Condo
• Bought in September 2006 for $375,000
• On the MLS for $199,000
• Days on the MLS: 37 Days
• Loss before the Realtor® commission: $176,000
• Loss after the Realtor® commission: $187,940

Home #2: 289 BEVERLY RD, West Palm Beach, FL 33405
This home has already been foreclosed on. The lender is selling it 38% below its 2005 purchase price.

• 3 bedroom, 2 bath SFH
• Bought in August 2005 for $695,000
• On the MLS for $429,900
• Days on the MLS: 66 Days
• Loss before the Realtor® commission: $265,100
• Loss after the Realtor® commission: $290,894

Home #3: 424 28TH ST, West Palm Beach, FL 33407
This home is listed as a short sale for 44% below its 2005 purchase price.

• 3 bedroom, 2 bath SFH
• Bought in August 2005 for $630,000
• On the MLS for $350,000
• Days on the MLS: 28 Days
• Loss before the Realtor® commission: $280,000
• Loss after the Realtor® commission: $301,000

Home #4: 651 Okeechobee Blvd Apt 209, West Palm Beach, FL
This home was actually sold, probably as a short sale, for 33% below its purchase price.

• ? bedroom, ? bath Condo
• Bought in January 2005 for $375,000
• Sold in July 2007 for $250,000
• Loss before the Realtor® commission: $125,000
• Loss after the Realtor® commission: $140,000

Home #5: 651 Okeechobee Blvd Apt 409, West Palm Beach, FL
Our would-be Donald Trump actually made money on this one. How much do you think he'll pay back to lenders after they lose their shirts on all his "investments?"

• ? bedroom, ? bath Condo
• Bought in February 2006 for $370,000
• Sold August 2006 for $492,000
• Profit before the Realtor® commission: $122,000
• Profit after the Realtor® commission: $92,480

Adding all this up, this one "investor" will account for at least $827,354 worth of real estate losses before considering all the legal and carrying costs by the lenders -- all with "someone else's money."

Today's F@cked Buyer (Greenacres)

Just four months after purchasing this property, the lender started foreclosure proceeding against the "homeowner." Now less than two years after the purchase, the lender is trying to sell the property for 26% below the purchase price.

2206 SOUNDINGS CT., West Palm Beach, FL 33413

• 3 bedroom, 2 bath SFH
• Bought in January 2006 for $339,900
• On the MLS for $249,900
• Days on the MLS: 5 Days
• Loss before the Realtor® commission: $90,000
• Loss after the Realtor® commission: $104,994

Today's F@cked Buyer (Boca Raton)

Seven months after providing 100% financing to the F@cked Buyer, the lender was forced to file a foreclosure lien against the property. Now, just ten months after its purchase, this property is being sold as a short sale, 39% below its January purchase price.

22984 SANDALFOOT BL, Boca Raton, FL

• 3 Bed, 2 Bath SFH
• Bought in January 2007 for $320,000
• On the MLS for $195,900
• Days on the Market: 29
• Loss before the Realtor® commission: $124,100
• Loss after the Realtor® commission: $135,854

Today's F@cked Buyer (Boca Raton)

Despite a price that is 24% below its purchase price just one year ago, this property has languished on the market for three months.

23380 CAROLWOOD LN # 3309, Boca Raton, FL 33342

• 2 Bed, 2 Bath Condo
• Bought in October 2006 for $210,900
• On the MLS for $160,000
• Days on the MLS: 89 Days
• Loss before the Realtor® commission: $50,900
• Loss after the Realtor® commission: $60,500

Today's F@cked Buyer (Boca Raton)

This home is price 35% below its purchase price just 14 months ago.

22397 CERVANTES Lane, Boca Raton, FL 33428

• 2 Bed, 2 Bath SFH
• Bought in August 2006 for $230,000
• On the MLS for $149,000
• Days on the MLS: 24 Days
• Loss before the Realtor® commission: $81,000
• Loss after the Realtor® commission: $89,940

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

A little over a year ago, this property sold for 29% more than its current asking price. This is like so many others we see on these daily posts. The buyer "pruchased" this home with 100% financing and then defaulted just six month later. Now, it's owned by the bank that will take more than a $300,000 loss after paying for court costs.

545 EDGEBROOK, West Palm Beach, FL 33411

• 4 Bed, 4.5 Bath SFH
• Bought in September 2006 for $900,000
• On the MLS for $699,900
• Days on the Market: 65
• Loss before the Realtor® commission: $200,100
• Loss after the Realtor® commission: $242,094

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

Wait… I thought that Baby-Boomers were moving here in droves (along with millions of wealthy foreign investors). Then, why is this Century Village property being offered for 55% off its 2005 purchase price?

184 SUSSEX J 184 # 184, West Palm Beach, FL 33417

• 2 Bed, 1.5 Bath Condo
• Bought in September 2005 for $100,000
• On the MLS for $44,900
• Days on the Market: 16
• Loss before the Realtor® commission: $55,100
• Loss after the Realtor® commission: $57,794

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

• 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
  

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 (Palm Beach Gardens)

This asking price on this home is 31% off the purchase price from only 15 months ago.

9151 VILLA PALMA LANE, Palm Beach Gardens, FL 33418

• 3 Bed, 2.5 Bath Townhouse
• Bought in August 2006 for $355,000
• On the MLS for $244,900
• Days on the Market: 18
• Loss before the Realtor® commission: $110,100
• Loss after the Realtor® commission: $124,794
  

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.