Flipper Report the Continuation

Once upon a time there was this house...

Then a bank had called it theirs until a flipper came along to offer this home a "make over".

When the bank took this house, the bank decided the forclosure was for $308,987 on 1/17/08.

The flipper purchased this house from the bank for a mere $234,500 on 5/7/08. And made it look like this...

Then the RealEstate games began! (links are broken due to old age)
20 Hickory Street Pt.Jefferson Sta, NY 11776 MLS ID# 2057598

● 3 Bed, 1.5 Bath
● 0.83 Acres
● Year Built: 1979
● On the MLS at $249,900
● Purchased on July 1999 $160,000
● Foreclosed (Sold) on 01/17/2008: $308,987
● On the MLS at $249,900
● On the MLS at $349,900

Bonus selling history courtesy of this place.
-2.78% change from first recorded price
Asking Price $350k as of 08/21/2008
Asking Price $360k as of 07/22/2008

And as they say in the movies, the story continues:

First a link to Zillow for sales data.

Old listing new MLS#!!!!
20 Hickory Street Pt.Jefferson Sta, NY 11776 MLS ID#2099420
● On the MLS at $319,900

TownHouse funnies, now with 40% less fun

3112 NW 24TH TE 6, Oakland Park FL 33309 MLS ID# F935278

● 3 Bed, 2 Bath
● 1,501 Sq. Ft.
● Year Built 2008
● On the MLS at $175,000
●Purchased on 4/20/2007 for $309,000
● For a loss of $134,000 or about 43.3%

But hey what if you want new? I mean 2008 is so last year, well you are in luck they are still building townhouses similiar to this one here

A-(2)Antigua
From $206,990
1,537 Square Feet
3 Bedrooms
2 Bathrooms


B-(3)Bermuda
From $221,990
1,960 Square Feet
3 Bedrooms
3 Bathrooms


C-(1)Cayman
From $226,990
1,960 Square Feet
3 Bedrooms
2.5 Bathrooms

What have you got to lose? Well just ask our next fun loving townhouse.



2431 NW 31ST CT 19, Oakland Park FL 33309 MLS ID# F890837

● 3 Bed, 2.5 Bath
● 1501 sq. ft.
● Year built 2007
● On the MLS at $145,000
● Purchased on 1/19/2007for $299,000
● For a loss of $154,000 or about 51.5%

Negative equity more expensive then even high rents

3200 PORT ROYALE DRN 1409, Fort Lauderdale FL 33308 MLS ID# F975765

● 2 Bed, 2 Bath
● 1,400 Sq. Ft.
● On the MLS at $260,000
●Purchased on 4/19/2005 for $395,000
● For a loss of $135,000 or about 34.1%

Note all the low rize buildings in the picture, they are all rental apartments, I know because I live in one of them. They rent for less then 2k per month even the ones on the water. But if this guy had rented one at 2k per month he'd be out less then 80k instead of 135k.

I guess I should factor in condo expenses, property tax's, and insurance none of which as a renter do I pay.

Seven months later and this house still isn't done losing money. Just like Pets.com.

Blogged about back in June '08...

1515 Middle River Dr Fort Lauderdale, FL 33304 MLS ID# F867232

● 5 Bed, 5 Bath
● 3,250 Sq. Ft.
● 0.41 Acres
● On the MLS at $999,000
● Purchased on 5/6/2005 $1,268,000
● For a loss of $269,000 or about 21.2%


Today...

● On the MLS at $800,000
● For a loss of $468,000 or about 36.9%

This place loses about 28k per month since first blogged, given this why should anyone be willing to lend you money to buy even with 20% down with a loss rate like this even to someone with good credit can become incapacitated or die leaving the lender with a house worth less then the loan. So only people who happen to have $800k cold buy this house. Who has that kind of money and wants to buy into a falling market? Given how long this house has gone unsold I'd have to guess no one.

Oh and for some reason they changed the MLS# to F975518

Hanna on stage with Al Gore at Broward College

Way to go girl!

Flipper, flipping and flopping since April

20 Hickory Street Pt.Jefferson Sta, NY 11776 MLS ID# 2057598

● 3 Bed, 1.5 Bath
● 0.83 Acres
● Year Built: 1979
● On the MLS at $249,900
● Purchased on July 1999 $160,000
● Foreclosed (Sold) on 01/17/2008: $308,987

If you are wondering why I'm posting this place it's because one of my readers is very interested in it and you know who you are :)

Again I apologize if any of this information is incorrect but this house is a little out of my usual area so I'm using sources that I'm not fully comfortable with and some guess work as well.

Is my blog to blame for the broken link to realtor.com? Yes, yes it is, that is the power of my tiny unread blog to drive realtors nuts! Unless its not. Any way you can't hide from the Google! Courtesy of the Google a new unbroken link!!!

● On the MLS at $249,900




● On the MLS at $349,900

Bonus selling history courtesy of this place.

20 Hickory St, Port Jefferson Station, NY
-2.78% change from first recorded price
Asking Price $350k as of 08/21/2008
Asking Price $360k as of 07/22/2008

East of US1, suck on it Weston

1515 Middle River Dr Fort Lauderdale, FL 33304 MLS ID# F867232

● 5 Bed, 5 Bath
● 3,250 Sq. Ft.
● 0.41 Acres
● On the MLS at $999,000
● Purchased on 5/6/2005 $1,268,000
● For a loss of $269,000 or about 21.2%

Um, Weston... People are selling nicer places along the shore for this price why the GAS would I pay you such? Oh yeah, swamp fumes killed your brain.

1397 Victoria Isle Wy Weston, FL 33327 MLS ID# F899096

● 5 Bed, 3.5 Bath
● 5,153 Sq. Ft.
● 0.41 Acres
● On the MLS at $949,000
● Purchased on 12/20/2005 $1,140,000
● For a loss of $191000 or about 16.7%




2499 Princeton Ct Weston, FL 33327 MLS ID# F898730

● 6 Bed, 4.5 Bath
● 3,978 Sq. Ft
● 0.33 Acres
● On the MLS at $996,000
● Purchased on 9/16/2005 WD $1,170,000
● For a loss of $174,000 or about 14.8%

Bank losing money, move along.

732 NE 7Th Av Unit: 732 Fort Lauderdale, FL 33304 MLS ID# F908296

● Property Owner M & T BANK
● 4 Bed, 3.5 Bath
● 2,429 Sq. Ft.
● Year Built: 2005
● On the MLS at $385,000
● Purchased on 11/22/2006 $655,000
● For a loss of $270,000 or about 41.2%

Downtown condos have downturn, could be worse could be houses

410 NW 1 Avenue Unit: 302 Fort Lauderdale, FL 33301 MLS ID# F886939

● 2 Bed, 2 Bath
● 1,600 Sq. Ft.
● Year Built: 2007
● On the MLS at $449,000
● Purchased on 11/13/2007 $574,900
● For a loss of $125,900 or about 21.8%



434 NW 1St Av Unit: 201 Fort Lauderdale, FL 33301 MLS ID# F881715

● 2 Bed, 2 Bath
● Year Built: 2006
● On the MLS at $399,000
● Purchased on 10/25/2006 $499,900
● For a loss of $100,900 or about 20.1%

Oh man what is it with this building? This building should have a blog all its own.

511 SE 5Th Av Unit: 2202 Fort Lauderdale, FL 33301 MLS ID# F937809

● New this week!
● 2 Bed, 2 Bath
● 1,248 Sq. Ft.
● On the MLS at $389,000
● Purchased on 3/30/2006 $541,000
● For a loss of $152,000 or about 28%

Michael in the comments shows my blog is poorly researched

Ouch, I'm just looking at the simple stuff, seems things are even worse if you dig a little like:

Michael said...
Here is another good one.


115 ISLAND COVE WAY Ballenisles Palm Beach Gardens, FL 33418

Purchased for $985,000
with a first mortgage of $788,000 and a second for $197,000 or 100% Loan to Value or nothing down.
It was then refinanced in Nov 06 with a first of $932,000 and a second $233,000 total loan $1,165,000.

Current asking price $699,000 or a loss for the bank of $466,000 assuming they actually can sell at this price.