Saturday, February 14, 2009

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%

Monday, February 9, 2009

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