Wednesday, October 25, 2006

Florida Bubble "Greed Poster Child" of the Week - #4 - Orlando Edition!


In a world full of greed, let us now travel to the land of the Magic Kingdom, where you too can live in an overpriced shack with a price that is unimaginably unjustified - yes, it's a dream come true! This box of junk can be yours, for a paltry sum of $275,000. Features include:


  • Postage-stamp sized lot (6600 square feet).
  • Built in 1949 - that's right, kids! You can own a "pre-Korean War" POS!
  • 2 bedrooms and 1 bath - share with your friends!
  • All these features packed in a "comfy" 1173 square feet of living space!
  • Sold for $47K in 2003 (that's $50K in today's dollars).
  • Remember, prices only go up, and they're not building any more land in Florida, so hurry!

Florida Bubble "Greed Poster Child of the Week" - #4, Orlando

35 comments:

Anonymous said...

Here is a Cozy Cottage home that sold for $41K in 2001 (last transfer) with a Tax Appraisal of approx $51K! This circa 1920 home, of 912 sq ft, sits on a 50 x 200 lot for only $215K... Wait it does have a huge garage... but still GROSSLY overpriced.


Property Details



Property Tax Record

Godzilla said...

awwww....these houses are sooooo cute! I could just EAT THEM UP!

Anonymous said...

The home listed above for $215 is
linked here
.... Sorry about the Goof-up in my link!

:) Remember... you must HURRY, this is a DEAL!

Crazy G said...

UP & Down the NE Florida coast here, there is a "MAJOR" builder, named, ICI.....Sell mostly upscale homes, in the $250 to say $600k range.....
Anyway, this particular community, where the builder lives & has his central operation, Plantation Bay, [off I-95 @ ext. 278], the builder is just starting to show some signs of 'stress', as he has redueced most construction crews to skelton operations....
Just today, I was talking to one of the 'punch out' drywallers, and he was telling me [3 rd hand infor], that the builder has an INVENTORY OF 450 HOMES......

The drywall guy, told me, that one particular 'flipper' down @ 'Watersedge' community, near Port Orange, Fl. [So. of Daytona],
....The flipper has got 15 houses, all sitting....

He also, told me the builder has more than 100 homes in there for sale also.....

I'M NOT SMART ENOUGH TO KNOW WHAT'S GOING TO HAPPEN HERE.....
""BUT""".....I DO KNOW IT'S ||| NOT |||| GOING TO BE GOOD FOR SOMEBODY.....ANYBODY WANT TO HAZARD A GUESS ||WHO |||????

FL - Paradise Lost said...

G - I love your posts - you ARE "The pulse on the east coast".

(is that a poem?...!)

Keep up the great work.

Crazy G said...

Just an ancedote:
I moved to Palm Beach County in 1980 at the very tail end of the last condo bust.....I remember reading in the Palm Beach Post, a column by the then Business Editor, Jack Nease.....
He said....and I remember so clearly:

>>""IF YOU WEREN'T HERE DURING THE CONDO BUST OF 1976, I DON'T WANT TO HEAR ANYTHING YOU HAVE TO SAY ABOUT REAL ESTATE""<<<<

People say that things are different this time....

>>>THAT'S TRUE<<<

||||||||THEY'RE WORSE ||||||

This time, not only are the developers involved, but then you've got the flippers [aka speculators...aka 'investors]...

In the '80's, we had the Savings & Loan crises, which took nearly a decade or more to wash thru....This time, you may see some 'OTHER ENTITIES" besides major banks take a big hit......

CDO's, CDS's, MBS's......FNM, FRM,

you name the acronym, they got some debt for you to buy....

HUNKER DOWN.....this is going to take a longtime to wash this sucker down the gullet of the U.S. economy....

There's going to be so much REO, on banks portfolios sitting empty, that roving bands of latinos will take over the houses, as squatters....

Brush up on your Spanish, cuz you may have a new neighbor, in you $500k house....

zippo said...

Crazy G,
I couldn't agree more, especially on the condo side of the equation. There are SO MANY now, and more on the way, without people to buy them.

Personal example: co-worker bought a 1 br condo from a flipper back in 2005. She keeps talking about moving out of Florida, but sorry girl! You now have a big dead weight (known as "unsaleable property") hanging around your neck. You must either:
1. Take a huge loss (if you can actually find an FB).
2. Stay until the market corrects and gets back to where you paid at the peak. That would be somewhere 2011-2012, I would believe. Enjoy your stay!

Crazy G said...

The GRIM REAPER, has come to Palm Beach County;

I just read an article in the Palm Beach Post today, & I'll just recap it for you!!!!!
Sept. existing home sales, down to 566, from over 1000 last yr this time.....
Listing upto [NOW] 27,000+...from 11,000 sometime last year.....

Current rate: |||| 49 MOS. |||| to sell a home.....

Median price NOW, now something like $365k...down from a high of $421k....some time last year....

||||| EXCUSE ME!!!! ||||

"""BUT"" where are 'all', those Real Estate agents, who said it can ONLY go """UP"""

SSSOOO!!!

>>>>THE BIG QUESTION IS????<<<<<
Is this the start of something BIG!!!

Remember in Japan, real estate went down 16 years in a row....

[ Pls remember, that's consecutive!!!] [LOL]!!!!

Crazy G said...

What I just read over on the other 'Housing Blog'....some poster from Palm Beach County, [Notorius D.A.P.] said he had lunch in Downtown W. Palm and there were 5 more condo towers under construction coming on stream.....

POTENTIALLY INCREASING AN ALREADY OVER SUPPLY

I do remember last year, the city authorizing 10 towers, for a grand total of 3480 units.....
JUST IN DOWNTOWNN...W. Palm....
The construction traffic, got SSSOOOOO!!! ||| BAD ||||, that they forced the contractors to work a 24 hour shift, RATHER, than just an 8 hr....
Then the residents complained about the noise all night....

To me, it looks like these developers are EXACERBATING, all over themselves....

>>>>DID YOU EVER CLEANUP SOMEONE ELSES EXACERBATION???<<<<

Anonymous said...

Attention!
We need a cleanup on West Palm Beach! Too many useless condos - please bring a mop, bucket and some of that pink sawdust....

Crazy G said...

News from the FRONT lines...

Just read in the Sunday News-Journal, that ICI developer, has purchased approx. 2800 acres near the intersection of I-10 & 301....

""BIG"" multi-year plans for a gigantic development.....

|||| SLOW DOWN IN CONSTRUCTION??? ||||

Not the way it looks "IF" you drive down I-95, btwn ext 278 & 273....
ICI is buldozing another BIG section to build houses....

It's right there right off the roadway....for everybody to see....

WHY ANYBODY WOULD WANT TO LIVE THAT CLOSE TO THE ROADWAY [I-95], AND SPEND $500,000 TO COUNT CARS, IS BESIDES ME ?????

Crazy G said...

A view from a different perspective:

A friend of ours, is a bank auditor, and travels around most of the South East US....probably 6 states [?].....

Our friend has indicated that there is a SIGNIFICANT rise in the quantity of |||| FIRST PAYMENT DEFAULTS ||||

In simple terms....people buy a house, get a mortgage, move in.....

==== and don't make any mortgage payments.....[Not even the first one]

DUH!!!

I haven't quite figured it out yet!!!!

Are they the smart ones, or the DUMB ones!!!!

Crazy G said...

Like I said....

A different perspective: from Comstock Partners;

>>It is also noteworthy that home building industry executives, who are in a position to know, consistently deny that a bottom is close. This week Pulte CEO Richard Dugas stated that there is no bottom in the real estate market. Pulte wrote down $87.7 million of land inventory and options as new orders declined 39%. He mentioned continuing high inventory levels, low affordability and high cancellation rates. These comments were in line with statements from other industry executives that we wrote about last week<<

Crazy G, is just wondering, "IF" that land that Pulte just dumped for $87 million is the same land that ICI just bought????

Just a difference of perspective, isn't it!!!

Especially, I liked the part about, """THERE IS NO BOTTOM IN THE REAL ESTATE MARKET""""

Anonymous said...

This is a great blog. keep up the good work.

I have a small family with 2 9, 11 year olds. Where is a good place to raise a family; good public schools good neighborhoods and good foreclsoures to raise a family?

Appreciate the input and the leads to further research.

Lizziebeth said...

I couldn't believe the article in the Palm Beach Post! You know it's getting bad when the paper reports it. Contrary to what many realtors, lenders, builders...say, the papers haven't been reporting the dirty truth about the real estate market! They can no longer in good faith not report the facts! Some idiot over at the Business Weekly Hot Properties Blog was saying that prices only go up...that condo hotels are the big thing in Palm Beach. I can't wait to see how he responds to that one! 49 months to sell all the listings! That's insane! Buckle up, it's going to be a LONG,BUMPY Ride!

Crazy G said...

Base Ball comparison:

Let's see; If I remember, in baseball the batter takes three [3] strikes and he's out....

WELL NOW!!!! Isn't that same comparison to Real Estate......

1]....High 'UNAFFORDABLE' priced properties

2]....Unbelievably high taxes, based on property price

3]....Hurricane Insurance that would blow you away...

>>>As the 'hitter' turns to the ump, and says...."awe, come on, give me one more chance"<<<<

CAN YOU COUNT TO THREE????

Or would it just be easier to change the rules of the game???

sandi said...

This is great.

-> 49 weeks of inventory in Palm Beach.

-> 98 weeks of inventory in Sarastota/Bradenton.

And I think some of the other areas are, once again, under-reporting their numbers. They can't hide them all, and soon we'll be seeing like numbers from Orlando, Tampa, Ft. Myers....

You heard it here first.

FL - Paradise Lost said...

Sandi,
Did you see my post over in the Housing Bubble blog? I mentioned the same thing. This is getting crazy - the house of cards is getting more unstable by the month.

I do find it interesting how certain papers report the facts, and others tend to brush over them (Palm Beach Post would be a clear example of the former, Tampa Tribune of the latter).

Newspaper Reading Desperate Housewife said...

Fl-Paradise Lost,

I couldn't agree more! Some papers must have more income/pressure from the real estate industry than others! That's why I was so shocked when I checked out the Naples News. I will now need to start reading the Palm Beach Post. Oh no, more newspaper reading!

Crazy G said...

MercuryNews.com is reporting that something else, is dropping faster than listing/sales prices....

"IF" you guessed licensed realtors are dropping out faster......

YOU GUESSED IT!!!!

||||||• The California Association of Realtors forecasts that only 74 percent of its current members will renew membership for 2007.

Small-business owner Mike Pfaff was part of the ``agent bubble.'' Pfaff, 49, got his real estate sales license in 2004 and started working for Coldwell Banker in March 2005, ``at the tail end of the high point'' of the boom, he said. He sold one house and helped one buyer make a purchase.

But it soon became clear to Pfaff, a former engineer, that selling homes was a hard way to pay the bills for his family of five.

``I went a couple of months without any income at all,'' he said.

When he started in the business last year, competition was already tough, Pfaff said, ``and now it's even worse.''

Fewer sales this year mean a lot fewer commission dollars flowing to brokers and agents -- not to mention that the traditional 6 percent commission has been under pressure from consumers for several years now|||||

Crazy G, would say this guy Mike Pfaff, has engineered himself into the poor house....

Crazy G said...

Is the sale to rental approach CORRECT???

Sellers who can't sell, NOW want to rent!!!
Another rental [w]hore story!

||||Daytona Beach area|||||
So, the flipper across the street had ended up renting his $250k townhouse [which he wanted to sell for $300k] for approx $1100/mo.....
The renter [single retired guy], was smart enough "NOT" to have a long term lease......So, after 6 mos +, the renter decided to buy a house in Alabama....
He said he got a nice "BIG" house on a lake, for less than $300,000...and he was tired of Florida after 35 years, and wanted out....
The renter told me, that he advised the flipper 4 months ago, he was leaving, and the flipper has tried to get it rented, for $1100, "BUT" that he would probably have to drop the rental price to $700-800/mo
||| EXCUSE ME |||..

"BUT"" the taxes are $6250/yr + HOA dues...+ Insurance?????

||||Deborah Sande of Sotheby's says:
The sale-to-rental approach "seems to be a trend now," agrees Deborah Sande of Daniel Gale Sotheby's International Realty in Huntington, who is marketing several of these houses. She says the sellers have come down in price, "but there's a point where they want to stop. And they figure they'll rent it and get an income from it, and when the market gets better, they'll put it up for sale again."|||

WHERE ARE THESE POINTS.....WHEN THE GUY FROM TOLL BROS, SAYS THE REAL ESTATE MARKET HAS ""NO"" BOTTOM?????

Anonymous said...

Florida has a plethora of realtors, just like your example. What makes the story sweeter is that a LOT of these amateurs down here were also investors.

Now they can't even sell their own homes, let alone anyone elses.

Let'em stew in their own rotten juices, I say.

Anonymous said...

I agree about letting the greedy agents stew! I refused to get a FL RE license after moving back south. I have been in the business for roughly 12 years and I feel what has happened in this state is bordering Criminal. I though ethics played a MAJOR role in my industry, I guess I was wrong!

I can not imagine going back to work as an Agent or Broker here in FL, telling a homeowner that their home should list for probably 1/2 of what they are WANTING for it. I would be laughed at or worse! LOL

Missie
-Ex-Realtor
Foreclosure specialist

PS: I still love Real Estate… Just not screwing people!!

Crazy G said...

Missie reply:

Realtors "always" have that smile on their face....I've 'always' been suspicious of their sexual motivations, and why they had that 'snicker' in their eye!!!!

Especially, when they're looking for an 'offer they can't refuse'..

Anonymous said...

That's nothing. I live in Seattle, which means we are nearly as expensive as anywhere. How'd you like to spend 1/2 million for a 950sqft house built in 1927 with a 1 car garage? Think I'm lying?

http://www.redfin.com/stingray/do/printable-listing?listing-id=250617

Many many such examples....

zippo said...

At least you've got your Starbucks every 1/2 block. You can treat that as your "living room" - soft music, muted tones, comfy chairs...

Down here, we gotta go out in the jungle-like heat and drive through miles of congestion just to get to the nearest grocery store, for cryin' out loud.

Andrew said...

Hey, what happened to the weekly POS home?

I found one listed on craigslist check it out!



http://westpalmbeach.craigslist.org/rfs/243463912.html

Anonymous said...

Hmm - I live in one of those boxes, 1300 sq. feet which includes a sun room added on. Nice quality oak floor - you won't find that in your McMansions.

Yes I know it's a shack, but it's my shack. I'm in Wisconsin, and while we don't have the staggering numbers as Fl. we've certainly had a housing boom as they turn over the farm fields into "Prairie Estates".

This is now hitting the Student Ghetto rental units, as they seek to get out of the rental biz.

One new building, with condo prices upwards of $1 million (nice views of the lake?) is 70% unoccupied.

Sure, I'd like to unload my shack, or let's say "starter house", but with prices as outrageous as they are, not bloody likely.
-POS owner.

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