Wednesday, October 18, 2006

Overpriced Florida Bubble Property of the Week

This week, we head down to the land of cigarette boats and pastel colors - the original Florida boomtown - Miami. It took no time to find yet another poster-child for the collective greed in our state

This week's candidate:
- Built in 1956 (50 years old this year!)
- 1 car garage, 3 bedroom/2 bath, 1416 total square feet.
- Listed at $325,000.
- Purchased for $264,000 a year ago, and assessed at $185,340! You (and your bank) only pay extra for "Goodwill"!
- You may think it's an old shack, but get this: it has Marble Floors. Oooooooooh!
- An absolute steal (or should I say, theft) at over $200/square foot.

Hurry, because deals (absolute jokes) like this are not going to last!

Florida Bubble Property of the Week, #3 - Miami edition

27 comments:

slow and low said...

I'm sure we could find at least SEVERAL crooked mortgage brokers (and their subserviant crooked appraisors) who could get you 100%financed, pronto!

It's almost like a "stupid test". Would you buy this house? If you answer "Yes", you are dumber than a mud fence.

Anonymous said...

Sure looks nice - where can I signup for a $2400/month payment on such a beeee-u-teeeeful ranch house?

I MUST OWN THIS HOUSE!!!!

Anonymous said...

We would kill for a 2500 sq ft house priced anywhere under 500K in any decent part of Seattle.

Crazy G said...

"Can You Top This", was a radio program 50-60 years ago...People told jokes, and the audience had an applause meter, to rate the contestents....

ANYWAY..here goes!!!!

I live in Ormond Beach, Fl....Plantation Bay...a nice community of $200k to $2 mill homes...An ICI Developement Community [there!!]...Now the other factoids!!!!

ICI started building some 80 [4 plex] townhouses beginning of last year ['05], and offerred them at approx. $150k...As the year progressed, and demand increased SSOOOOOOOO did the prices....NOW averaging approx $300k....

Down the street from me, there are 2 of the middle unit townhomes for sale [approx 1400 sq.ft].....They are seperated by approx 200 ft.....

One is listed for $330,000 [she paid approx. $150k for it 06/'05]...
the other is listed for $239k....he paid approx the same $150k...
Of the 80 built by ICI Developer, they show approx. 25 available for sale.....

IN ADDTION.....one guy from W. Palm has got 4 townhouses [empty] for sale, NOW marked down to $285K [from $295]....another guy from California, has got 5 houses [1 rented] for sale...The townhouse on the other end of my building has been on the market the whole time I've been renting here [ 7 mos],,,he's NOW asking $259k...paid $245k....
All told, I'm guessing there are approx 11 "FLIPPER" houses in addition to the 25 the Developer is offering.

You walk around in this beautiful developement, and it's kind of like being in a "Twilight Zone"...

Nobody moving...Silent, except for the I-95 traffic which you can see going bye, bye!!!!

OHH YAH!!! The taxes on one of these twilight nighmares is 2.5%....on the current $300k asking price....that would run you approx $7500 [taxes]...then you still got the homeowners insurance, HOA dues, water & sewer...

All in All, not an un-entirely bad place to live, "IF" you can afford the taxes, and like to watch people driving by on I-95?????

zippo said...

Oh, the sweet, sweet sounds of an 18-wheeler at 3:17 a.m., jamming on the jake-breaks....sigh....am I in heaven?

Crazy G said...

OOHHH!!! LORDY!!!

It's better than that YET!!!

We got ""BIKE"" week this week here in the Daytona area..

Couple of 100 THOUSAND motorcycles ruummming araound here....

ROOMM ROOOMMM!!! Everywhere you go....

Then next week we got the races at Daytona.....

NEVER a dull moment, that you can't loose your hearing!!!!

The best part of the whole thing, is that it "ONLY" costs you a couple hundred thousand bucks to live here and see the "HOLE" thing

zippo said...

HOLE thing?!!!

That is freakin' hilarious, brother.

Crazy G said...

You can't BELIEVE what's going on till you analyze the data!!!!

I've been keeping a record book of all this fecal matter, since last October['05], when my wife thought she wanted to move to this area[Ormond Beach]

According to the Daytona Realtors Association listings, which I have been following, there are currently 756 total listings for zip code 32174....This is up from 320, last October '05.....
That's more than a 100% increase in listings...
In addition, the development we are living in, is estimated to have approx.approx. 1500 homes...mostly above $300k....
The developer's resale office, claims to have 102 houses for resale, in addition to nearly 100 NEW houses that the developer has completed or coming on stream....

>>>THAT'S JUST IN THIS DEVELOPMENT<<<

""EVERBODY"".... I mean everybody says this is such a great place to live....
>>>"""I SAY, ""IF"" it's such a great place to live....HOW COME THERE ARE SSSOOOOO MANY HOUSES FOR SALE?????""""
And people not living in them!!!!

The developers brother, has got at least 6 new houses.... @ $2,000,000 or more sitting empty....with several more being built by somebody else....

You talk to the realtors, and they say things aren't good.."BUT" will be picking up again, when the SNOW BIRDS" land here again in November

Yah!!!! Well Christmas is coming next year to, I know....Hasn't missed one in 2000 years....

xSparta said...

Just found this Blog today. Glad I did considering I live in Trinity. All the information is certainly usefull to me. If I have any stories of interest about the local area I will be glad to post them. It does appear on the surface resales in my sub are moving. However I think most of the sales are at much reduced prices and being sold to unsuspecting buyers that don't know about the "Save our Homes" law with it's tax implications and the insurance crisis.

xSparta said...

Boy how did I miss this beauty!

Crazy G said...

WELL!!!!

I'm glad to hear you live in TRINITY, and maybe have found SALVATION....Because things are going to HELL in a handbag around here!!!!

Took the dog for a walk yesterday, in part of the development where the builder is constructing approx 20 homes....

""ONLY"" 1 truck there, with 1 guy from Jacksonville [65 mi North], laying some tile....

1 guy working on 20 homes????/

YAH!!! RIGHT!!!!

They gotta get this done before the second coming of "X"....

Anonymous said...

That's CHEAP!!!!! Similar homes in "The City Beautiful" of Coral Gables are priced in the $600K range!!!! Of course, "The Gables" are centrally located. Almost anywhere affordable "affords" about 2.5 hrs in traffic going to and from work! I am renting more house for far less money than if I were to buy it. IN THE GABLES.

As for Ormond Beach ----- I grew up there and left some 30 yrs ago, when I was 18. There was no employment: either be a maid or bartender (or pot dealer) or an attorney or doctor. I wasn't interested in any of those. My parents still live there. I am constantly astonished at the prices of real estate! Who buys the McMansions going up hither and yon???? Florida's real estate has always been 'checkered' but lately, it's gone off the graph.

Crazy G said...

This one may take the cake!!!!

Palm Beach Post reports that:

A two bedroom two bath condo, on Executive Center Drive [behind the Brands Mart on I-95] recently sold for $231,000, while it rents for $1000/mo.....Taxes are $4642...The newspaper estimated monthly mortgage payments at $1467

"IF", I not 'misteaken' [sic]...real estate should rent a 1%/per month of the value.....eg:
$231K = $2310/MO
Somebody is getting a haircut on this job for sure!!!

zippo said...

Xparta, welcome aboard! We've got several great posters (myself, slow, the "G"-man, sandi, several "anon"'s) and many lurkers. And we're not gonna stop until housing gets back in tune with incomes. Along the way, we can have lots of fun laughing at all the greedy idiots as they flounder in the evaporating pool of mud.

Where is Trinity, exactly? Just north of Tampa in Pasco?

Dr Housing Bubble said...

Greetings from California. I thought the insanity was confined to the hills of Hollywood but looking at your blog, it seems that we are experiencing the same real estate Twilight Zone in different area codes. Many people are beginning to feel house rich and cash poor.

Here is another concept that people tend to forget. When you sell your home, you get to keep the equity minus the selling cost. When you take out a HELOC or a home loan, you need to pay it back! It doesn’t matter if the rate is 1% or 10%, you need to pay it back eventually. Like most non-renewable resources, many folks are going to realizes that sticking 5 ATMs on the side of your house isn’t that smart considering that you haven’t filled the vault in years.

xSparta said...

Zippo,

Yea Trinity is in the South West portion of Pasco. It is actually a small section of New Port Richey with a zip code of 34655, which also comes up as NPR.

xSparta said...

Crazy G

I didn't mean to sound optimistic, but, home sales are very slow in this area that's why I was shocked to see homes being sold in my sub. I did find out one listed for the overinflated price of $500K was sold for $450K.........What a bargain......... I guess there still are greater fools out there.

lizziebeth said...

Great posts here! Zippo, you're singing my song! We aren't going to stop until prices are realistic, Alleluiah! Join me over at Business Weekly's Hot Properties Blog. There are still idiots out there posting that all is well in Florida and around the nation!

zippo said...

Well said, Dr. Housing Bubble (OT: are you in anyway related to Dr. 90210?).

Lizziebeth, I've been there on the BW blog (never posted) and have enjoyed your posts. The scoundrels out there know you are right, and they're finally getting of tired of fighting a losing battle. The fact is: median prices are still way out of whack with median incomes. The majority of those who bought during this "out of whack" time frame are now stuck. They can post all the BS they want - and they do - it still doesn't change the basic premise of income and price.

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