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Thread: check out this Florida real estate auction ...

  1. #1
    Banned Melonie's Avatar
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    Default check out this Florida real estate auction ...

    anybody who thought that 20% declines in real estate prices were about as bad as things were going to get should consider these auction sale prices ... coming soon to a bubble area near you

    Jade - Unit 502 - 2/2 - 1,460 SF - (Brickell) - Sold for $625,000 Previously Sold 4/06 on for $1,500,000
    Sale Information:
    Sale O/R:
    25254-0498
    Sale Date:
    4/2006
    Sale Amount:
    $1,500,000


    Jade - BL45 - 2/3 - 1,730 SF (Brickell) - Sold for $735,000 Previously Sold on 03/06 for $1,430,000
    Sale Information:
    Sale O/R:
    24391-2824
    Sale Date:
    3/2006
    Sale Amount:
    $1,430,000


    Neo Lofts - Unit 1006 - 2/2 - 1,109 SF (Miami River) - Sold for $185,000 Previously Sold for
    Sale Information:
    Sale O/R:
    23512-3922
    Sale Date:
    6/2005
    Sale Amount:
    $400,000


    Ocean View - Unit 210 - 1/1.5 - 1,005 SF (Sunny Isles Beach) - Sold for $140,000 Previously Sold for
    Sale Information:
    Sale O/R:
    23738-2192
    Sale Date:
    8/2005
    Sale Amount:
    $248,000


    Ocean View - Unit 909 - 1/1.5 - 1,005 SF (Sunny Isles Beach) - Sold for $160,000 Previously Sold
    Sale Information:
    Sale O/R:
    23191-3806
    Sale Date:
    1/2005
    Sale Amount:
    $203,310


    The Club at Brickell Bay - Unit 2114 - 1/1 - 818 SF (Brickell) - Sold for $180,000 Previously Sold for
    Sale O/R:
    24415-2727
    Sale Date:
    2/2006
    Sale Amount:
    $600,000


    The Club at Brickell Bay - Unit 2603 - 1/1 - 825 SF (Brickell) - Sold for $175,000 Previously Sold for
    Sale O/R:
    24415-2727
    Sale Date:
    2/2006
    Sale Amount:
    $600,000


    The Club at Brickell Bay - Unit 3102 - 3/2 - 1,232 SF (Brickell) - Sold for $225,000 Previously Sold for
    Sale Information:
    Sale O/R:
    24344-3647
    Sale Date:
    1/2006
    Sale Amount:
    $600,000


    The Club at Brickell Bay - Unit 3202 - 3/2 - 1,232 SF (Brickell) - Sold for $270,000 Previously Sold for
    Sale Information:
    Sale O/R:
    24705-2364
    Sale Date:
    4/2006
    Sale Amount:
    $856,000


    The Cosmopolitan - Unit 2603 - 2/2 - 1,010 SF (South Beach) - Sold for $405,000 Previously Sold for
    Sale Information:
    Sale O/R:
    24695-1415
    Sale Date:
    6/2006
    Sale Amount:
    $635,000


    Vue at Brickell - Unit 811 - 1/1.5 - 796 SF (Brickell) - Sold for $180,000 Previously Sold for
    Sale Information:
    Sale O/R:
    25116-1721
    Sale Date:
    10/2006
    Sale Amount:
    $580,000


    Vue at Brickell - Unit 3606 - 3/2 - 1,551 SF (Brickell) - Sold for $290,000 Previously Sold for
    Sale Information:
    Sale O/R:
    24041-1839
    Sale Date:
    11/2005
    Sale Amount:
    $720,000
    ________

  2. #2
    Featured Member Vamp's Avatar
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    Default Re: check out this Florida real estate auction ...

    are these forclosure auctions?
    Nature knows no indecencies; man invents them. ~ Mark Twain


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    God/dess LuckyOne's Avatar
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    Default Re: check out this Florida real estate auction ...

    Wow! We thought it was bad in Vegas! The scary part is I don't think Florida is going to go back up anytime soon.

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    Banned Melonie's Avatar
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    Default Re: check out this Florida real estate auction ...

    are these forclosure auctions?
    yes ... straight from the courthouse steps !


    The really scary part is that there are a LOT more foreclosures and auctions yet to come ! With many of the properties sold in this particular auction not even drawing 50 cents on the dollar relative to their previous sale price, it really makes you wonder how much similar properties are likely to draw at future auctions.

    This is also the kiss of death for any residents of neighboring properties who wish to sell or re-fi.

    And I wonder how many neighbors who are now holding a $500k mortgage with a $450k unpaid balance on a property they paid $600k for will continue to make their mortgage payments when an identical property next door just sold for about $225k !!!!!

    arguably, the same sort of foreclosure and auction situation is just waiting to happen in California, Vegas, New York, Boston, Chicago etc. Hopefully the resale price differential won't be anywhere near as bad as it is in Florida !

    ~
    Last edited by Melonie; 12-21-2007 at 02:59 AM.

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    God/dess VenusGoddess's Avatar
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    Default Re: check out this Florida real estate auction ...

    Well, those are foreclosure auctions...

    You haven't seen the short-sales.

    It's a good time to buy investment properties, that's for sure.

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    Default Re: check out this Florida real estate auction ...

    These prices are not necessarily 'true' prices of what the condo could have been bought for by the public. At the foreclosure auction, the lien holder generally will not bid over the amount of the mortgage. And, they will only bid up to that amount in order to outbid any one else. By way of example, a unit sells for one million and the amount of the mortgage is nine hundred thousand. The bidding may start at five hundred thousand, go to six and stop, or, never get past the five hundred because the investor already had spoken to the bank and they have indicated they will 'defend' the mortgage amount and bid up to that amount. At that point it will go to the REO department and the 'real' price will be established based on market conditions. The bank then writes off the amount between the mortgage and what they bought it back at auction.

  7. #7
    AudreyLeigh
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    Default Re: check out this Florida real estate auction ...

    I hope that happens in CA. The prices need to get back to closer to reasonable...

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    God/dess LuckyOne's Avatar
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    Default Re: check out this Florida real estate auction ...

    Quote Originally Posted by VenusGoddess View Post
    Well, those are foreclosure auctions...

    You haven't seen the short-sales.

    It's a good time to buy investment properties, that's for sure.
    Is Florida really a good place to buy investment property? I thought it was all the hurricanes that were driving the prices below the correction the rest of the country is experiencing. And does anybody really believe parts of Florida are going to be underwater in 10 years? Maybe florida will be the new venice.

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    Default Re: check out this Florida real estate auction ...

    I wasn't necessarily stating that you should buy up FL property...but this trend is not happening in JUST FL. Other Bubble states will follow suit. And THAT is the time to buy the property...when the price you pay for the property is closer to what the property is actually worth.

    Not ALL of FL is a hurricane valley...

  10. #10
    Banned Melonie's Avatar
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    Default Re: check out this Florida real estate auction ...

    ^^^ again, the trick to really successful real estate investment is to know when the market has 'bottomed'. As I alluded to in the opening post of this thread, last summer most people were looking at a 20% decline in real estate prices as a worst case scenario. In Florida, and arguably in California and other bubble areas, a 20% price decline was only the beginning. Thus anybody who invested when local real estate market prices had declined by 20% exposed themselves to losing another 10-20-30% by not waiting long enough. The crystal ball crowd is saying 3rd quarter of next year is the soonest that a true 'bottom' is likely to happen ... and the recently enacted gov't 'bailout' plan may extend the actual bottom even farther into the future by giving bankrupt in everything but official paperwork homeowners a 5 year reprieve.

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    Default Re: check out this Florida real estate auction ...

    I believe the bottom and top of housing markets can be measured by the sales on condo's. At the top, everyone has to have one. New units are snapped up before they are built. At the bottom, they are giving them away, desperate for anyone to buy.

    I do not see the 'flush out' associated with bottoms. The point where people see it never turning good again.

    So, I agree that this is not a bottom. We are on the road to it, but not there yet.

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    Default Re: check out this Florida real estate auction ...

    Wow! Those are sharp price adjustments...

    Real Estate is still very healthy in Canada. I thought it would have spilled over some, but it didn't really. (Usually when the US sneezes, Canada gets a cold... so the saying goes) I especially thought that some sort of correction was due for places like Edmonton and Calgary where bungalows appreciated over 50% in each of those cities from this time last year.

    The Canadian Real Estate Association expects prices to appreciate in 2008 at a much slower rate of 3.5% but, still no real correction.

    Still you got to think something's gotta give when a big portion of people that have bought homes in the last 3 years contribute over 90% of their income to their mortgage! Isn't that the way it fell in the US?
    Oh Canada, we stand on cars and freeze...

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    Default Re: check out this Florida real estate auction ...

    All I can say is goodie-fuckin-gumdrops because I haven't bought a home yet. With my stripper savings, I'm gonna bust ass to meet the bottom of this crap with the top of my savings for a down-payment. It just might coincide.
    Quote Originally Posted by Lysondra View Post
    Strippers are like ninjas. You never know how many there are or if the person next to you is one.
    Quote Originally Posted by Emily View Post
    ...I assume you probably don't want to deal with pervs, and the guys that just don't give a fuck about money are like unicorns...
    Quote Originally Posted by Sinder View Post
    I know I have said it before, and I'll say it again.... THE VAGINA IS NOT A CLOWN CAR!


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    Banned Melonie's Avatar
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    Default Re: check out this Florida real estate auction ...

    Real Estate is still very healthy in Canada. I thought it would have spilled over some, but it didn't really. (Usually when the US sneezes, Canada gets a cold... so the saying goes) I especially thought that some sort of correction was due for places like Edmonton and Calgary where bungalows appreciated over 50% in each of those cities from this time last year.
    Canada will definitely see some real estate bubbles popping in particular areas, the same as the USA ...



    ... this is based on the Alberta gov't increasing the tax formulas on natural resource Royalties, which has chased away international investors - and as a result has also prompted oil and gas exploration companies to focus their efforts and investments elsewhere. This will take a while to percolate, but it should result in a huge loss of jobs in oil and gas rich provinces with associated declines in real estate prices.

    Also, while the Canadian gov't has taken a number of actions to maintain the appearance of stability for Canadian individuals, the unintended consequences has been a major credit crunch in the Canadian 'commercial paper' market rather than directly for the banks. Big trouble brewing here, now that PM Harper just announced that there will be no gov't 'bailout' ...



    [quote]" Harper's refusal to shore up the market for asset-backed commercial paper -- 30- to 90-day securities backed by car loans, credit card debts and mortgages -- leaves holders at the mercy of the country's biggest banks. Some banks have already expressed reluctance to provide support and are resisting pressure from the central bank.

    ``If the Canadian chartered banks don't go along with what they are apparently being promoted to do by the Bank of Canada, then what? Then we have a potential financial and economic problem,'' said Dale Orr, managing director of Canadian research in Toronto for Global Insight, a Lexington, Massachusetts-based economic forecasting firm.

    The Canadian commercial-paper crisis comes as the nation's economy is weakening. Harper said he's worried that a U.S. slowdown will exacerbate matters, leaving little room to stimulate the economy with spending or tax cuts in his next annual budget proposal, due in February or March.

    Market Freeze

    Canada's market for commercial paper sold by non-bank dealers ground to a halt in August after Coventree Inc. and other sellers failed to renew maturing debt. They couldn't find enough new buyers amid concerns that about 9 percent of the debt is backed by U.S. subprime loans, which are plagued by record default rates. Foreign banks refused to provide backup financing, freezing the market.

    ``I don't think politicians, certainly not in Canada, have fully grasped the severity of what is going on,'' said Hans Black, chairman of Interinvest Consulting Corp. in Montreal, which manages about $2.8 billion. ``We are at a very serious juncture, and there's a serious risk of unraveling.''

    Harper, 48, said commercial-paper buyers must accept responsibility for their investments. Holders of the debt, which may be worth as little as 50 percent of face value, include Caisse de Depot et Placement du Quebec, Canada's biggest pension-fund manager, Barrick Gold Corp. and Baffinland Iron Mines Corp.

    ``When people undertake commercial transactions, they have to be prepared to assess and evaluate risks,'' Harper said on Dec. 18"(snip)


    .... in other words, it appears that the Canadian gov't and Canadian charter banks are on the verge of sticking their commercial paper investors with big losses. This is extremely likely to cause these investors to invest what remains of their money in other countries or in other types of less risky investments, which in turn will mean that Canada may see a huge cash crunch as new business loans and new consumer loans begin to dry up.

    .... one option which would allow Canada to 'buy' their way out of cash crunch trouble is currently being heavily promoted ... selling off Canadian gov't owned nuclear power stations to private sector foreign companies in exchange for mucho billions in cash. Of course this deal would also significantly increase electricity prices for Canadian individuals and businesses in the future, and permanently remove one of Canada's inherent cost advantages versus the USA and other countries.


    There is an old adage that goes something like ... what happens in California this year will happen in the rest of the USA the following year, and will happen in Canada the year after that ! In a nutshell, Canada's economy has the same sort of problems as the US economy - with the major difference being that Canadian gov't policies have kept most of the immediate effects away from Canadian consumers and shifted them onto Canadian businesses instead. So where the US real estate valuation problems stem from 'overbidding' and buyers who really can't afford the homes they bought being allowed to obtain 'trick' financing, the coming Canadian real estate valuation problems will stem from loss of Canadian business profits / jobs / cash for banks to make new loans. The US does have one bubble area that is undergoing these exact same sort of business profits / jobs / cash problems that might provide some guidance for future Canadian economic changes ... and that bubble area is Michigan !

    ~
    Last edited by Melonie; 12-22-2007 at 05:49 AM.

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