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Old 02-21-2010, 08:25 AM
 
1,468 posts, read 2,672,330 times
Reputation: 1014
Default Foreclosures a real case history

Take a look at this property and it's history
Broward County Property Appraiser's Network

Check out the 4/07 sale and what they sold it for in 1/08.
You can buy this house today for $159,000.
I just mention it because I am familiar with the property.
It was as if something had been put in the water or something people were just nuts. When you look at it in real figures like this case it is interesting.
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Old 02-21-2010, 10:17 AM
 
Location: Oviedo, FL
5,598 posts, read 5,797,974 times
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The home prices were so inflated and not worth NEAR as much as they were going for in 2004 and 2005, etc... Now it's back to reality. People were paying $300k and $400k for a small home on a tiny lot just hoping the price would continue to increase.
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Old 02-21-2010, 10:37 AM
 
1,468 posts, read 2,672,330 times
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Quote:
Originally Posted by ComSense View Post
The home prices were so inflated and not worth NEAR as much as they were going for in 2004 and 2005, etc... Now it's back to reality. People were paying $300k and $400k for a small home on a tiny lot just hoping the price would continue to increase.
Like the owners in 07 who flipped it some made money but at some point someone was going to be left holding the bag. I think most new it could not go on forever they just wanted to get in and out. I don't really feel sorry for any of them. I mention that property because I know the realtor who sold it both times. Everybody was making money then, well you know the rest.
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Old 02-21-2010, 11:55 AM
 
Location: Deane Hill, Knoxville, Tennessee
21,637 posts, read 31,036,533 times
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I think it is a good time to buy if you understand the area and the market (and don't need a job). There's an awful lot of people coming down that don't know what they are doing. Lots of folks saying there are deals all over the place. Deal, shmeal. I see homes that were worth $90,000 in 2000, go up to $300,000 in 2005 and are now listed for $150,000. It's still the same dump. It looks like most of the deals are going to the investors. Lots of flippers, once again.
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Old 02-21-2010, 12:12 PM
 
1,468 posts, read 2,672,330 times
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Quote:
Originally Posted by hiknapster View Post
I think it is a good time to buy if you understand the area and the market (and don't need a job). There's an awful lot of people coming down that don't know what they are doing. Lots of folks saying there are deals all over the place. Deal, shmeal. I see homes that were worth $90,000 in 2000, go up to $300,000 in 2005 and are now listed for $150,000. It's still the same dump. It looks like most of the deals are going to the investors. Lots of flippers, once again.
The property I am referring to when it was flipped by the 07 owners, they did a heck of a job on the place. It was done like one of those places you see in the home remolding shows on TV. Everything top grade. It was a nice house to start with in a very good neighborhood only 5 minutes from the beach. Unless it has been ransacked in the last couple of years it is in fact a steal. There is a reason the last owners paid over $500,000 for it in the first place.

Pull it up on a google map and you will see how nice it is there. One of the best residential family oriented areas in Fort Lauderdale. You hardly need to own a car there it is so close to everything. My nephew lives in Croissant Park and he almost never drives his car he goes everywhere on his bike. He is self employed and has a home office though so that make it nice.
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Old 02-21-2010, 12:24 PM
 
3,225 posts, read 5,275,095 times
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Quote:
Originally Posted by ComSense View Post
The home prices were so inflated and not worth NEAR as much as they were going for in 2004 and 2005, etc... Now it's back to reality. People were paying $300k and $400k for a small home on a tiny lot just hoping the price would continue to increase.
Quote:
Originally Posted by mango23 View Post
Like the owners in 07 who flipped it some made money but at some point someone was going to be left holding the bag. I think most new it could not go on forever they just wanted to get in and out. I don't really feel sorry for any of them. I mention that property because I know the realtor who sold it both times. Everybody was making money then, well you know the rest.
Too bad the uncontrollable greed of others ripped through a great country, like a tornado, bringing down both the innocent and the guilty.
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Old 02-21-2010, 12:55 PM
 
1,468 posts, read 2,672,330 times
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Quote:
Originally Posted by Moderate Guy View Post
Too bad the uncontrollable greed of others ripped through a great country, like a tornado, bringing down both the innocent and the guilty.
The problem goes back to the lenders who gave loans on those houses. They knew they weren't worth it but didn't care as they packaged up those mortgages and dumped them on the market. The flippers were just a cog in the system taking advantage of what was being done at the top. I don't think there was anyone who really thought those properties were worth what they were being appraised at. It was a giant house of cards waiting to fall.

Those who jumped in and out before it fell made money and people like me who had properties for many years and unloaded them did nothing wrong. Heck when someone knocks on your door and offer you an obscene amount of money for your property, how can you say no. I made only one mistake sitting on a property trying to squeeze a little more out of it and ended selling it on the way down but I still made a killing.
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Old 02-21-2010, 01:20 PM
 
5,973 posts, read 3,419,465 times
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This is why Florida is considered to be a giant Ponzi scheme by many experts:


YouTube - "A Ponzi State" S. Florida Professor on the Economic Crisis in Florida. Democracy Now. 4/6/09 1 of 2


YouTube - "A Ponzi State" S. Florida Professor on the Economic Crisis in Florida. Democracy Now. 4/6/09 2 of 2
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