U.S. CitiesCity-Data Forum Index
Happy Easter!
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-14-2018, 07:46 PM
 
10,265 posts, read 6,495,798 times
Reputation: 10837

Advertisements

I was just checking an acquaintance's property from online county records. He bought a small 2/1 condo for $155K in may of 2007 in a good town, but in the worst area of it. This is on the southeast coast of Florida. Checking out recent sales for that area it seems his condo is now only worth about $130K according to comps sold recently, plus he doesn't even have a washer and dryer in his unit but some of the listings that sold did. So he's been paying for 11 years and has zero equity, actually negative equity. I would have thought differently and that it would have gone up in value but I didn't know he bought when prices were still high before the full damage from the bubble burst. Still i'm sure his mortgage is cheaper than area rents go for, so all in all it's not that bad and I think his place will go up in price in a few years.


Another person I know has a house that looked more like a townhouse, but it had a garage and was detached in Naples Florida. He bought high too and should have known better because he's a real estate broker. He ended up doing a short sale a few month ago and lost $80K on it, and it sold for about $360K and it needed work. He said there were too many new homes going up to compete with his.
Reply With Quote Quick reply to this message

 
Old 05-14-2018, 08:11 PM
 
10,265 posts, read 6,495,798 times
Reputation: 10837
https://www.marketwatch.com/story/ha...ers-2017-12-13

1.4 million homeowners are still underwater, from a peak of 15 million after the crash. and the 1.4 is more than double the pre housing crash number of people who were underwater.
Reply With Quote Quick reply to this message
 
Old 05-14-2018, 08:31 PM
 
4,626 posts, read 7,197,499 times
Reputation: 4735
Yes, many. Anyone in my area who bought in 06-07... is underwater. I'm surprised at how many shortsales have been popping lately.
Reply With Quote Quick reply to this message
 
Old 05-14-2018, 08:53 PM
 
10,265 posts, read 6,495,798 times
Reputation: 10837
Quote:
Originally Posted by ocngypz View Post
Yes, many. Anyone in my area who bought in 06-07... is underwater. I'm surprised at how many shortsales have been popping lately.
What area is that?
Reply With Quote Quick reply to this message
 
Old 05-15-2018, 03:33 AM
 
64,574 posts, read 66,100,109 times
Reputation: 42993
the people who bought our house in pa in the poconos are still underwater
Reply With Quote Quick reply to this message
 
Old 05-15-2018, 04:01 AM
 
Location: North Beach, MD on the Chesapeake
32,107 posts, read 39,170,046 times
Reputation: 40515
Oh yes. Lots.
Reply With Quote Quick reply to this message
 
Old 05-15-2018, 04:48 AM
 
Location: My beloved Bluegrass
14,059 posts, read 9,787,161 times
Reputation: 18877
In the exburbs of DC there are plenty. Basically, my house that we just now put on the market is still not worth what the people we bought it from paid for it in 2006, although it is getting nearer to it. When we purchased it in 2012 we paid over 100K less for it than they did.
__________________
When I post in bold red that is moderator action and, per the TOS, can only be discussed through Direct Message.
Helpful links: TOS and FAQ
Why did the moderator.....? A little about deletions and infractions
Moderator - Asia, Kentucky, Lexington, and Louisville
Reply With Quote Quick reply to this message
 
Old 05-15-2018, 04:59 AM
 
Location: NC
1,779 posts, read 859,518 times
Reputation: 4145
The house we own now was purchased by the previous owners in 2006 when real estate prices here were very high. They originally listed it for sale a couple of years later for entirely too much. Finally, after trying to sell it on and off for about 8 years (it was a vacation home), we purchased it for $35K less than what they paid for it.
Reply With Quote Quick reply to this message
 
Old 05-15-2018, 05:07 AM
 
Location: Pennsylvania
5,410 posts, read 9,558,582 times
Reputation: 8577
Quote:
Originally Posted by LifeIsGood01 View Post
I was just checking an acquaintance's property from online county records. He bought a small 2/1 condo for $155K in may of 2007 in a good town, but in the worst area of it. This is on the southeast coast of Florida. Checking out recent sales for that area it seems his condo is now only worth about $130K according to comps sold recently, plus he doesn't even have a washer and dryer in his unit but some of the listings that sold did. So he's been paying for 11 years and has zero equity, actually negative equity. I would have thought differently and that it would have gone up in value but I didn't know he bought when prices were still high before the full damage from the bubble burst. Still i'm sure his mortgage is cheaper than area rents go for, so all in all it's not that bad and I think his place will go up in price in a few years.


Another person I know has a house that looked more like a townhouse, but it had a garage and was detached in Naples Florida. He bought high too and should have known better because he's a real estate broker. He ended up doing a short sale a few month ago and lost $80K on it, and it sold for about $360K and it needed work. He said there were too many new homes going up to compete with his.
How do you know he has zero equity? Even if he had no down payment, 11 years should cover enough principle to make up this difference.
Reply With Quote Quick reply to this message
 
Old 05-15-2018, 05:32 AM
 
Location: Northern Virginia
4,672 posts, read 4,831,520 times
Reputation: 10989
Quote:
Originally Posted by maf763 View Post
How do you know he has zero equity? Even if he had no down payment, 11 years should cover enough principle to make up this difference.
Exactly, we donít know how much of a down payment he had or if he made extra payments. OP is basing this assumption without having any idea as to what is the current balance of the mortgage.

And sometimes, those online records are incorrect. My house shows it sold for $275k and $351k on the exact same day. So nosey folks donít know how much we paid for our house.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top