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Old 10-19-2008, 11:37 AM
26,611 posts, read 40,467,425 times
Reputation: 14690


WESLEY CHAPEL - In August, Rebecca and Guiseppe Scarfone bought their first home, a foreclosed former investment property in the Bridgewater community off Curley Road. "We'd seen some pretty nasty ones," Rebecca Scarfone said recently of her family's quest for a home of their own. "This one wasn't that bad." On one recent Saturday the Scarfones were painting the baby's room in their sparsely furnished three-bedroom home, a former rental on Tagus Drive.

They paid $126,000 for the house, $70,000 less than its original price when Lennar Corp. sold it to Tampa-based investor Luis Giler Jr. in 2005, property records show. Back then, as the housing bubble inflated, Bridgewater's builder, Miami-based Lennar, cut deals with hundreds of investors. Those deals turned Bridgewater into a quasi-ghost town where residents lived side by side with empty houses - a situation explored by The Tampa Tribune earlier this year.

In time, dozens of overextended investors, some with as many as five houses in Bridgewater, either lost those homes to foreclosure or sold them at six-figure losses. An analysis of county sales records show the houses in Bridgewater selling this year at an average loss of $69,000, or about 28 percent of the original sale price. The biggest single loss to date has been $168,000 - or 61 percent of the original price - for a house on Spandrell Drive.

http://www2.tbo.com/content/2008/oct...ry/news-pasco/ (broken link)


Recent sales in Wesley Chapel's Bridgewater community show just how far home prices have fallen from their peak in 2005 and 2006 when Lennar Corp. was selling homes there.

7350 Spandrell Drive

August 2008 sale price: $105,000

Original 2005 sale price: 273,000

Percent of value lost: 61

7254 Parkersburg Drive

May 2008 sale price: $160,000

Original 2006 sale price: $243,000

Percent of value lost: 34

7146 Maysville Court

April 2008 sale price: $245,000

Original 2005 sale price: $244,990

Percent of value gained: 0.004

Source: Pasco County Property Appraiser's Office

Last edited by Keeper; 10-20-2008 at 04:35 PM.. Reason: copyright link added
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