While most of the SSOTD's on HousingBath are active listings, here is one that recently closed in Miami-Dade. This 5 bedroom/4 bathroom, 4,600 square foot home is located in Culter Cay in South Miami and sits on a 16,000 square foot lot. The home was originally purchased in 2006 for $800,000 and just sold in June for $330,000. Completed short sales like this should give some encouragement to buyers who are trolling for bargains and sellers who are looking for a better alternative to foreclosure. Yesterday the Sun-Sentinel said only 20% of short sale transactions ever come to fruition, but follow their advice and be patient, be persistent, and work with real estate agents/attorneys who have already closed a few short sale deals.
Sunday, August 9, 2009
Short Sale of the Day
While most of the SSOTD's on HousingBath are active listings, here is one that recently closed in Miami-Dade. This 5 bedroom/4 bathroom, 4,600 square foot home is located in Culter Cay in South Miami and sits on a 16,000 square foot lot. The home was originally purchased in 2006 for $800,000 and just sold in June for $330,000. Completed short sales like this should give some encouragement to buyers who are trolling for bargains and sellers who are looking for a better alternative to foreclosure. Yesterday the Sun-Sentinel said only 20% of short sale transactions ever come to fruition, but follow their advice and be patient, be persistent, and work with real estate agents/attorneys who have already closed a few short sale deals.
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4 comments:
Question is what was the price in 1999 - 2000.
NOT
What was the price in 2006.
YAHOO was $500 stock in 2000 and it is $14 today AS IT WAS in 1998.
The home was built in 2006.
It does not matter when the home was built. Market price of similar homes $$/per sq ft in 1999-2000 would determine the price today.
Hyping up the low low price to lure unsuspecting buyers will not change the facts. Miami home prices will have to go down by another 33% to make any sense.
One indicator would be the case-schiller index for Miami has to reach below 100.
Relax, my friend, you are preaching to the choir. I am in full agreement with you that median prices in Miami (and most of South Florida) will continue to fall much lower, especially when the Option ARMs start to implode later this year. Those Florida newspaper reporters currently declaring "a bottom" in the Florida housing market are either a.) doing a big favor for their real estate advertisers or b.) completely oblivious to the Credit Suisse Option ARM forecast for 2010-2012.
I have never and will never "hype" the BUY NOW mantra that seems to be the default talking point for many Florida real estate professionals. On the contrary, the purpose of this blog is to offer a sobering look at the state of housing affairs in Florida.
Secondarily, I try to offer some hope for my target audience: Florida homeowners who are facing a short sale or foreclosure situation. So the main purpose of a blog post like the one you reacted to is to give a desperate homeowner some encouragement that--even though the odds are roughly 1 in 5 -- a short sale is possible in this environment.
What someone chooses to do after they extricate themselves from the albatross of a distressed property is their business. Frankly, I like the Rent for Life theory put forth in today's Wall Street Journal.
Bottom line, we're on the same team here, and you obviously follow the market with a critical eye like I do. If you ever want to share some data that I could weave into a future post, please drop me a line.
Regards,
housingbath@gmail.com
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