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bubblesburst
2009 Oct 4, 2:20am
Looks like after my post they raised it a tad to $130,000. I doubt they will find a buyer. A call to the realtor revealed it needs some "work done". A chat with the manager of the building revealed that there is some leak that is producing some damage but when I asked what it was he couldn't reveal.
It will be interesting to see how far it falls. My realtor friend in Miami said that in that building 4 more are coming to the market for sale so obviously there could be bigger issues in that building.
One thing I find humorous in numerous condo listings is no mention of square footage--as if that was immaterial. When in fact, the smaller the unit, the more critical is every extra square foot to the resident. Realtors should really splurge and get themselves tape measures.
shultzie
2009 Oct 4, 11:02pm
I think my grandma lived there. That area between the convention center and the library was the most recent area to get a makeover... That building is pre WWII. Likely a rehab on the cheap to get it pretty - against decades of neglect. Maybe a mold issue - 70 years near the ocean in a subtropical environment.
Why pay that $ to live in a tiny old condo in a crowded neighborhood when the same amount gets you a much bigger brand new condo on Brickell Ave with a parking garage and view - we got tens of thousands of those...
shultzie
2009 Oct 4, 11:03pm
and what's with this whole "hotel/condo" thing? make up your mind developers!
bubblesburst
2009 Oct 5, 1:45am
shultzie
BINGO! It's hard to imagine anyone paid $460,000 for something like this. I posted this example as it's just one of thousands of examples out there how bad the bubble was. There are SO MANY properties in pre-foreclosure in Florida or foreclosure. The bubble is still popping there. Too much shadow inventory waiting to try to get sold.
Man it's ugly there.
I feel sorry for all the "knife catchers" in Miami that jumped in too soon.
One of the places I've been watching over the past year has been 1745 James Avenue #104, Miami Beach, Florida.
http://www.realtor.com/realestateandhomes-detail/1745-James-Av-Unit-104_Miami-Beach_FL_33139_1103017849
Amazing watching the price free fall on this with still no hope of selling it. Just last year they had been asking $299,900 and I had to ask myself, "what are you smoking asking a price like that for this place????". Quickly it's fallen to $250,000 then $200,000 then $175,000 then $157,700 now I noticed they are all the way down to $122,000 and still no takers.
To give you an idea how big the bubble was. Look at the purchase price. Back in November 2005 the bagholder (buyer) paid $460,000!!!! Probably with no money down.
http://www.miamidade.gov/pa/property_search.asp
Ouch!
http://www.trulia.com/property/1068809239-1745-James-Ave-104-Miami-Beach-FL-33139
#housing