No_Such_Reality_IHB
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<p>Refresh my memory, does Data Quick's median sales price include foreclosures that go back to the bank?</p>
Foreclosure and distressed property topics
- Thread starter graphrix_IHB
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NEW -> Contingent Buyer Assistance Program
graphrix_IHB
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NSR - No, it doesn't. Good thing for the bulls, because going back to the bank for less than the loan would kill the number.
lawyerliz_IHB
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<p>I was down talking to the Miami Dade bureaucrat guy who is in charge of delinquent taxes. He has a corner office in a high rise with a magnificent view, so I suppose he is a big cheese. (Junky bureaucratic furniture, papers everywhere, guy dressed just above the t-shirt level.) I was there to talk to him about a case where the owner didn't pay taxes and claims he should have been notified. Real nice guy.</p>
<p>So after discussing the whys and wherefores of how they never got any payment, I said what's up with delinquent taxes.</p>
<p>He said that for Miami Dade they are anticipating $200,000,000. of unpaid taxes for 2007. It was 170 the year before and ummm, 130-140 the year before.</p>
<p>He seemed to think foreign investors were gonna save Miami. I didn't argue; I want him happy to testify on our side.</p>
<p>So after discussing the whys and wherefores of how they never got any payment, I said what's up with delinquent taxes.</p>
<p>He said that for Miami Dade they are anticipating $200,000,000. of unpaid taxes for 2007. It was 170 the year before and ummm, 130-140 the year before.</p>
<p>He seemed to think foreign investors were gonna save Miami. I didn't argue; I want him happy to testify on our side.</p>
lawyerliz_IHB
New member
<p>Hardeharhar har.</p>
<p>Seriously, it has been known that a foreign buyer would like a nice waterfront apt. And 1% of the empty apts will attract them. The Miami condo mkt is now in horrifying crash mode. I finally found a halfway decent blog. Not as good as IHB, run by a realtor. But the commentors are 2/3rds as bearish as IHB-ers, and a lot of them sound like us, from my start of reading. The realtor commentors are outraged at the non realtor comments.</p>
<p>One wanted to compare Miami to Socal, and I recommended IHB. Interesting to see if he shows up.</p>
<p>Seriously, it has been known that a foreign buyer would like a nice waterfront apt. And 1% of the empty apts will attract them. The Miami condo mkt is now in horrifying crash mode. I finally found a halfway decent blog. Not as good as IHB, run by a realtor. But the commentors are 2/3rds as bearish as IHB-ers, and a lot of them sound like us, from my start of reading. The realtor commentors are outraged at the non realtor comments.</p>
<p>One wanted to compare Miami to Socal, and I recommended IHB. Interesting to see if he shows up.</p>
Maybe it's just me, but I simply don't see the appeal of a place that is too close to the ocean. While I do like looking at water occasionally, I can't help but think of all the hassle involved in living too close to the water. The biggest thing on my mind is all the salt water in the atmosphere. It's incredibly corrosive, and I would imagine that it would be hell on nice antique furniture, wood floors, and even the frame of your house.
To mean it seems like living near the water is more trouble than it is worth.
To mean it seems like living near the water is more trouble than it is worth.
CalGal_IHB
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<p>I agree with WINEX. Our last house was near the Atlantic ocean and we would have to paint our house almost every year. It also did a number on our cars. And the storms - don't get me started.</p>
lawyerliz_IHB
New member
The word is spalling. It affects balconies a lot. The salt air literally rots the structure. Periodic very expensive fixes. That said, I live on an island, maybe a mile and a half from salt water, and I can't say as I see much additional damage, so I surmise that you have to be quite close to the water for this. The glass in our windows isn't quite clear, but that may be because they need cleaning!!
Trooper_IHB
New member
Liz, throw us the name of that blog in Miami.
lawyerliz_IHB
New member
<a href="http://www.miamicondoinvestments.com">www.miamicondoinvestments.com</a>
Trooper_IHB
New member
<p><strong>"Foreclosed Homes Occupied by Homeless"</strong></p>
<p><a href="http://money.aol.com/news/articles/_a/foreclosed-homes-occupied-by-homeless/n20080218050609990007">Foreclosed Homes Occupied by Homeless - AOL Money & Finance</a></p>
<p><a href="http://money.aol.com/news/articles/_a/foreclosed-homes-occupied-by-homeless/n20080218050609990007">Foreclosed Homes Occupied by Homeless - AOL Money & Finance</a></p>
lawyerliz_IHB
New member
<p>Hey, why not? If they burn them down, there are that many fewer empty houses.</p>
<p>I've actually heard people mutter that what South Florida needs is a good, strong, nasty, knock 'em down hurricane. I said be careful for what you wish for. . .</p>
<p>Meanwhile, I've said it before and will say it again, the municipalities need to get onto the lenders who hold these houses, assess fines and if necessary foreclose and sell really cheap. They need to shorten the time necessary to foreclose. They will have to spend some money to hire some people, but with say, $100 a day fines, they will get the money back, and lots more.</p>
<p>I've actually heard people mutter that what South Florida needs is a good, strong, nasty, knock 'em down hurricane. I said be careful for what you wish for. . .</p>
<p>Meanwhile, I've said it before and will say it again, the municipalities need to get onto the lenders who hold these houses, assess fines and if necessary foreclose and sell really cheap. They need to shorten the time necessary to foreclose. They will have to spend some money to hire some people, but with say, $100 a day fines, they will get the money back, and lots more.</p>
IrvineRenter_IHB
New member
<p>From the AP: <a href="http://www.usatoday.com/news/nation/2008-02-17-foreclosure-homeless_N.htm" linkindex="376">Some homeless turn to foreclosed homes</a></p>
The nation's foreclosure crisis has led to a painful irony for homeless people: On any given night they are outnumbered in some cities by vacant houses. Some street people are taking advantage of the opportunity by becoming squatters.
Foreclosed homes often have an advantage over boarded-up and dilapidated houses that have been abandoned because of rundown conditions: Sometimes the heat, lights and water are still working.
"That's what you call convenient," said James Bertan, 41, an ex-convict and self-described "bando," or someone who lives in abandoned houses.The rise of the bandos!
More seriously - from unkempt yards, to <a href="http://www.usatoday.com/news/nation/2007-07-01-mosquitos_N.htm" linkindex="377">mosquito infected pools</a>, to bandos squatting in the homes, vacant homes are a negative externality for the neighbors.
The nation's foreclosure crisis has led to a painful irony for homeless people: On any given night they are outnumbered in some cities by vacant houses. Some street people are taking advantage of the opportunity by becoming squatters.
Foreclosed homes often have an advantage over boarded-up and dilapidated houses that have been abandoned because of rundown conditions: Sometimes the heat, lights and water are still working.
"That's what you call convenient," said James Bertan, 41, an ex-convict and self-described "bando," or someone who lives in abandoned houses.The rise of the bandos!
More seriously - from unkempt yards, to <a href="http://www.usatoday.com/news/nation/2007-07-01-mosquitos_N.htm" linkindex="377">mosquito infected pools</a>, to bandos squatting in the homes, vacant homes are a negative externality for the neighbors.
graphrix_IHB
New member
awgee - I wasn't there, but Loam was postponed to next Tuesday 2/26.
Trooper_IHB
New member
<p>Ocean front condo in Long Beach, REO</p>
<p>"<em>Some ocean view off balcony. immaculate pool and spa, deck with panoramic views, on the beach and walking distance to restaurants, shopping, theatres, Queen Mary. Stunning value priced at <strong>$350,000</strong> below what this unit last sold for". </em></p>
<p><a href="http://www.californiamoves.com/property/propertydetails.aspx?propertyguid=490edec3-bf36-4e98-9dec-411200a1ea5f&sqft=0&Street=&mls=&CityIDList=c2410&MaxPrice=999999000&MinBed=0&PropSearch=10&PType=COTO&sortord=D&CountyIDList=207&CommunityIDList=&thumbs=1&page=1&Zip=&MinPrice=0&sort1=listprice&sort2=city&rpp=10&MinBath=0&abrand=18263">Coldwell Banker Residential Brokerage presents CaliforniaMoves.com the real estate site serving all of Northern and Southern ...</a></p>
<p>oop. dead link. url too long. go in ipoplaya.com site and click the realtor link, then click bank owned, los angeles county, long beach, condo, don't fill any other search paramaters in.... There are 47 condos and 127 SFR's in Long Beach currently showing as REO.</p>
<p>"<em>Some ocean view off balcony. immaculate pool and spa, deck with panoramic views, on the beach and walking distance to restaurants, shopping, theatres, Queen Mary. Stunning value priced at <strong>$350,000</strong> below what this unit last sold for". </em></p>
<p><a href="http://www.californiamoves.com/property/propertydetails.aspx?propertyguid=490edec3-bf36-4e98-9dec-411200a1ea5f&sqft=0&Street=&mls=&CityIDList=c2410&MaxPrice=999999000&MinBed=0&PropSearch=10&PType=COTO&sortord=D&CountyIDList=207&CommunityIDList=&thumbs=1&page=1&Zip=&MinPrice=0&sort1=listprice&sort2=city&rpp=10&MinBath=0&abrand=18263">Coldwell Banker Residential Brokerage presents CaliforniaMoves.com the real estate site serving all of Northern and Southern ...</a></p>
<p>oop. dead link. url too long. go in ipoplaya.com site and click the realtor link, then click bank owned, los angeles county, long beach, condo, don't fill any other search paramaters in.... There are 47 condos and 127 SFR's in Long Beach currently showing as REO.</p>
profette_IHB
New member
<img class="photo border" alt="U.S. mortgages in foreclosure" src="http://media.npr.org/news/graphics/2008/feb/foreclosures.gif" />
Anonymous_IHB
New member
<p>Video - interview of the analyst married to the wrestler who got death threats for her earlier Citigroup predictions</p>
<p>More Write-Downs Ahead? </p>
<p>http://www.cnbc.com/id/15840232?video=659529306&play=1</p>
<p> The Citigroup research of Meredith Whitney, executive director of CIBC World Markets, triggered a staggering global selloff, and now she's warning that banks could face additional write-downs of up to $70B if bond insurers are downgraded.</p>
<p>More Write-Downs Ahead? </p>
<p>http://www.cnbc.com/id/15840232?video=659529306&play=1</p>
<p> The Citigroup research of Meredith Whitney, executive director of CIBC World Markets, triggered a staggering global selloff, and now she's warning that banks could face additional write-downs of up to $70B if bond insurers are downgraded.</p>
maxene_IHB
New member
Trooper,
Are these units from the link all REO from LB? I followed your directions and clicked on the web site and sure, some of these are bank owned based on the description but most of them looked like they are simply on sale.
The unit on your post (1000 East Ocean, 415) does not have a good ocean view so it should be priced $300k lower than the others.
Are these units from the link all REO from LB? I followed your directions and clicked on the web site and sure, some of these are bank owned based on the description but most of them looked like they are simply on sale.
The unit on your post (1000 East Ocean, 415) does not have a good ocean view so it should be priced $300k lower than the others.
Trooper_IHB
New member
Max,
click on the link for "Bank owned"....I guess I'm assuming all that pop up will indeed, be bank owned.
About the LB Condo...I'm simply pointing out that it is selling for $350,000 off it's last sales price. I'm sure you are correct, that since it doesn't have a direct ocean view, that it is worth substantially less.
click on the link for "Bank owned"....I guess I'm assuming all that pop up will indeed, be bank owned.
About the LB Condo...I'm simply pointing out that it is selling for $350,000 off it's last sales price. I'm sure you are correct, that since it doesn't have a direct ocean view, that it is worth substantially less.