Condo crunch in S. Florida good news for bargain hunters

[UNDERCOVER HOUSING EXPERT]

News Media INFLATES FORECLOSURE NUMBERS to scare away home buyers, according to an investigation by The Business and Media Institute:

"Realty Trac Says Media Misrepresents Data", dated March 28, 2008. The news media TRIPLES foreclosure numbers ignoring REPEATED warnings from Realty Trac and the Mortgage Bankers Assn. Realty Trac provides statistics based on filings in EACH STEP IN THE FORECLOSURE PROCESS, according to Realty Trac. There are typically three to four filings for every household in foreclosure YET the news media ignores this and MISREPRESENTS the gross number of filings as the TOTAL number of FORECLOSURES. In most case FORECLOSURES are INFLATED 300% by the NEWS MEDIA, according to Realty Trac. The News Media also MISREPRESENTS the number of homes in foreclosure as a percentage of total homes instead of a percentage of homes WITH A MORTGAGE since 33% of homes nationwide and 42% of homes in Florida DON'T EVEN HAVE A MORTGAGE. The news media including The Sun-Sentinel have DELIBERATELY MISLEAD READERS in order to scare away home buyers! The DRIVE BY MEDIA which includes The SUN-SENTINEL have WAGED WAR against South Florida homeowners for the past four years in order to destroy the housing market. PAUL OWERS has been particularly deceptive by MASQUERADING foreclosure and distressed property consultants as impartial real estate experts to mislead the public with FABRICATED HOUSING HORROR STORIES like the frequently INFLATED FORECLOSURE STATISTICS The SUN-SENTINEL hypes EACH MONTH! Now you know that even REALTY TRAC says the news media LIES and Realty Trac is the media's OWN SOURCE for foreclosure data!

[Pornstache Realtor]

UNDERCOVER HOUSING EXPERT wrote:

News Media INFLATES FORECLOSURE NUMBERS to scare away home buyers, according to an investigation by The Business and Media Institute:
"Realty Trac Says Media Misrepresents Data", dated March 28, 2008. The news media TRIPLES foreclosure numbers ignoring REPEATED warnings from Realty Trac and the Mortgage Bankers Assn. Realty Trac provides statistics based on filings in EACH STEP IN THE FORECLOSURE PROCESS, according to Realty Trac. There are typically three to four filings for every household in foreclosure YET the news media ignores this and MISREPRESENTS the gross number of filings as the TOTAL number of FORECLOSURES. In most case FORECLOSURES are INFLATED 300% by the NEWS MEDIA, according to Realty Trac. The News Media also MISREPRESENTS the number of homes in foreclosure as a percentage of total homes instead of a percentage of homes WITH A MORTGAGE since 33% of homes nationwide and 42% of homes in Florida DON'T EVEN HAVE A MORTGAGE. The news media including The Sun-Sentinel have DELIBERATELY MISLEAD READERS in order to scare away home buyers! The DRIVE BY MEDIA which includes The SUN-SENTINEL have WAGED WAR against South Florida homeowners for the past four years in order to destroy the housing market. PAUL OWERS has been particularly deceptive by MASQUERADING foreclosure and distressed property consultants as impartial real estate experts to mislead the public with FABRICATED HOUSING HORROR STORIES like the frequently INFLATED FORECLOSURE STATISTICS The SUN-SENTINEL hypes EACH MONTH! Now you know that even REALTY TRAC says the news media LIES and Realty Trac is the media's OWN SOURCE for foreclosure data!

Keep up the good fight, brother!

That mean, ole Sun Sentinel and the evil Owers is doing everything they can do to make sure that miss another payment on my leased BMW.

No worries, though, now that all the rich, foreign investors are moving here with suitcases full of cash, we'll be right back on the real estate gravy train.

[Dixie Joe]

www.ccfj.net

[beguiled]

CORAL RIDGE TOWERS wrote:

my wife and i would love to get rid of our place. we lowered our price 3 times and no one wants it. we have had alot of problems with the board. we want out. please buy our co-op. too bad we can't rent it out. we are stuck.

Which building?

[beguiled]

CORAL RIDGE TOWERS wrote:

my wife and i would love to get rid of our place. we lowered our price 3 times and no one wants it. we have had alot of problems with the board. we want out. please buy our co-op. too bad we can't rent it out. we are stuck.

The problem with the Tower buildings are some owners have gone so low with their prices that they are bringing all the units down.

[Steve]

Just Me wrote:

"The two-bedroom condo, once priced at $875,000, was down to $749,900 by the time Regolino and real estate agent Dolly Trotto looked at it. Regolino finally paid $660,000, thrilled to have a second home in an area so close to where many of his longtime friends live."
I wonder how thrilled he'll be when he gets his property tax bill for $12K? Not to mention $600 per month in condo fees.
That's nearly $20,000 per year for the condo without even touching the $600K mortgage, which would be about $3900 per month (30 years at 6.75%). For how many months out of the year will he actually be living in the condo? Three? Four? That works out to around $16,000 per month.
He could've rented a hell of a nice luxury condo, fully furnished, on the beach for $4 or $5K per month and not had any of the headaches associated with ownership, nor would he have had to worry about having money tied up in a depreciating asset (aka: a liability).
You'd think if this guy could qualify for a $600K mortgage, he could at least afford a calculator.

Way to go.
Been following your articles through HBB for years.

[FOR REAL]

UNDERCOVER HOUSING EXPERT wrote:

News Media INFLATES FORECLOSURE NUMBERS to scare away home buyers, according to an investigation by The Business and Media Institute:
"Realty Trac Says Media Misrepresents Data", dated March 28, 2008. The news media TRIPLES foreclosure numbers ignoring REPEATED warnings from Realty Trac and the Mortgage Bankers Assn. Realty Trac provides statistics based on filings in EACH STEP IN THE FORECLOSURE PROCESS, according to Realty Trac. There are typically three to four filings for every household in foreclosure YET the news media ignores this and MISREPRESENTS the gross number of filings as the TOTAL number of FORECLOSURES. In most case FORECLOSURES are INFLATED 300% by the NEWS MEDIA, according to Realty Trac. The News Media also MISREPRESENTS the number of homes in foreclosure as a percentage of total homes instead of a percentage of homes WITH A MORTGAGE since 33% of homes nationwide and 42% of homes in Florida DON'T EVEN HAVE A MORTGAGE. The news media including The Sun-Sentinel have DELIBERATELY MISLEAD READERS in order to scare away home buyers! The DRIVE BY MEDIA which includes The SUN-SENTINEL have WAGED WAR against South Florida homeowners for the past four years in order to destroy the housing market. PAUL OWERS has been particularly deceptive by MASQUERADING foreclosure and distressed property consultants as impartial real estate experts to mislead the public with FABRICATED HOUSING HORROR STORIES like the frequently INFLATED FORECLOSURE STATISTICS The SUN-SENTINEL hypes EACH MONTH! Now you know that even REALTY TRAC says the news media LIES and Realty Trac is the media's OWN SOURCE for foreclosure data!

AMEN! The media has it's own agenda. Wake up people!

[beguiled]

FOR REAL wrote:

<quoted text>AMEN! The media has it's own agenda. Wake up people!

Good post! Evidently newspapers have come to the idea that bad news sells. Global warming, food hoarding, gas prices, housing in the dumper,etc. etc. No good news ever.The media has been a major contributor to the housing debacle.

[Pornstache Realtor]

beguiled wrote:

<quoted text>Good post! Evidently newspapers have come to the idea that bad news sells. Global warming, food hoarding, gas prices, housing in the dumper,etc. etc. No good news ever.The media has been a major contributor to the housing debacle.

Yeah, that darn media is doing everything they can to pull money out of my pockets (Georgio Armani of course).

I mean, what the heck are they think running article like this titled, "Condo crush in S. Florida good news for bargain hunters."

I wish they'd go back to the good, old days (back when I could still afford the payments on my negative-amortization loan and my BMW lease payments) when they only printed great news about South Florida real estate.

[Mangler]

That happened in Cypress Bend ... the units are as old as the original mortgages, so some people cut and ran for 1/3 of what us new comers paid in '04 and '05. I understand that in 1975 a condo sold for $15,000 to $20,000. However, to suddenly dump it for $83k when your neighbor bought 2 years ago for $200k+ is a tad disheartening. It makes other buyers argue even extremely reduced prices.

beguiled wrote:

<quoted text>The problem with the Tower buildings are some owners have gone so low with their prices that they are bringing all the units down.

[Irv]

Marjory Stoneman Douglas wrote:

<quoted text>
And when the whole place here is filled up with foreigners, there will be no democracy because no one will be eligible to vote. Just what the Jewish Mafia that runs Broward wants. Hand it to the developers who have their private residences elsewhere.

What's with the Anti-Semitic comment?

[Popeye]

Dixie Joe wrote:

www.ccfj.net

Jan Bergemann (aka Jen Kenne) isn't making enough money? Take your SPAM elsewhere, slug.

[Rib Roast]

LAST THROES wrote:

<quoted text>
A mansion? Maybe in east bumf&ck Kansas where you live.

Please tell me where you pay $2500 a MONTH in taxes.

[Huh]

Rib Roast wrote:

<quoted text>
Please tell me where you pay $2500 a MONTH in taxes.

Westchester County NY.

[beguiled]

Rib Roast wrote:

<quoted text>
Please tell me where you pay $2500 a MONTH in taxes.

There are many houses across the country that could pay $50,000 and up in real estate taxes. Many waterfront mansions have HUGE tax bills.

[Rib Roast]

beguiled wrote:

<quoted text>There are many houses across the country that could pay $50,000 and up in real estate taxes. Many waterfront mansions have HUGE tax bills.

Good lord, this place is only second to the Youtube message boards when it comes to stupidity.

Thanks for the relevant info.

[Huh]

beguiled wrote:

<quoted text>There are many houses across the country that could pay $50,000 and up in real estate taxes. Many waterfront mansions have HUGE tax bills.

Florida taxes will be going up even higher to make up for shortfalls! Stay tuned.

[Really]

Huh wrote:

<quoted text> Florida taxes will be going up even higher to make up for shortfalls! Stay tuned.

If taxes went down anywhere it would make the headlines and I haven't seen any yet.

[ocean dunes]

What's the best way to get exposure to foreign buyers for one's property? Is the markey better or worse in Brevard county, beach side?