Street of broken dreams: Foreclosures shutter Sorrento Springs ...

It was once a young couple's dream house -- a four-bedroom piece of paradise overlooking a golf course.

[UCF]

This is so sad. Some people bought what they couldn't afford, but others just had some bad hands dealt to them. This market needed to correct itself, but this is an over-correction.

[2Smart2BuyNow]

"When we bought, there was this rumor going around that there was going to be a highway through there that would connect to Interstate 4," says Raza Dhanji, a 38-year-old Lake Mary businessman who bought four homes in the subdivision as investments. "We were told two years -- max."

There was a rumor going around... The very definition of speculation and greed. This is no different than if the guy had bought 4 truckloads of Beanie Babies because he was going to re-sell them and make a killing. This is not a 'tragedy', it is just a stupid-money malinvestment being wrung out of the economy. The real tragedy is that the Government will raise your taxes and steal from your children's futures to bail out this guys high-risk behavior- and the banks that lent him the money! Cry about THAT tragedy!

[yep]

Sounds like greedy people way over their head in showboating..

[2Smart2BuyNow]

UCF wrote:

This is so sad. Some people bought what they couldn't afford, but others just had some bad hands dealt to them. This market needed to correct itself, but this is an over-correction.

By the way, by definition this is not an overcorrection. This is a correction in progress. Price equilibrium will be reached wherever the market finds it at that time. If the economy continues to weaken, in another two years then the average home price will continue to decline towards the new equilibrium point(average home price= 3 x average income= sustained affordability). It is like water running down a hill- it will stop when it reaches its lowest point, but not until then. This is a PROCESS that will occur over time, not an EVENT that takes place at one time. We have a long way to go.

[Yessir]

yep wrote:

Sounds like greedy people way over their head in showboating..

Last week it was the Olives in Lake County. This week it is these people. The greedy and low self esteem parade continues.

[BeeBoy]

I agree that it's a shame. But, ultimately we should be responsible for our own actions. If a lender told me that I could qualify for a $400,000 home on an imcome of $40,000, I would have enough sense to realize that this was unrealistic.
People seem to think that owning a home is their god-given right whether they can afford it or not. There are millions of hard working people who bought their homes the right way, and bought what they could afford. Yes, this whole mess is, at least in part, the fault of the mortgage companies; but it is, also in part, the fault of irresponsible borrowers.

[Littletommy]

The really sad part is that those folks who bought homes in here and could afford them now have to put up with a blighted neighborhood.

This state needs legislation that would force the lenders to maintain these houses in accordance with the HOA guidelines. The lenders and appraisers are the 'bad boys'in all of this!

[beach bum]

No one ever mentions the dishonesty of real estate agents in the big lie of selling these homes.They are trying to get out of this mess with their reputations intact.

[GatorSieg]

"Just 9 short miles from the Front Gate, there is not only a Publix, but also a Winn Dixie, a CVS and a Walgreens for your grocery getting convenience. Just turn left on 44 and head toward Eustis. Take the bypass for Highway 19 to make your trip even faster."

Taken straight from the subdivision's developer website. 9 miles from any grocery stores / drug stores, and the houses cost $400,000 a piece? That was just terrible decision-making on the owners', investors', and developers' parts. Just who, exactly, were these homes meant to appeal to?

The investor who bought four houses on the 'rumor' that the Wekiva Parkway would be magically done in 2 years should maybe have typed the name into Google or done basic research. As it is, having to make a 30 minute commute to I-4 from this subdivision is no longer feasible with gas prices so high.

[Yessir]

beach bum wrote:

No one ever mentions the dishonesty of real estate agents in the big lie of selling these homes.They are trying to get out of this mess with their reputations intact.

Funny how so many of us did well and continue to do so. So easy to blame others. The whiners got what they deserved.

[Rich White]

A big energy sucking house, far away from employment. Count me in.

[Dave]

That is an easy blanket statement to throw out there. But the reality is that many of these people were just unlucky enough to buy at the top of the bubble.
Unlike you I feel sorry for them and consider myself blessed.

Yessir wrote:

<quoted text>
Funny how so many of us did well and continue to do so. So easy to blame others. The whiners got what they deserved.

[Yessir]

Rich White wrote:

A big energy sucking house, far away from employment. Count me in.

Don't forget to add four children to the mix...

[Monetary Madness]

UCF wrote:

This is so sad. Some people bought what they couldn't afford, but others just had some bad hands dealt to them. This market needed to correct itself, but this is an over-correction.

Another genius from UCF.

Overcorrection? The disconnection between incomes and housing prices is still absurd. Prices still have a long way to fall.

[Lee]

and the worst is yet to come.merely the tip of the money market ice berg.

[Perfect Storm]

Now imagine a hurricane blowing through several of these "blighted" subdivisions. How many owners / investors / developers are going to cough up the money to fix their devaluating "investments"?

[Monetary Madness]

Yessir wrote:

<quoted text>
Funny how so many of us did well and continue to do so. So easy to blame others. The whiners got what they deserved.

6% to unlock a house. The real estate industry is a cartel, and they pay off the politicians to protect their little fiefdom.

[Ray Charles Saw It Coming]

GREED !!!!!

[rrlarry]

I think there was some bad decisions made,425,000 for a home then a job transfer a year later, sure doesn't sound like to much job stability was taken into account in that situation. Then a 74 year old buying that much house way out in Sorrento seems like a bit much responsibility at that age. Snap decisions made probably at the encouragement of the agent well you got what you wanted,you made your bed yourself so guess you have to sleep in it or take the loss. Reminds me of the old song verse, SOME'S GOTTA WIN SOME'S GOTTA LOSE.

[Monetary Madness]

Dave wrote:

That is an easy blanket statement to throw out there. But the reality is that many of these people were just unlucky enough to buy at the top of the bubble.
Unlike you I feel sorry for them and consider myself blessed.
<quoted text>

Unlucky? This isn't a game of rolling the dice.

They bought an overpriced house. It is that simple.