Well during bubbles it doesn't matter where you build fools will come and buy, near me they are breaking ground on huge condo developments with more cheesecake factories and tgifs along with more retails stores, with millions of houses in foreclosure and plenty of empty store fronts they are still building, doesn't make any sense to me, I guess they still believe the housing boom is here or they think they will catch the next wave of buying interest, sorry to say but housing isn't turning around for at least another 10+ years or longer.
Code: Date Event Price Source Aug 19, 2011 Price Changed $24,900 GLVAR #1161823 Jul 27, 2011 Price Changed $34,900 GLVAR #1161823 Jun 30, 2011 Listed $37,500 GLVAR #1161823 Jun 10, 2011 Sold (Public Records) $34,200 Public Records This home was sold at a foreclosure auction. Jan 15, 2004 Sold (Public Records) $91,500 Public Records Jun 03, 1998 Sold (Public Records) $73,500 Public Records HOA fee of $110/month
Thanks for this data. Bottom fishing. Less than 3 months ago someone bought this as a foreclosure. Appears as though they're down $10,000 already. Bottom fishing can hurt.
The real question is...what did he find out about the place after 2 months that made him willing to lose $10k on it instead of just renting it out for $500 per month?
Exactly. Another thing worth mentioning (might not apply in this particular instance), but once you start dealing with condo's and those HOA's, you can find yourself in deep shit pretty quickly. I wouldn't even venture to guess how many HOA's are essentially bankrupt in Florida, Nevada and other busted out states. That is one of the main reasons why these properties are selling for next to nothing...because it's very possible that the HOA's are about do default and the assessments could be jacked sky high to offset all of the other foreclosed properties in the association.