Thursday, February 09, 2006

Palm Beach POS Parade!

Kudos to the Palmbeachpost.com for running a story on homes that have been"flipped" over the last few years.

This one is my favorite!


720 Summit Blvd., West Palm Beach 1,847 square feet

$215,000 in August 2005

$190,000 in July 2005

MOST RECENT INCREASE: Up 13.2%, or $1,923 per day

(LANNIS WATERS/Staff Photographer)

Here is the link: http://www.palmbeachpost.com/news/content/news/photos/flipped1218_pbc/

Every day I am amazed. People just do not care what the prices of homes are. They are willing to pay for fear of being "locked out" forever.... Alas, they will soon learn that not owning a home is better than owning a home that is 40-50% overvalued. Anyone remember the Dot.com crash?

As always, I want to hear your comments!!!


3 Comments:

At 3:06 PM, Blogger taiwanjack said...

hey bigdaddy, you are in banking? what kind of stuff do you do? I see you have access to bloomberg.
way to start a blog. i am on the same boat as you with this whole bubble thing.


Jack

 
At 8:43 PM, Blogger Subsonic22 said...

Hey, if the seller would've held on for another 11 months, they would've got $296,000 for it.

I'm sure the fool that paid $215k saw if it can increase 13% in one month, what will they pay if they hang on to it for 3 months? I wonder what underwriters are thinking when they see properties like this go for the values they do. Probably, if I don't approve this, my manager will find somebody that will.

 
At 9:27 AM, Anonymous mandrill said...

And Zillow estimates it at short of 300K today. Go figure... ;-)
http://www.zillow.com/search/Search.z?addrstrthood=720+SUMMIT+BLVD&citystatezip=WEST+PALM+BEACH&mode=search

 

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