My Old Condo got sold! LOL - I thought this was amusing...

[Amy26]

On a whim... I decided to look up my condo that I let go in the bankruptcy...and LOL... my mortgage company took a HUGE hit on this place! haha...

So... this is the price when I bought it:
Flag 04/27/2007 Sold $239,900 -- $307 Public Record

When my bank took it back in their name they paid $125,000 for it.

And this is the price that they sold it at! Haha:
05/27/2010 Sold $115,000 -52.1% $147 Public Record

This is the tax assessment history:

Tax History
Year Taxes paid % Change Tax assessment % Change
2010 $1,570 -- $111,500 -11.6%
2009 $1,570 -34.9% $126,100 -40.4%
2008 $2,410 0.4% $211,400 -21.6%
2006 $2,401 -- $269,800 --


Well the people that bought it got an incredible deal... but LOL... my mortgage companies took huge losses. Course... it was probably insured and all that...but I just thought it was amusing. I had a 70k 2nd mortgage on the place and 191k first mortgage on it. Cause, when I bought it in 2007 I had like 60k in equity... lol.

Anyways... I just thought I'd share... I just can't believe how much the market tanked in three years. I wish I had never bought that place at all.

[goodyphilips]

This is hilarious, I am sure you must be repenting the fact that you bought this property too early. If you had bought it now, you would have got it for a steal.

[Amy26]

I know!!! Yes... I'm so annoyed... but happy at the same time. Glad its gone!

[tobee43]

I know!!! Yes... I'm so annoyed... but happy at the same time. Glad its gone!

amy that's so interesting that you were able to find it!!!! and i suppose also somewhat satisfying....i know our house in nj is over 200k underwater now....so i'm also waiting to see if and when they are able to sell it what it will go for..

i think you most likely right...the bank took the hit but gets the money back anyway....so what did that have to lose???...ahhhhhhh and don't be annoyed...remember and i'll quote one of the mods on this one...hind sight is "blind"...LOL!!

[AngelinaCatHub]

I know!!! Yes... I'm so annoyed... but happy at the same time. Glad its gone!

That's the best way to look at a bad situation. I don't think this is over. Around our place inland from St. Augustine, FL, empty houses and for sale signs look like forests. It is really difficult to see a house without a for sale sign or for rent sign. Nice houses not too old are going up. Many that were newly built. I know of a subdivision that has laid out streets, paved, fire hydrants and transformers for underground power, big enough for 200 houses. There are 24, 22 roughed in except for inside paint and flooring and tile. One house was empty previously lived in and one house is occupied. Like I said, 200 spots of bked lots.

Also our County is a farm community and the fields have signs on them as well. They have been planted but non-the-less, are for sale. Be happy you don't have that mill stone around your neck. If you could not pay for a 300K you probably would have the same issue if it were 50K. Things are not as rosy as our politicians and the news goons tell us. 'Hub

[AngelinaCatHub]

amy that's so interesting that you were able to find it!!!! and i suppose also somewhat satisfying....i know our house in nj is over 200k now....so i'm also waiting to see if and when they are able to sell it what it will go for..

i think you most likely right...the bank took the hit but gets the money back anyway....so what did that have to lose???...ahhhhhhh and don't be annoyed...remember and i'll quote one of the mods on this one...hind sight is "blind"...LOL!!

Hey Tobee, didn't you say in a post you moved down to FL? How is it down where you are? We are in Northeast section. I was recently in Clearwater and it looked about the same as up here. It is a buyers market for bargains but who will buy a bunch of empty houses if people cannot afford to even rent a nice place? 'Hub

[tobee43]

wow hub....love that st augustine area...it was bit or a lot bit toooooo expensive for us, so it's beginning to happen there as your explaining...

i can't believe your area sounds the same as ours does...empty sub divisions with all the utility lines and streets laid out empty...scary...chilling actually. we are also in a "farming" area....many nurseries out this way, however, as in your area hub.....field and field up for sale....

[Amy26]

A lot of the areas are like this... my county has a website that you can look up all the real estate sales and stuff and see who the owners are etc... all the condos in my development have this as the sale reason: "to or from bank owned". Part of the reason my development started tanking was that everyone paniced and just started letting the condos go into foreclosure. I live just outside DC and our area was notorious for being one of the most cost inflated areas in the country. My condo was only 790 sq. ft. and it was 240k. I know it sucks that the prices have dropped so much but I personally think the prices are now around where they should be (at least in my area). I do regret buying when I did... but I needed a place and it was the best one I could find and I was able to afford it. Just things of course tanked and my situation ended up changing.

But yea, I look at it positively... I'm glad I got out of it and I'm really in a better place now. But yea, I agree with Hub I don't see it getting any better any time soon.

[tobee43]

A lot of the areas are like this... my county has a website that you can look up all the real estate sales and stuff and see who the owners are etc... all the condos in my development have this as the sale reason: "to or from bank owned". Part of the reason my development started tanking was that everyone paniced and just started letting the condos go into foreclosure. I live just outside DC and our area was notorious for being one of the most cost inflated areas in the country. My condo was only 790 sq. ft. and it was 240k. I know it sucks that the prices have dropped so much but I personally think the prices are now around where they should be (at least in my area). I do regret buying when I did... but I needed a place and it was the best one I could find and I was able to afford it. Just things of course tanked and my situation ended up changing.

But yea, I look at it positively... I'm glad I got out of it and I'm really in a better place now. But yea, I agree with Hub I don't see it getting any better any time soon.

amy my niece and her husband recently purchase a house in your area...i was flabbergasted they pd over 800k for it, in this market....i know she's works for a firm that had lay offs...and he was a contractor for the government, but was recently hired full time. (so there goes that theory about government cutting, actually, they most likely are, but maybe not in the field he's in?).....any way she emailed me pictures etc., and it's nice and all...but for what you can get most anywhere else ....well, let's say it sure looks like it needs a ton of work....so i know what your saying but yikes...240k for 790 sq ft....

and as well, i agree with hub, it's just not going to get better, yet i guess there are just some never affected??? you think?

[goodyphilips]

I know!!! Yes... I'm so annoyed... but happy at the same time. Glad its gone!

Yes its nice you are done with it and can start a fresh.

[Sweetpea3829]

I have to say...we felt quite a bit of *smugness* when our property was resold by the bank for MUCH less than what we owed the bank for it. In our situation, we bought the property at the end of the year in 2005 and immediately had back-to-back-to-back evictions of tenants that were residing there.

We bought it for 320k and the bank got around 250k for it. It's now valued by Zillow at 170k. *smirk*

In the end...that property caused our completel financial collapse...but from the ashes have risen some really good things that we would not have otherwised experienced had we not lost the place.

[goodyphilips]

I have heard these stories time and again, where bank after foreclosing sold the property for a far lesser amount and that new buyer then sells it at a higher price making huge profits. I fail to understand the economics of the banks.

[tobee43]

I have heard these stories time and again, where bank after foreclosing sold the property for a far lesser amount and that new buyer then sells it at a higher price making huge profits. I fail to understand the economics of the banks.

i think goodyphilips...and i'm not certain, but i think, and it's just my opinion here....that the banks sell them and really don't care what they sell for since they go back to the government to bale them out of the "difference"...i this is most likely part of the reinbustment process...but i'm just guessing because like you said...what the heck kinda sense does it make at all?? unless, somehow, somewhere the banks are going to recoup those loses in the form of the stimulas package...all wrapped up nicely under the banks Christmas trees??...just a thought?

[jacko]

I paid $161,000 for my condo in 2004. The bank has it on the market for $69,000! I doubt the bank lost money is because I paid nearly $5000 in PMI over the years.

On a whim... I decided to look up my condo that I let go in the bankruptcy...and LOL... my mortgage company took a HUGE hit on this place! haha...

So... this is the price when I bought it:
Flag 04/27/2007 Sold $239,900 -- $307 Public Record

When my bank took it back in their name they paid $125,000 for it.

And this is the price that they sold it at! Haha:
05/27/2010 Sold $115,000 -52.1% $147 Public Record

This is the tax assessment history:

Tax History
Year Taxes paid % Change Tax assessment % Change
2010 $1,570 -- $111,500 -11.6%
2009 $1,570 -34.9% $126,100 -40.4%
2008 $2,410 0.4% $211,400 -21.6%
2006 $2,401 -- $269,800 --


Well the people that bought it got an incredible deal... but LOL... my mortgage companies took huge losses. Course... it was probably insured and all that...but I just thought it was amusing. I had a 70k 2nd mortgage on the place and 191k first mortgage on it. Cause, when I bought it in 2007 I had like 60k in equity... lol.

Anyways... I just thought I'd share... I just can't believe how much the market tanked in three years. I wish I had never bought that place at all.

[tobee43]

I paid $161,000 for my condo in 2004. The bank has it on the market for $69,000! I doubt the bank lost money is because I paid nearly $5000 in PMI over the years.

yeah jacko, i agree, the banks have to covering their losses...somewhere and guess who's paying?? i think we are getting hit every which way!