Could this be correct?

[elgordoboy]

http://maps.qpublic.net/cgi-bin/bay_display.cgi?KEY=37334-000-000
I had a lot to say about this but fat fingered it into oblivion.
It looks like the bank loaned someone a lot of money for a 759 ft.2 concrete block house in a not so up and coming area in west PCB in 2005. It claims to have been a qualified sale. By looking at immediate comps in the area on the parcel map it appears that $200k to $250k would be a generous offer. The nearest sale at $167k jumps out at me. If there was much lending on that scale now being taken back..well we may be circling the toilet bowl.

 

[elgordoboy]

I just checked it was a $558,000 mortgage on the sale at $620,000 so %10 down. I doubt they made a lot of extra payments in a year before foreclosure began to pay that amount down. Minimum $300k underwater?

 

[Beach Bimmer]

I seem to recall the price they paid was for two houses on one large lot (or maybe two adjoining lots) in that area...

 

[elgordoboy]

There were two trailers on a .22 lot near there on Toledo right behind Carousel. I had been watching that property earlier in the year. That is what caused me to be looking tonight and see this one. There was also a duplex on a street to the east of this property that sold recently for $167K.

 

[SHELLY]

I just checked it was a $558,000 mortgage on the sale at $620,000 so %10 down. I doubt they made a lot of extra payments in a year before foreclosure began to pay that amount down. Minimum $300k underwater?

I'd be willing to bet that Elmer ended up with a bunch of that money in his pocket as "cash back" to fix the place up :roll:


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[Matt J]

Wonder if that was part of the Ameriquest boon dogle? I realize it went to JP Morgan Chase, but Ameriquest is no more and got bought out right? Shelly?

 

[SHELLY]

Wonder if that was part of the Ameriquest boon dogle? I realize it went to JP Morgan Chase, but Ameriquest is no more and got bought out right? Shelly?

Citigroup bought Ameriquest's assets...all the financials are pretty much screwed.


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[PalmBeach]

I seem to recall the price they paid was for two houses on one large lot (or maybe two adjoining lots) in that area...

It is located in the first block from the beach. It was a main house that was updated (about 1,100 SF)with a guest house and a pool between. I looked at it when it was on the market. It was a fair price at the time. The small concrete block house in the property appraisers record is the guest house. The property is now listed for sale by the bank, reduced to $299,900.

 

[elgordoboy]

It is located in the first block from the beach. It was a main house that was updated (about 1,100 SF)with a guest house and a pool between. I looked at it when it was on the market. It was a fair price at the time. The small concrete block house in the property appraisers record is the guest house. The property is now listed for sale by the bank, reduced to $299,900.

Thanks for the info. I understand what you mean about fair price at the time but ..ugh $320k in two years? better than 50% reduction and thats if it were to sell at $299k. It is frightening to look at.