Perpetuum Mobile... Sort Of...

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Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

 uniqueness of the situation was that in MG on the Halifax in Holly Hill there were no sales at all for a couple of years at least, so there were no comparables.

Marina Grande on the Halifax - DaytonaAnd there are no real comparables to MG on the Halifax. It is a different animal. If it were on the Beach, and not on the Intracoastal, it could have been the most prestigious condo development in the area. The ocean still dominates the tastes and priorities for vacationers, but much less for locals. With practically all buyers being out-of-state, being on the ocean is the advantage...

But the look, the feel, the design... no comparables. But when the first BPO was done, with 2 mile radius requirement there was really not much to compare to, period. Then there was a wave of sales, and the second BPO was better, but still off, then there was an appraisal, and then another BPO.

The negotiator called today and told me that Investor denied the case. They wanted a little more money as the price, plus they wanted either cash or Promissory Note from the Seller, plus they were only paying 12 months worth of maintenance, and no attorney's fees...

Follow this link to my new Marina Grande site for the rest of this article. 

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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Well who would've guessed! LOL! Yep, we have a few condos where the lenders won't deal and you know what, one of our sellers has been living in his condo for 3 years now, paying his HOA but not the mortgage and the banks still won't deal but they don't foreclose because they don't want to pay the $600+ HOA fees. Nothing surprises us any more! 

Mar 28, 2011 04:53 PM #1
Rainer
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Jack Mossman - The Nines Team at Keller Williams in Lodi
The Nines Team at Keller Williams in Lodi - Lodi, CA
The Nines Team in Lodi

Jon - That's the issue with unique properties without comps ... worth more ... sure, but the invesor wants to see it "in writing!"  The cycle recovery is a hard one ...

Mar 28, 2011 04:54 PM #2
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Without comps you think they could do $ per sqft on "similar" properties. There has to be something out there for a BPO, you would think!!

Mar 28, 2011 05:00 PM #3
Rainmaker
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Beth Larsen
RE/MAX Sedona - Sedona, AZ
Sedona Arizona

Part of the problem as you say Jon is the 'requirements' they put on BPOs that make it impossible in some areas to meet them and still have a realistic result. It's especially difficult in less densely populated areas like ours.

As for leaving a seller in for 3 years....as Nestor & Katarina point out, they don't have to pay the HOAs...OR pay a field servicing company to maintain the property. Any doubt there's a shadow inventory?!

Mar 30, 2011 04:05 AM #4
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Jon Zolsky, Daytona Beach, FL

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