Waterfront Miami Condo Sells for $155k. Comps in building sold for $550k in 2022.

[OliverHeldens]

https://www.zillow.com/homedetails/1...44137933_zpid/


Here's the comp from 2022 of the unit next door with the same square footage.
https://www.zillow.com/homedetails/1...7698616_zpid/?

Miamicels on Suicide Watch!

[OliverHeldens]

And yet, you’re still a rentcel

Sad

[ChewYourFood]

New comp is 155k. yeet.

[BigDeeps01]

OP's prediction of an April housing crash has come and gone

US housing market is back to an all time high (Median sales price $433k)

And this is WITHOUT an interest rate drop

Absolutely brutal

New comp is 155k. yeet.

House is an estate sale and a complete fixer upper, description says they did a huge price drop for a quick sale. The heirs just wanted their money

Also OP failed to post comps. Are the high comps he's boasting about on the top floor? Are they larger models? Of course he won't provide that insight :]

[Zelensky]

OP's prediction of an April housing crash has come and gone

US housing market is back to an all time high (Median sales price $433k)

And this is WITHOUT an interest rate drop

Absolutely brutal

B-b-b-but OliverHomeless has another cherrypicked property sale thread, surely that means more than actual sales data!

In all seriousness, he is once again leaving out a major piece of information, which in this case is the massive $30 million dollar assessment leveled on the property owners in this building because it needs serious structural repairs.

This specific building is mentioned in this article here:
https://www.axios.com/local/miami/20...ndo-owners-out

Don't let that get in the way of his cope though

[BigDeeps01]

B-b-b-but OliverHomeless has another cherrypicked property sale thread, surely that means more than actual sales data

Oh no no no no no! Do you really think anyone would do that? Cherry pick meaningless houses to try and support their narrative?? :[

[OliverHeldens]

New comp is 155k. yeet.

Lol, that's going to fuk this entire building up. People won't be able to refinance to pay for special assessments due to being underwater, foreclosures, everything goes to chit.

Just a preview of US Real Estate in 2025 & 2026.

[BigDeeps01]

Lol, that's going to fuk this entire building up. People won't be able to refinance to pay for special assessments due to being underwater, foreclosures, everything goes to chit.

Just a preview of US Real Estate in 2025 & 2026.

Post the zillow of the other comps, at least 3

Also, the goal post shift is now 2025 and 2026 huh? :]

[OliverHeldens]

Post the zillow of the other comps, at least 3

Also, the goal post shift is now 2025 and 2026 huh? :]

This housing crash is largely following the same path as 2008, but likely won't be as severe.

Miami Condos started crashing in 2005, and were an absolute mess by 2007/2008(as was the rest of the housing market by then).

As with all housing crashes, not everywhere is impacted. But the places that overbuild will be a bloodbath, just like in 2008.

[BigDeeps01]

This housing crash is largely following the same path as 2008, but likely won't be as severe.

Miami Condos started crashing in 2005, and were an absolute mess by 2007/2008(as was the rest of the housing market by then).

As with all housing crashes, not everywhere is impacted. But the places that overbuild will be a bloodbath, just like in 2008.

So no other comps huh

[OliverHeldens]

So no other comps huh

https://www.zillow.com/homedetails/1...44137753_zpid/

Here's another unit in the building that has been on the market since 2022. Listed at $525k, and is now down to $199k with no takers.

[BigDeeps01]

https://www.zillow.com/homedetails/1...44137753_zpid/

Here's another unit in the building that has been on the market since 2022. Listed at $525k, and is now down to $199k with no takers.

So I know you understand how comping works

Can you provide the last 3 sold comps in the building?

[headturner1]

BRB selling house and buying back for half off a year from now.


Thanks Op!

[8pieces]

building is old as chit. what ever happened to the building that collapsed in miami?

[OliverHeldens]

So I know you understand how comping works

Can you provide the last 3 sold comps in the building?

An appraisal of any unit in this building would come back below $200k right now.

[OliverHeldens]

building is old as chit. what ever happened to the building that collapsed in miami?

Still collapsed, probably small insurance payouts.

[donblaximus]

If you are worried about a crash on a $150k asset..................

[BrianDaMan]

HOA: $2,575 monthly

gotdamn

[BrianDaMan]

building is old as chit. what ever happened to the building that collapsed in miami?

the front fell off

[JT11RTR]

If you read the description, the buyer has to pay 2 upcoming assessments. I'm sure that whole building needs serious repairs and every occupant is about to get 2 huge bills to cover it. That's why they had to reduce to price so much.

[FelixTheCat1919]

My place is up another $5k in the last 30 days based off of comparables in the neighborhood, thanks for reminding me to look OP

[Zelensky]

If you read the description, the buyer has to pay 2 upcoming assessments. I'm sure that whole building needs serious repairs and every occupant is about to get 2 huge bills to cover it. That's why they had to reduce to price so much.

The building needs $30 million worth of repairs. As mentioned above, OP intentionally left that out.

https://www.axios.com/local/miami/20...ndo-owners-out

[OliverHeldens]

If you are worried about a crash on a $150k asset..................

The crash already happened. And it seems like it won’t stop soon.

[OliverHeldens]

The building needs $30 million worth of repairs. As mentioned above, OP intentionally left that out.

https://www.axios.com/local/miami/20...ndo-owners-out

The building has 600 units, so a $30M assessment isn't that crazy. $50k per unit amortized over 20-30 years isn't enough for most residents to even notice.

[nutsy54]

https://www.zillow.com/homedetails/1...44137933_zpid/


Here's the comp from 2022 of the unit next door with the same square footage.
https://www.zillow.com/homedetails/1...7698616_zpid/?

Miamicels on Suicide Watch!

So... you had to dig to find an Estate Sale, with a looming Special Assessment, as if that's a barometer for the real estate market in general

[blueberryboy]

So... you had to dig to find an Estate Sale, with a looming Special Assessment, as if that's a barometer for the real estate market in general

Lol this. You can't just cherry pick these anomalies in attempt to prove a greater, broader trend of the entire housing market.

[tehgosu]

HOA: $2,575 monthly

gotdamn

lol that's insane

[OliverHeldens]

So... you had to dig to find an Estate Sale, with a looming Special Assessment, as if that's a barometer for the real estate market in general

Do you somehow believe there are a shortage of Condo complexes in Florida in this exact same situation?

[nutsy54]

Do you somehow believe there are a shortage of Condo complexes in Florida in this exact same situation?

You forgot to provide any state-wide statistics on how many condo associations were run ineptly enough to be tens of $millions behind on maintenance and reserve funding, all of whom are only offering Estate Sales.

Only, and you didn't mention any of this in the OP as a cause... you once again just cherry-picked an extreme because it was an extreme. Then you got caught.