One condo in my city was bought for $125k in 2000

[mdmc]

It was sold in 2006 for $350k.

It was flipped a couple of time more... from $350 to $365 to $370k.

The current owner is now heading into bankruptcy. I bet it will short sell for under $300k.

All those buyers made money. Now there is a loss to be had. The current owner will lose.

If the gov. bailout goes through, the American taxpayer will also get a chance to lose out.

[napi21]

1. My guess would be it will be valued much less than $300k.

I'm sure there will be some like that, but I suspect not anywhere near the majority.

[gateley]

2. There was a condo in Seattle that was - believe it or not - listed for $7 mil.

Still on the market - now for $3.5.

[knowbody0]

3. so as it stands

he can stay there til he dies, owing 400K against its 200K value. if he bails, his credit is poo for a while or forever?

[Ilsa]

4. I generally don't blame the buyers

since they were watching RE prices go sky-high. They were told that everyone needed to be part of the ownership society. This probably looked like their best chance.

[mdmc]

8. ant the mortgage payments were cheaper then renting

more or less

[lib2DaBone]

5. Condos are the "Homes From Hell"

I owned 2 CONdos in my middle management climbing-the-ladder days. OMG what a nightmare. CONDO COMMANDOS FROM HELL... LOL

[DemoTex]

6. Log mountain house in Conestee Falls near Brevard, NC was $325K two weeks ago ..

It is a foreclosure. The bank has now dropped the price to $220,000. 3BR/2BA. About 2000 sq ft. Great deal for somebody.



http://www.wncrmls.com/wnc/maildoc/b003aK1449.html

[CRF450]

7. Oh god I'd love to have a log house like that one!

But oh well, I'm happy with my double wide sitting on 2 acres.

[mdmc]

9. looks very nice

:kick:

[lib2DaBone]

10. That is beautiful.. The house I want ....