Palm Bay Florida Apartments & News

Believe it or not, the Palm Bay Florida home in Riviera Key we have had up for sale for 1 year now has been sold, finally. We closed on the house on Thursday September 27th and the final selling price was $180,000.

The two year investment deal that didn’t go as well as we had planned is now completed and it will be a long time before we get into flipping property again. I’m not saying it will never happen, because there are opportunities in every market, but it will probably be a good wait before we are able to invest in real estate again.

The timeline of this little real estate investment goes something like this.

August 2005 - Closed on our investment house at 836 Tavernier Cir NE - Price $241,000

March 2006 - Construction begins 7 months after we close.

May 2006 - Roofing completed and painting of outside of home.

June 2006 - Driveway poured

August 2006 - Flooring with carpert and tile completed inside home.

October 2006 - Construction of home completed and we are given the CO. That’s a certificate of occupancy. Yes, it took a full 7 months to build a 3 bedroom house.

October 2006 - We put the house on the market for $249,000!

We then waited and waited to no avail because the market tanked. We lowered the price on the home several times and probably had about 10 prople look at the home in the year that it was on the market.

We did have one offer and a contract on the house almost as soon as we put it on the market. The offer was eventually worked out to be a price of $250,000. Unfortunately the buyer didn’t have employment or income verification. I’m not sure why they were even looking for a home, but that was a weird one. Too bad, it would have saved us about $30,000 in house payments, insurance and utilities.

March 2007 - Switched reators and went with Steve Johnson based in Palm Bay.

March -July 2007 - Dropped the price of the home approximately $10,000 every two weeks until we got an offer.

July 2007 - Received 3 offers and accepted an offer of $180,000

September 2007 - Closed on offer of $180,000. This deal was a short sale, but I will spare you the details since they are private. Needless to say we lost a bunch on this whole deal but are thankful to have the home out from under us and the buyer got an exceptional deal.

We purchased this home for $241,000 and sold it 2 years later for $180,000. Not a very good investment I would say. But at least this chapter in our life is over. So much for real estate investing on our part.

To check out the home in Palm Bay FL, click here.

Alan

Tags: palm bay florida, florida home, real estate investing, short sale, flipping property

This entry was posted on Saturday, September 29th, 2007 at 1:48 pm and is filed under Palm Bay. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.