Tuesday, February 03, 2009
$42 Per Square Foot!
Make that *$41.50* for each of the 1,612 square feet on the periphery of Naples, FL.
Of course this is a foreclosure (that my real estate buddy sent me).
According to Zillow.com it sold for $146,900 in December 2003.
Yeah a resident here would be almost in the middle of nowhere, 22 miles from *civilization* on Route 41....
But they'd be paying about a $400 monthly mortgage with no money down!
One could buy this house and with the savings they could book a hotel to stay overnight in Naples when they felt like it.
Yeah, looks like it's a Countrywide REO. What a surprise.
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That's gotta be a good chunk below replacement value.
Depending on how much work it needs, seems like that would cash flow if you could rent it out.
IF is the operative word. Anyone who makes merely 12k per year can buy it. - and maybe get a roommate to defray the mortgage.
Now, as for replacement value, lots of products can fall below that level and stay there for a while.
The culprit is always *oversupply*.
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