Even Sex-Party Houses Aren't Selling In This Market

Footnoted regulars know that I've been chronicling the fate of Countrywide's sex party house in Holmes Beach, Fl and using it as a metaphor to explain just how serious the whole subprime mess really is. Not to mention how little Bank of America executives seem to really get the problem.

This week, the house goes on the auction block. And the starting price is now listed at $279K. That's a $90K drop from just last month and considerably less than the $1.1 million that Countrywide appears to be on the hook for as Floyd Norris noted last month. Oddly enough, Countrywide's own REO site still lists the house at $729K.

Read the whole story here.

Comments

[Raymondf]

You can buy mine now worth 58,000 for 1 hundred seventy six dollars the tax price.

[Raymondf]

I guess I will have to wait for the tax sales in November.

[Raymondf]

Can't find enough women to work for free, so I can pay the mortgage.

[Raymondf]

You don't need a house for a sex party.

[Scalawag]

People, don't panic!! Any house with a little TLC can become your very own sex party house.

[majorteddy]

&29, 279 what's the diff?

[Viper]

it appears after some checking that its not likely that the house is one of the ones in the picture.

There were no houses on the beach there for under 700K. Many listed for 1.5 million. Some forclosures on canals and ones not on any water. for under 300K...

I was going to buy it if it was one of those and it came with sex.

Regards

[peachfuzz]

read the whole story where? all roads lead back to here.

[dora rice]

The party is over.

[danoj]

The house could come with a years worth of freebies; nobody has any money it's all going into the gas tank. Do something about that and the sex party house will get bought up.

[Paul]

So who would actually buy a house that was used for sex parties?

All that disinfecting to do...

[Raymondf]

If you can afford the house you can afford to disinfect it.

[unitedstates]

i'll bet a large majority of visitors of huffington post are depressive .. almost everything is negative about the country .

[drzoon]

you paying a few buck more PER GALLON now than a year or two ago?

you paying more for your house to the bank.. THAN ITS WORTH?

did your home food bill go up 50% IN THE LAST 18 MONTHS?

if not.. then you have a lot to be happy about. but the rest of the country is in a jam.. and its not going to get any better.

[Raymondf]

Where in the world do you live that you had a 50% increase in food prices remind me . So I won't move there, ours has only went up about 5%

[DeSwiss]

And you're here because.....

:-|

[moAb]

depressive?...or depressed?

[kburlz]

Does the sex come with the house?

[unitedstates]

lol !

[dora rice]

I am glad I am poor.

[dora rice]

the kind of sex you have to do in those houses , no thank you.

[nogimmicks]

You will be violated repeatedly by the mortgage lending bank

[ilovemydoggy]

Not a surprise. It's all "doom & gloom" lately in real estate. What a major drop in $$.

Foreclosures: You can get a list to major bank & mortgage databases for foreclosure homes here: http://www.nancys-kids.com/reo.htm

[theistus]

broken link to full story, please fix

[CarolinaDem]

Well at Governor Whatsisname's rates, 4k a night, that'll mortgage out to weekends for a year and a half.

[PaMike]

Like Phil Gramm said it's all in your head

[bujeeboo]

Yep, and in my head, I don't feel like partying.