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I have been doing a small blog over the years concerning the "housing bubble". So when I learned that my Senator Rubio has a house for sale in West Miami I began doing my due diligence.

And oh my what did I find?!

Let's start at the top with what the Senator is trying to do.

MLS Listing ID: A1710808 It is currently listed for $675,000. Year built 2005.

Purchased 12/2005 (by the now Senator) for $550,000.You will have put in his address to get the record, as it does not return a url that exact

Good news! The Senator is going to make big bucks on real-estate. :( Or not...

Let's see what Zillow thinks of this man's business acumen (ok if you don't know what zilllow.com is its the web sight that tells you a value for real-estate that is always too high)

Zestimate®: $536,857 Oh oh, even Zillow thinks your price is too high! That is not a good sign. Well maybe the Senator's house is special and different, yeah that's the ticket!

Oh look  that's his neighbor hedge (at 6061 same street) you see if you look at the picture in the listing let's see what's been going on behind that hedge shall we?

Price History

Date Description Price Source
09/01/2010 Sold $375,000 Public Record
07/16/2010 Listed for Sale $404,999 CENTURY 21
05/25/2010 Sold:Foreclosure Auction $202,000 Public Record
05/12/2010 Price change $404,999 Century 21 Continental
10/19/2009 Price change $499,000 RE/MAX Advance Realty
09/19/2009 Listed for sale $575,000 RE/MAX Advance Realty
07/25/2009 Listing removed $615,000 RE/MAX Advance Realty
06/27/2009 Price change $615,000 RE/MAX Advance Realty
06/13/2009 Listed for sale $550,000 RE/MAX Advance Realty
01/31/2006 Sold $550,000 Public Record
While the two homes are not exactly the same the Miami-Dade county office of the property appraiser says the adjusted Sq footage: are both 2,699. So close enough for me.

So when your neighbor tried to ask over 600k a bit over 3 years ago he/she dropped the price to 404k than entered into foreclosure and you Senator think your house is priced to sell in this market?

Oh and its been listed on Zillow as of this writing 98 days and the Zillow page has over 30,000 views. (which is huge)

Now is this the part where (I'm just speculating) some conservative organization like Heritage Foundation, American Enterprise Institute, etc. buys the house at full price then sells it off months later at half cost?

Duke Cunningham once had a home for sale which was purchased by defense contractor MZM inc. for $1,675,000 and 8 months later was listed at $975,000. Funny how that worked out. Anyone laughing? Anyone. Bueler? Bueler??

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