Here's a flip attempt in Corona.
3231 Huntfield St was taken back by the bank for $401K. The previous owner had paid $930K in Dec 2006 for it. It sold in early Sept for $370K. That is a loss of 60.3% from the Dec 09 price or if you prefer your loss in dollars, that's a loss of $560K. This one was picked up by an investor hoping for a quick profit. It's already back on the market priced at $499K. Not bad if he can get it that's a quick profit of $130K less sales costs. The flipper looks to be an agent or broker.
Listings like this have to make you wonder if these agents aren't taking advantage of their positions to snag deals before the public gets a chance. This house at $370k was a steal (unless it was trashed). There's no way that it would have sold that low had it been on the open market. Homes in this area, this size are still selling for well over $400k and some are still getting over $500k. The listing says it is completely rehabed. But the house was only 3 years old and it's only been 3 weeks since it sold so they could not have done much more than paint and carpet. Now this house could have been trashed and everything could be legit, but it does make you wonder....
7 comments:
ill be the first to share the good news....at least someone over there has their head on straight
House defeats $700B financial markets bailout 9/29/2008
I second the good news, but we are not out of the woods yet as obama said today, "Democrats and Republicans in Washington have the responsibility to put make sure that the emergency rescue package is put forward that can at least stop the immediate problem we have." So I am sure, there will be further attempts of much the same thing.
The property is not worth $500,000 as Trulia shows similar homes for sale valued at $393,000 and recently sold homes valued at 412,000.
The news does bring a smile to my face, particularly when Nonsense Peloci can't even rally her own party to pass it (they have the majority and could pass it on their own). Thank God there are still a few politicians who are willing to go against their party. OK, off my political bend, before golfer gets irate at me ;)
I drive thru Copper Leaf now and then, me and the wifey like those homes a lot. We even went last Sunday. Lots of homes available. The 4000 sq ft ones sell around 500K and the smaller ones in the low 400's. The flipper got a nice deal. However, he better sell it at a profit fast, before the monthly carrying costs and devaluations catch up on him. I think he has about 50k of upside if he moves fast. He might get even more if he lives in it for a decade, those would be a good investment. Except for one problem, the HOA and taxes are rough. The HOA is high in my opinion only because it does not include anything you can use. No pool, no park, no trails, nuth'n. I'm like, WTF up with that?
I know this house really well, the buyer is an agent and he lives on the same area on Huntfield and Langtree. He flipped another house on Clearing in the same area.
You mean the second one from the east end of the block, backed up against the hills, with all the new front yardscape being installed? If that's the one, I drooled when it was offered for sale a few months back, but didn't offer on it. I love those homes, but I think those home owners might not love me. I need an area zoned for either agricultural or commercial. I have stuff that seems to offend the average R-1 neighborhood. :(
"I have stuff that seems to offend the average R-1 neighborhood. :("
Hell you should hear me when I fire up on of my HUGE model airplane engines! Yea, the neighbors love it. Now I'm thinking of taking up the bagpipes. My neighbor to the south has had one too many mariachi parties and he needs a little payback. Another reason I also want a LAAARGE lot on my next place. After 20 years of home ownership I can say without a doubt, "most neighbors suck!" (me included).
Agreed, acreage and fences make neighbors tolerable. NRA stickers on your Pickup make them polite.
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