Sunday, September 28, 2008
Flipping, alive and well
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....