Tuesday, December 22, 2009

Holy flip Batman


Remember this house? This one was trashed by the previous owners on the way out.



It was picked up by a flipper for $330k 4 weeks ago. They cleaned it up, fixed the broken stuff, filled the pool and now feel they are entitled to a $300k profit (less costs). They have it listed for $639k! This thing does have a spectacular back yard and the inside looks pretty nice now but geez come on a $300k markup in one month??? It looks like they just cleaned it up and added new wrought iron fencing. I know it needed windows and some other stuff but wow this guys is looking to make a killing. I don't think they will get that much though but he should be able to get mid $500s. That's still a healthy profit.

17 comments:

Todd said...

It certainly is a nice house now but I doubt anyone would pay $639k for it. Of course if they find just the right person who is desperate for a house in that area they just might.

So how much do you think they put into the house to clean it up? $50k? $100k? Whatever they spent I would bet it was nowhere near $300k.

Jack said...

good for him.. fixing an otherwise destroyed home, hiring contractors, pumping money into the economy... with the profits i'm sure he'll start another project continuing to inject money into the system.. its the previous owners who bought a home they couldn't afford and trashed it like the immoral f##@k-tards they are...

Tyrone said...

When I saw the backyard photos, the first thing that came to mind was Fred Flinstone. Truly horrible looking. "Wilma, where's my dinner??" (she can cook the brontosaurus burger on the grill)

Looks like there is a lot of property action in that neighborhood (sales, foreclosures, etc).

golfer_X said...

It's a nice tract and there's probably a good chance I will eventually buy a house in this tract. It's currently one of my top 4 tracts that I'm looking at. There are a lot of distressed properties and probably 30% to 50% of the homes have already been turned over in the last 2 years. Right now there's not many on the market which will help this doofus. I don't think he will get his price. I doubt it would appraise higher than $550k. I know of one comp on a bigger home with a back yard nearly as nice and that sold for $450k.

Beware said...

Don't buy in this tract - I owned a home in Bridle Creek and sold a few months ago. The HOA is run by a group that is trying to create their version of Utopia in Rural Riverside County. (This same HOA board could be compared to Germany in the late 1930's - They need to be overthrown!) They will send nasty letters to you until you move, you can comply with the CC&R's and still not satisfy them!
STAY AWAY FROM BRIDLE CREEK -
Just look at postings at:
www.reworkthehoa.org

golfer_X said...

That looks like a disgruntled owner, pissed off that there home value has tanked and is blaming it on the HOA. Poor fella doesn't realize that the values are just correcting to what they really should be. Those homes should be in the high $300s to low $500s based on historical values. And they are almost there!

Martin Burtin said...

HOAs, CC&Rs, Mello-Roos, easements, and CFDs are things I avoid. Maybe Stratford Wives and their hubby's are happy with their manicured lawns, architecturally approved facades, HOA endorsed improvements, etc. Me, I want the liberty to do what I want on my own property.

Maybe non-tract, rural, or custom home neighborhoods with that lack of "supervision" look a bit untidy compared to the cookie cutter Irvine wannabe neighborhoods. To me, a man working on his own car in his own driveway with his own tools, is a man, but a man who is afraid to work on his own car in his own front drive, is not a free man. He is controlled by others and not at liberty to pursue happiness.

I gave up looking at newer homes in developments. Yep they are purty, but the cost of loss of choice and personal liberty is too great.

golfer_X said...

My mom lives in a gated HOA community and it's pretty darn nice. Yes she sometimes bitches about getting a nastygram because her lawn isn't the right shade of green. But at least the homes have lawns. I've lived in a regular tract home for 22 years. I've had neighbors that parked cars on front "lawn". I've had kids partying in the pool at 3am. I've had a neighbor with a dozen yapping mutts. And my current idiot neighbor... I think is running an auto repair biz in his driveway.

Non-HOA might be ok in Laguna or Mission Viejo but out here in the IE it's not nearly as nice. There's way too many rednecks, gang bangers and taco cart pushers for me to live in a non-hoa tract any more.

tim said...

There's no reason why you'd need a HOA to stop your neighbors from partying into the wee hours of the morning. And running an auto repair shop out of their driveway? Same thing. There are city laws and ordinances that apply; not sure about the unincorporated areas (if that makes a difference), but if you ever have a party going on at like 2 AM (doesn't matter what day), I'll bet it's against the law and all you have to do is call the police.

I live with my parents in an area that doesn't have HOA. And we don't have *any* of the problems that everyone cites as reasons for supporting a HOA. Every once in a while we'll have problems, but every time the police took care of it.

who me? said...

In Crown Ranch Estates in South Corona, neither an HOA nor city regulations have stopped one household from operating a used car repair/sales business from their driveway. Every weekend there is a new dozen used cars getting cleaned up for sale.

tim said...

@whome - I don't doubt that you've called the police. Maybe you're calling the wrong places. When you've got a business like that running out of the driveway, you've also got hazardous materials. You've got plenty of places to call to get those people in trouble and have them stop doing what they're doing.

golfer_X said...

The police can't do anything because in most cases there's no way to prove they are not just fixing a friends car.

You can call the cops all you want but often times that just starts a war with the neighbors. I have a friend going through that. He's had tires slashed, windows broken, garage door egg'd etc. All because he called the cops about the neighbor's loud parties and racing cars up and down the street. And this is in a nice tract in Woodcrest, not some ghetto tract in Perris. Now he's afraid to do anything. So calling the cops is not always a great solution.

Personally I would prefer to live in a neighborhood where I don't have to call the cops. Sure I'd rather not have to deal with an HOA but given my experience with neighbors so far I'll take an HOA next time.

Sid said...

Why are you itching that the guy is going to make a lot of money on fixing the property and selling it. You gripers either lacked the money or the nerve to buy it before he did.

golfer_X said...

I got no problem with they guy making some money. But he's shooting for the moon with that asking price. There's only been one home sell over $500 in that tract and that was over 6 months ago. It also had a big fancy rock swimming pool. We are just making fun of his asking price.

VectorzSigma said...

Golfer, for reasons you mentioned is why I decided not to choose Corona to buy my house. I took your advice and bought one in the Temecula/Murrieta area which is far more pleasant. The excellent balance of racial demographic mix with not one minority dominating the other has been a big role in the pleasantness and hopefully will continue to avoid having the issues of Corona that you have mentioned.

dkla76 said...

Guys, i need to start looking for a house in corona area for my parents in 6months. maybe 9.

looking for something 2700+sgft and lot size of 8000+sqft. fairly new and move in ready type with yards all done.

now i did some research and think i can find something in ~300K.
what do i need to do? i know most are short sales and i just dont know where to start.

any advice on areas or anything is appreciated.

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