Monday, March 29, 2010

Living in the past

A few years ago you could buy a house, live in it for a year and make $100k. Here's a owner that thinks those days have returned.

3140 Crestview Dr. Norco.
The homes sold one year ago to the current owners for $515k. After one year of ownership for what ever the reason the new owners need to bail. I doubt these are flippers since they have horses. Flippers don't bring horses to a flip, they bring paint, carpet and sod. Apparently it's upgraded beyond belief! Although the pics show basic white tile and builder grade cabinets in the bathroom. I have no idea if they poured any money into this or not, but after a year in the home these folks think they are entitled to $115K. Any think these guys have a hope in hell? There's been a few flips sell in the mid $500s recently but those were much larger homes. I'm thinking if they can get out for what they paid they are doing great.


theY said...

This flip I've been watching finally sold. What a profit.

golfer_X said...

At least that one looks like a total remodel. Still looks to be a good payday for the flipper though.

golfer_X said...

Here's another one in Dos Lagos.
Comps be damned, this one is "special". Bought Jan 09 for $450k now listed for $570k?? Good luck with that. No recent comps of this floorplan but the last half dozen of them sold in the low $400s last year. There was a short sale a few weeks ago that was listed at $425k. It looks like the delusional sellers are coming back.