tag:blogger.com,1999:blog-3329419642567789295.post3202588083223241735..comments2023-10-30T06:49:13.259-07:00Comments on Larry Roberts real estate writing blog: Flipping articleLarry Robertshttp://www.blogger.com/profile/07551274023310137270noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-3329419642567789295.post-88859070693664447672010-03-24T12:01:40.166-07:002010-03-24T12:01:40.166-07:00Here is another one that amazes me:
http://www.re...Here is another one that amazes me:<br /><br />http://www.redfin.com/CA/Rancho-Cucamonga/6404-Sapphire-St-91701/home/4058076<br /><br />This is down the street from where I currently live. This house is part of one of what originally was one the cheaper neighborhoods in the area when it was built back in the 1970s. It's sitting on a busy street just north of a busy freeway. Surrounding neighborhoods are much nicer and don't appear to be so cheap and cookie cutter looking. <br /><br />Someone bought the place 12/29/09 for $268,100 and then listed it 1/14/10 for $369,900. The pictures show the usual new beige paint, beige carpet, and cheap appliances installed by a flipper. It doesn't appear that any landscaping was done other than mowing the lawn (and there appears to be dead grass in the back yard in the photos). I noticed cars in the driveway recently so I had to see what it sold for. Apparently it went for $400k which really makes no sense to me.<br /><br />This smaller single story in the same neighborhood went for $285k last May:<br /><br />http://www.redfin.com/CA/Rancho-Cucamonga/8288-Highland-Ave-91701/home/4058144<br /><br />Are people really this desperate for a house that they are starting bidding wars on cracker boxes in less than desirable areas again?Unknownhttps://www.blogger.com/profile/05575468223854702548noreply@blogger.comtag:blogger.com,1999:blog-3329419642567789295.post-66969755896955878052010-03-24T10:37:25.771-07:002010-03-24T10:37:25.771-07:00I was assuming that was the case. It's interes...I was assuming that was the case. It's interesting that there are no photos of the interior on this one. I do remember this house having a darker exterior color scheme when I first saw it last year and it appeared to be in good shape. <br /><br />I like this particular neighborhood so I notice when something pops up here. These places were selling in mid $200k range when they were built during the 1990s and probably started breaking the $300k mark around 2001 or so. The listings I saw last year had them (what few thre were) in the upper $300k to low $400k range but the last few are now listed at $449k all the way up to $520k. Good luck with that.Unknownhttps://www.blogger.com/profile/05575468223854702548noreply@blogger.comtag:blogger.com,1999:blog-3329419642567789295.post-46878329477228469032010-03-23T22:28:14.761-07:002010-03-23T22:28:14.761-07:00It probably was sold to a flipper at the trustee s...It probably was sold to a flipper at the trustee sale. New paint, carpet, some lipstick and list it $100k over purchase, it's the new flippers MO. But backing out improvements, taxes, fees/commissions and, holding costs they will need to get $50k over purchase price just to break even.golfer_Xhttps://www.blogger.com/profile/08426050465032209520noreply@blogger.comtag:blogger.com,1999:blog-3329419642567789295.post-34466625983340252932010-03-23T19:09:13.475-07:002010-03-23T19:09:13.475-07:00I'm getting a bit frustrated with the flips th...I'm getting a bit frustrated with the flips that I'm seeing lately. <br /><br />This place was on the market for several months last year for $400k if I remember correctly and then listing disappeared. It was just listed again but for $449,950 now and I see it sold for $347,900 on 2/17/2010. <br /><br />http://www.redfin.com/CA/Rancho-Cucamonga/14052-San-Dimas-Ln-91739/home/3051606<br /><br />I never once saw the price drop below the $400k so I am guessing it was taken back by the bank and sold to someone who is now trying to flip it for $100k more than they paid for it. How are these flippers getting their hands on these places? Is it at the court house auctions or what? I'd probably pay the $347,900 for it but not the $449,950 they want now.Unknownhttps://www.blogger.com/profile/05575468223854702548noreply@blogger.com