11039 Del Diablo – Sold in 9/06 for 520k like you said. Prior to that was on the market and expired. It was listed at 649k and then expired at a price of 575k-599k. Looks like the new owners financed it with a first of 416k and a second of 52k. Now they are on the market as of a few days ago for 589-604k. So the price declines that were made were substantial but not uncalled for. First off 649k for that size home in that part of RP was ridiculous to begin with. Also the original listing expired then the home was relisted, so the price declines reflect poor pricing to begin with more then anything else. Remember, many sellers think the home they live in is always worth more then market comps.
I do not believe these guys (the buyers) are flippers. Most flippers finance 100%, try to use as little money as possible, and then fix the home up etc, then try to get more then what they bought it for. These guys did do some fixing up as stated in the comments but it just doesn’t smell like a flipper situation to me. Also by 9/06 many flippers already saw the market was header for the toilet as we were well into the decline with a horrid summer.
Now you lost me on the Deron property. I see that on May 30 2007 13281 Deron closed escrow at a price of 550k. Is this the property you are referring to? Also this home hit the market in April and it was listed at 535k-550k and went into escrow after about 6 days and closed at 550k.
Let me know if I screwed up. I could not find a 450k sale on Deron.
