Ok. I came across one today from back when. Hesitant to post here b/c it’s not North Park and I don’t want thread hijack, but here it goes anyway.
3066 Driscoll. Lots to be upset about on this one, not just the flippers.
Was first listed in December of 2007 for 925k. Still riding on that bubble wave, completely clueless and not even aware the peak was gone, so listed even above the peak pricing.
NODs get filed on a 2006 loan and later a 2007 loan. Yes. As late as 2007 a lender gives them a loan for 736k.
The market is dictating the sales price. It’s not moving even when reduced to 625k. Meanwhile, the owners have not paid on their mortage, so living for free, and the banks have their bailout. The ultimate welfare.
Finally goes to the courthouse steps and sells for probably what I think should be FMV, 535k . Does it go to an owner? Nope.
Flipper slaps some paint and new carpet. How much does that cost? Lists it for 632k.
Meanwhile, government incentive of 8k and 10k. I hear it’s got an accepted offer at 615k.
Is the comp for the area now 535k or 615k?
If (probably) the bank has another property in the area, are they going to release it and/or sell it for 535k or 615k?
If a flipper didn’t pick it up on the steps, it’s possible it could’ve been on the market for 535k.
