[quote=SD Squatter][quote=SD Squatter]With San Diego inventory at all time lows, I find it disturbing that short-sale flopping is still happening right in the open:
Of course we have a 50% ($225,000) flipper premium. Or shall we call this the TV show premium? This is more than funny 🙂 Here is the link to the original flopped “sale”:
I’ve seen more of these “flipper remodels” here in SD County done by CT Homes. They usually take a horribly outdated home and ready it for market to appeal to the the “masses” … that is, the younger set (mostly Gen Y) that “needs” a turnkey property to move into because they feel they can’t do any work themselves.
There wouldn’t be any profit out there for these “flipper teams” if young buyers who needed family homes would buy fixers … and … instead of moving all their household goods in right away, move in air mattresses and get to work. That’s the way it used to be.
CT Homes seems to do all the “right things” to make a successful profit. Did you think they work for free, SD Squatter? You DO realize that within that $225K, they have to recoup the cost of labor, materials and closing costs on both transactions, right??
It’s a free country, SD Squatter. You either think it’s worth the price they’re asking and make an “acceptable” offer … or you don’t.
Your other option was to buy it last year “as-is” for $450K and pay the closing costs, while you lived somewhere else since then and do what flippers do. Take your pick.
If you knew about the listing when it was “in the rough,” why didn’t you make an offer back then?
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If CT Homes purchased this Tierrasanta listing as a “short-sale,” at least they were an “arm’s-length” buyer (unlike the “crooked” SS’s selling to “relatives”). CT paid was it was worth to them at the time and the bank approved the sale. They now have the good fortune of marketing it in rising market but likely did not know at the time of purchase they would be able to ask $675K.
