The deal seems to be for flipper only. The people who have $500K cash sitting around surely isn’t going to buy this for their primary residence.
And for that, with tenant still occupied, I wonder if the price is still good enough to generate meaningful profit with 2-3 months holding time and commission.
They will need to sell it for over 550K to make some reasonable return. If they can get $600K, then it might be some good bet.
Would someone spend $600K for that house after August (not the best time to sell a house) ?
Keep in mind that the next buyer would need about $200K to qualify for confirming loan
The most recent sales are:
10234 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $560,000 (01/23/2009)
and
10274 Prairie Springs Rd
San Diego, CA 92127
LAST SALE: $527,818 (12/05/2008)
BEDS: 3
BATHS: 2.5
SQ.FT.: 2,166
YEAR BUILT: 2002
So, $499,999 is not super sweet deal, because you have to pay cash.
