3567 Calle Palmito & 3571 Calle Palmito, La Costa Oaks 92009

[farbet]

Does any one know whether these 2 house are Bank Owned?? They were on the market for some time. Then the realtor shingles came down and it it is sitting for a long time empty.
Thanks

[SD Realtor]

Hi Farbet –

No they are not bank owned. Here is the history.

3567 Calle Palmito – Sold 9/22/05, 1.435M

Now here is where the fun begins:

Active for sale on 12/8/06 at 1.875M
Cancelled on 2/21/06 at 1.799 – 1.875M
Active for sale on 2/22/06 for 1.795M
Cancelled on 7/7/06 at 1.65M
Active for sale on 7/11/06 at 1.65M
Current price is 1.45M

3571 Calle Palmito – Sold 9/15/05, 1.34M

Active for sale on 11/21/05 at 1.55M
Cancelled on 1/22/06 at 1.409 – 1.449M
Active for sale on 12/1/06 at 1.2M – 1.4M

Can you hear the sellers gasping for air?

[farbet]

Thank you SDRealtor.
Do you think they bought these to flip? At foreclosure.com one of these appear.
I believe these upper priced houses will suffer a considerable decrease rather than the 700 and below houses?

[SD Realtor]

Hi Farbet –

Yeppers I do think they bought them as flippers… I guess they flopped instead of flipped… I tend to agree with your analysis as well.

SD Realtor

[sdrealtor]

3571 Calle Palmito is owned by a serial flipper with plenty of money. I met him several months ago and I wouldnt expect him to be gasping for air. Its a 4,000 sq ft single story home which is pretty rare. He’ll be fine.

3567 Calle Palmito is owned by a realtor who is also a serial flipper. Made over $2M by my calculations the last 2 years flipping RE. Nothing unique about this home. While not happy, their track record shows they are used to having both winners and losers with several home runs. Don’t expect much gasping for air from them either.

[farbet]

sdrealtor- One of these appear on foreclosure.com . I don’t have a subscription to get the facts
Won’t this damage their credit?
IS it ethical for a realtor to be using the MLS to do this(flipping)? Does he declare this to a buyer that it is realtor owned
Thanks

[sdrealtor]

farbet,
Neither of these appear of foreclosure.com

The one on foreclosure.com is at a different address and was purchased in 10/05. It’s one of the worst locations and is on its 3rd owner. 1st owner flipped 5 months after closing for $300K above what they paid, 2nd owner flipped 6 months later for $80K above what they paid (broke even after expenses). Current owner bought still unlandscaped and w/o window coverings from the 2nd flipper. She flopped.

However, unappealing there is nothing unethical or prohibited about flipping just as there is nothing unethical about buying and selling stocks.

To answer your other question, anyone with a real estate license is required to disclose that fact upfront in any real estate transaction. It is usually done in the MLS under confidential remarks which are only visible to Sandicor members and not in the listings that forwarded to the general public.

[Author]

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