7884 Mission Bonita, 92120

[Fletch]

OK, what the heck is up with this listing:

Sold in January for $440k
Sold again in April for $370k
Just closed again at $441k

http://www.redfin.com/CA/San-Diego/7884-Mission-Bonita-Dr-92120/home/5415359

How does a property lose $70k between January and April?

Even if it was purchased to flip in April, $441k seems high for the current comps, even if it was upgraded after the April sale….

[Eugene]

I don’t think that January is a real transaction. Not a round price, and it does not show up on Zillow or on SDLookup. My guess is, it’s foreclosure.

April and November sales are real:

http://www.sdlookup.com/MLS-072096539-7884_Mission_Bonita_Dr_San_Diego_CA_92120

http://www.sdlookup.com/MLS-080058647-7884_Mission_Bonita_San_Diego_Ca_92120

“extensively remodeled “from the walls in” with superior products throughout, down to the last light switch! This turn-key home is set apart by upgraded a brand new state-of-the art to die for new kitchen with cherry cabinets and granite counters as well stainless appliances, recessed lighting, and a remote control ceiling fan. The bathrooms have brand new cabinets and granite counters … New carpet is featured in the bedrooms”

At the time of closing, it had this as a comp:

http://www.sdlookup.com/MLS-086034882-8004_Mission_Vista_Dr_San_Diego_Ca_92120

[Eugene]

I don’t think that January is a real transaction. Not a round price, and it does not show up on Zillow or on SDLookup. My guess is, it’s foreclosure.

April and November sales are real:

http://www.sdlookup.com/MLS-072096539-7884_Mission_Bonita_Dr_San_Diego_CA_92120

http://www.sdlookup.com/MLS-080058647-7884_Mission_Bonita_San_Diego_Ca_92120

“extensively remodeled “from the walls in” with superior products throughout, down to the last light switch! This turn-key home is set apart by upgraded a brand new state-of-the art to die for new kitchen with cherry cabinets and granite counters as well stainless appliances, recessed lighting, and a remote control ceiling fan. The bathrooms have brand new cabinets and granite counters … New carpet is featured in the bedrooms”

At the time of closing, it had this as a comp:

http://www.sdlookup.com/MLS-086034882-8004_Mission_Vista_Dr_San_Diego_Ca_92120

[Eugene]

I don’t think that January is a real transaction. Not a round price, and it does not show up on Zillow or on SDLookup. My guess is, it’s foreclosure.

April and November sales are real:

http://www.sdlookup.com/MLS-072096539-7884_Mission_Bonita_Dr_San_Diego_CA_92120

http://www.sdlookup.com/MLS-080058647-7884_Mission_Bonita_San_Diego_Ca_92120

“extensively remodeled “from the walls in” with superior products throughout, down to the last light switch! This turn-key home is set apart by upgraded a brand new state-of-the art to die for new kitchen with cherry cabinets and granite counters as well stainless appliances, recessed lighting, and a remote control ceiling fan. The bathrooms have brand new cabinets and granite counters … New carpet is featured in the bedrooms”

At the time of closing, it had this as a comp:

http://www.sdlookup.com/MLS-086034882-8004_Mission_Vista_Dr_San_Diego_Ca_92120

[Eugene]

I don’t think that January is a real transaction. Not a round price, and it does not show up on Zillow or on SDLookup. My guess is, it’s foreclosure.

April and November sales are real:

http://www.sdlookup.com/MLS-072096539-7884_Mission_Bonita_Dr_San_Diego_CA_92120

http://www.sdlookup.com/MLS-080058647-7884_Mission_Bonita_San_Diego_Ca_92120

“extensively remodeled “from the walls in” with superior products throughout, down to the last light switch! This turn-key home is set apart by upgraded a brand new state-of-the art to die for new kitchen with cherry cabinets and granite counters as well stainless appliances, recessed lighting, and a remote control ceiling fan. The bathrooms have brand new cabinets and granite counters … New carpet is featured in the bedrooms”

At the time of closing, it had this as a comp:

http://www.sdlookup.com/MLS-086034882-8004_Mission_Vista_Dr_San_Diego_Ca_92120

[Eugene]

I don’t think that January is a real transaction. Not a round price, and it does not show up on Zillow or on SDLookup. My guess is, it’s foreclosure.

April and November sales are real:

http://www.sdlookup.com/MLS-072096539-7884_Mission_Bonita_Dr_San_Diego_CA_92120

http://www.sdlookup.com/MLS-080058647-7884_Mission_Bonita_San_Diego_Ca_92120

“extensively remodeled “from the walls in” with superior products throughout, down to the last light switch! This turn-key home is set apart by upgraded a brand new state-of-the art to die for new kitchen with cherry cabinets and granite counters as well stainless appliances, recessed lighting, and a remote control ceiling fan. The bathrooms have brand new cabinets and granite counters … New carpet is featured in the bedrooms”

At the time of closing, it had this as a comp:

http://www.sdlookup.com/MLS-086034882-8004_Mission_Vista_Dr_San_Diego_Ca_92120

[Fletch]

So then that January “transaction” is probably the appraised value when it went into foreclosure?

Regardless, April was a gutsy time to buy a flip. Wonder if they cleared their improvements.

[Fletch]

So then that January “transaction” is probably the appraised value when it went into foreclosure?

Regardless, April was a gutsy time to buy a flip. Wonder if they cleared their improvements.

[Fletch]

So then that January “transaction” is probably the appraised value when it went into foreclosure?

Regardless, April was a gutsy time to buy a flip. Wonder if they cleared their improvements.

[Fletch]

So then that January “transaction” is probably the appraised value when it went into foreclosure?

Regardless, April was a gutsy time to buy a flip. Wonder if they cleared their improvements.

[Fletch]

So then that January “transaction” is probably the appraised value when it went into foreclosure?

Regardless, April was a gutsy time to buy a flip. Wonder if they cleared their improvements.

[Eugene]

[quote=Fletch]So then that January “transaction” is probably the appraised value when it went into foreclosure?[/quote]

Minimum bid at the foreclosure auction.

Unless the flipper was a real estate agent, he got something like 414K after commissions. He paid 370K, installed new appliances and new granite counters in the kitchen and three bathrooms, and had to pay 10-15K in interest and property taxes during 6 months of holding the place. I think he barely broke even.

[Eugene]

[quote=Fletch]So then that January “transaction” is probably the appraised value when it went into foreclosure?[/quote]

Minimum bid at the foreclosure auction.

Unless the flipper was a real estate agent, he got something like 414K after commissions. He paid 370K, installed new appliances and new granite counters in the kitchen and three bathrooms, and had to pay 10-15K in interest and property taxes during 6 months of holding the place. I think he barely broke even.

[Eugene]

[quote=Fletch]So then that January “transaction” is probably the appraised value when it went into foreclosure?[/quote]

Minimum bid at the foreclosure auction.

Unless the flipper was a real estate agent, he got something like 414K after commissions. He paid 370K, installed new appliances and new granite counters in the kitchen and three bathrooms, and had to pay 10-15K in interest and property taxes during 6 months of holding the place. I think he barely broke even.

[Eugene]

[quote=Fletch]So then that January “transaction” is probably the appraised value when it went into foreclosure?[/quote]

Minimum bid at the foreclosure auction.

Unless the flipper was a real estate agent, he got something like 414K after commissions. He paid 370K, installed new appliances and new granite counters in the kitchen and three bathrooms, and had to pay 10-15K in interest and property taxes during 6 months of holding the place. I think he barely broke even.

[Author]

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