Flippers Still Active in Chula Vista?

[Jim Jones]

Just came by this listing today, which is pretty interesting. Looks like the property was purchased on Feb 26, 2008 for $340,000 and is being relisted for $360,000. Here is the link.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1500625

Are flippers still active in Chula Vista?

1. How did the owner get this house for $340k? This is way below the selling price of comps. in the area.

2. This house is 600-800 square feet larger then any of the houses listed in that price range in the area. I know from watching this area closely that prices are down about 100k in the 91915 ZIP over the last 8 months or so but this one is priced very aggressivly compared to the rest of the homes on the market and is going set a market precident when it does. Any comments?

3. Any commments about pricing on the mid range SFR homes in the 91915, 91914 areas of Chula Vista? I have been comparing them to similar properties in Mira Mesa but am looking for other areas which might be compareable when looking at quality of neighbourhood/schools/drive to downtown ect.

4. Any estimates on where you think an average 1300-1500 sq/ft SFR will settle at when this area bottoms out?

Last observation as a “PROUD” renter in the 91915 zip I can say that even at $300k the buy vs. rent still does not pencil out when you look at the PITI plus HOA and Mello Roos in the area. I nice 3br 1400sq/ft SFR rental can be had here for under $2000 a month. Renting with no regrets down here.

[recordsclerk]

I think the $340K was the amount the bank paid when it took over the property. This is a bank owned forclosure. This is not a flip job.

[recordsclerk]

I think the $340K was the amount the bank paid when it took over the property. This is a bank owned forclosure. This is not a flip job.

[recordsclerk]

I think the $340K was the amount the bank paid when it took over the property. This is a bank owned forclosure. This is not a flip job.

[recordsclerk]

I think the $340K was the amount the bank paid when it took over the property. This is a bank owned forclosure. This is not a flip job.

[recordsclerk]

I think the $340K was the amount the bank paid when it took over the property. This is a bank owned forclosure. This is not a flip job.

[recordsclerk]

BTW that is a nice house for the price.

[recordsclerk]

BTW that is a nice house for the price.

[recordsclerk]

BTW that is a nice house for the price.

[recordsclerk]

BTW that is a nice house for the price.

[recordsclerk]

BTW that is a nice house for the price.

[barnaby33]

20k hardly would be worth flipping once you figure in commissions and taxes. Actually its funny if you take 340k and multiply by 6% you get 20.4 Add that to 340 and you get 360.4. Sounds like the bank is selling for exactly what they tool it back for plus commissions.

Josh

[barnaby33]

20k hardly would be worth flipping once you figure in commissions and taxes. Actually its funny if you take 340k and multiply by 6% you get 20.4 Add that to 340 and you get 360.4. Sounds like the bank is selling for exactly what they tool it back for plus commissions.

Josh

[barnaby33]

20k hardly would be worth flipping once you figure in commissions and taxes. Actually its funny if you take 340k and multiply by 6% you get 20.4 Add that to 340 and you get 360.4. Sounds like the bank is selling for exactly what they tool it back for plus commissions.

Josh

[barnaby33]

20k hardly would be worth flipping once you figure in commissions and taxes. Actually its funny if you take 340k and multiply by 6% you get 20.4 Add that to 340 and you get 360.4. Sounds like the bank is selling for exactly what they tool it back for plus commissions.

Josh

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