Let’s watch this flipper:

[LostCat]

This house was purchased as a short sale about a month ago for around $550,000 or $555,000. They added some paint, dug up the backyard and added some grass, put some new doors in the house and painted the outside all in about a month’s time. The For Sale sign went up today out front. Let’s see how this market treats this flipper.

http://www.sdlookup.com/MLS-076077327-5697_Meredith_Ave_San_Diego_CA_92120

Anyone want to guess how long it will take this to sell and for how much?

[larrylujack]

649k? you gotta be kidding.

[salo_t]

This is a great example of why Netbank is no more.

[Arty]

Damn who in their right mind is still trying to flip today.

[gverdi]

650k in Del Cerro for a 1957 house? Insane…

There is still a loooong way to the bottom if there are still flippers in this market.

[The OC Scam]

It will become a rental (3 months max) because it will not sell! They will take a 1k loss a month… I believe a lot of short sales are a joke you are still buying at 2005-2006 prices in most cases…

[LostCat]

Yeah, that’s what I don’t get. Who would try and flip a house in this market. When I spoke the realtor, she said that it needs to be sold and sold fast. So I bet they have this house bought with a neg am lone.

My bet is, all things considered, including insanity, someone will buy it for around $599k. This person will likely have two kids and a dog, a struggling marriage and can’t afford to buy in 4S Ranch because of the over priced market there.

[PadreBrian]

I say sells for 460k, after the bank repos it.

[betting on fall]

I follow this micro-market area, and I have to say this MIGHT work out for him. Not many houses for sale in the immediate area, and its a nice area- there is a little private swim/tennis club right there and a very good elementary school around the corner. He might get lucky and find a buyer concerned about things other than price.

My favorite WTF???? flip attempt in that area is this one: http://www.sdlookup.com/MLS-076073081-6544_Linda_Ln_San_Diego_CA_92120

It quickly sold just this July for $825K. Its one of those scary original 1960’s never rehabed places that the original owner apparently died in.
It was then listed again almost immediately for $899K- with apparently zero work done to the place. Even most of the MLS pictures are the same as last time. The only difference is the owner/agent (yes, a realtor bought it) is offering plans for a remodel in the sale price this time. I just can’t figure out the logic on this one at all.

[SHILOH]

who would flip now —and who would lend?

[larrylujack]

“My favorite WTF???? flip attempt in that area is this one:”

Worth every penny with those popcorn ceilings.

[Navydoc]

Is it my imagination, or does this place look like a double-wide? Maybe we’ll see it parked on the 101 with graffiti on it in a few days.

I can’t believe someone out there thinks this place is worth 649K.

[LostCat]

so only one person is willing to make a guess. How long and how much..

[ocrenter]

it’ll end up as a rental, I agree.

owner would take it off the market by the end of the year. try to wait out the crash by waiting and renting for a year to rowdy SDSU students, who’ll park and pee on the grass, and stain up the walls.

after a year on the rental market and going negative for so long, when the flipper try to put it back on the market the comps would be so bad that he may just give it up to the bank.

[LostCat]

LostCat

I think that place would be a nightmare for a college student as a rental, unless they are the studious type (difficult to find at SDSU). The neighbors are super anal and older. The cops would be stopping by every 10-min if it came to that. Besides, the rent is too high in that area for college students.

My guess is property sells for $565,000 in two months. Only because there are insane people out there willing to buy, that have kids and want a good school.

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