North park flips… relatistic prices?

[jpinpb]

Ok. I came across one today from back when. Hesitant to post here b/c it’s not North Park and I don’t want thread hijack, but here it goes anyway.

3066 Driscoll. Lots to be upset about on this one, not just the flippers.

Was first listed in December of 2007 for 925k. Still riding on that bubble wave, completely clueless and not even aware the peak was gone, so listed even above the peak pricing.

NODs get filed on a 2006 loan and later a 2007 loan. Yes. As late as 2007 a lender gives them a loan for 736k.

The market is dictating the sales price. It’s not moving even when reduced to 625k. Meanwhile, the owners have not paid on their mortage, so living for free, and the banks have their bailout. The ultimate welfare.

Finally goes to the courthouse steps and sells for probably what I think should be FMV, 535k . Does it go to an owner? Nope.

Flipper slaps some paint and new carpet. How much does that cost? Lists it for 632k.

Meanwhile, government incentive of 8k and 10k. I hear it’s got an accepted offer at 615k.

Is the comp for the area now 535k or 615k?

If (probably) the bank has another property in the area, are they going to release it and/or sell it for 535k or 615k?

If a flipper didn’t pick it up on the steps, it’s possible it could’ve been on the market for 535k.

[sdrealtor]

You are right the bank might have put it on the market for 535K but they would have added new paint and carpet also to maximize thir return. The buyers would bid on it and it would sell for market value regardless of what it was priced at whichy in this case would be the 615K.

As a sidebar, I have been seeing lots of REO’s and short sales that were intially listed under market closing at prices 10 to 20% above th asking price. The market speaks volumes but some folks dont care to read what the market is telling them.

[sdrealtor]

You are right the bank might have put it on the market for 535K but they would have added new paint and carpet also to maximize thir return. The buyers would bid on it and it would sell for market value regardless of what it was priced at whichy in this case would be the 615K.

As a sidebar, I have been seeing lots of REO’s and short sales that were intially listed under market closing at prices 10 to 20% above th asking price. The market speaks volumes but some folks dont care to read what the market is telling them.

[sdrealtor]

You are right the bank might have put it on the market for 535K but they would have added new paint and carpet also to maximize thir return. The buyers would bid on it and it would sell for market value regardless of what it was priced at whichy in this case would be the 615K.

As a sidebar, I have been seeing lots of REO’s and short sales that were intially listed under market closing at prices 10 to 20% above th asking price. The market speaks volumes but some folks dont care to read what the market is telling them.

[sdrealtor]

You are right the bank might have put it on the market for 535K but they would have added new paint and carpet also to maximize thir return. The buyers would bid on it and it would sell for market value regardless of what it was priced at whichy in this case would be the 615K.

As a sidebar, I have been seeing lots of REO’s and short sales that were intially listed under market closing at prices 10 to 20% above th asking price. The market speaks volumes but some folks dont care to read what the market is telling them.

[sdrealtor]

You are right the bank might have put it on the market for 535K but they would have added new paint and carpet also to maximize thir return. The buyers would bid on it and it would sell for market value regardless of what it was priced at whichy in this case would be the 615K.

As a sidebar, I have been seeing lots of REO’s and short sales that were intially listed under market closing at prices 10 to 20% above th asking price. The market speaks volumes but some folks dont care to read what the market is telling them.

[jpinpb]

sdr – what makes you think the bank will put new paint and carpet? And if there were no government credits, what makes you think it’ll sell for 615k. Heck, it may have sold for lower than 535k.

I guess we are both making assumptions. I’m not laying all the blame on flippers, so don’t get me wrong. There are many factors at work here. Flippers just aren’t helping. And since they had a hand during the bubble, they are doing it again.

[jpinpb]

sdr – what makes you think the bank will put new paint and carpet? And if there were no government credits, what makes you think it’ll sell for 615k. Heck, it may have sold for lower than 535k.

I guess we are both making assumptions. I’m not laying all the blame on flippers, so don’t get me wrong. There are many factors at work here. Flippers just aren’t helping. And since they had a hand during the bubble, they are doing it again.

[jpinpb]

sdr – what makes you think the bank will put new paint and carpet? And if there were no government credits, what makes you think it’ll sell for 615k. Heck, it may have sold for lower than 535k.

I guess we are both making assumptions. I’m not laying all the blame on flippers, so don’t get me wrong. There are many factors at work here. Flippers just aren’t helping. And since they had a hand during the bubble, they are doing it again.

[jpinpb]

sdr – what makes you think the bank will put new paint and carpet? And if there were no government credits, what makes you think it’ll sell for 615k. Heck, it may have sold for lower than 535k.

I guess we are both making assumptions. I’m not laying all the blame on flippers, so don’t get me wrong. There are many factors at work here. Flippers just aren’t helping. And since they had a hand during the bubble, they are doing it again.

[jpinpb]

sdr – what makes you think the bank will put new paint and carpet? And if there were no government credits, what makes you think it’ll sell for 615k. Heck, it may have sold for lower than 535k.

I guess we are both making assumptions. I’m not laying all the blame on flippers, so don’t get me wrong. There are many factors at work here. Flippers just aren’t helping. And since they had a hand during the bubble, they are doing it again.

[sdrealtor]

BTW, I checked the listing on Driscoll and as a short sale it was contingent multiple times above 600K so apparaently they had no problem getting offer in that range before it went back to the bank. They just couldnt get the short sale done so it went back to the bank.

Additionally I have spent the last couple weeks showing properties in 92117. That house would have a couple dozen offers if it was listed at 535K.

[sdrealtor]

BTW, I checked the listing on Driscoll and as a short sale it was contingent multiple times above 600K so apparaently they had no problem getting offer in that range before it went back to the bank. They just couldnt get the short sale done so it went back to the bank.

Additionally I have spent the last couple weeks showing properties in 92117. That house would have a couple dozen offers if it was listed at 535K.

[sdrealtor]

BTW, I checked the listing on Driscoll and as a short sale it was contingent multiple times above 600K so apparaently they had no problem getting offer in that range before it went back to the bank. They just couldnt get the short sale done so it went back to the bank.

Additionally I have spent the last couple weeks showing properties in 92117. That house would have a couple dozen offers if it was listed at 535K.

[sdrealtor]

BTW, I checked the listing on Driscoll and as a short sale it was contingent multiple times above 600K so apparaently they had no problem getting offer in that range before it went back to the bank. They just couldnt get the short sale done so it went back to the bank.

Additionally I have spent the last couple weeks showing properties in 92117. That house would have a couple dozen offers if it was listed at 535K.

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