Costa Mesa Flip That House

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<p>What the realtor could not figure out how to use an auto-focus camera? The pictures are making me dizzy. </p>

<p>I am not sure about the reference to the show either. I guess the realtor figured that the empty house would have given it away.</p>
 
<p>That is a huge drop! Wow! I just looked at the listing a couple days ago and it must have dropped right after that.</p>

<p>That would be something if it dropped to what they paid for it in February, 635K. All that "work" for nuffin'.</p>

<p>Now, if they do sell it at a huge loss, then the network ought to do a follow-up where they explain how foolish they were to try to make a fast buck in a declining market. Such an episode would be both instructive and entertaining. The network, of course, should pay them to do this and that would help re-coup some of their losses.</p>
 
Well 675K minus 6% in commissions is right around 635K. And in this market, who's going to be paying asking prices, everybody is going to negotiate to some degree. They will lose whatever $ they put into the property, plus all that carrying costs. I guess Juliette should be crying, instead of making $174K in profit, they're likely to be losing $120K. That's a lot of $$ and sweat equity down the drain. Imagine what they could be doing today if they had $120K in the bank!
 
<p>Still at $675K, however they are trying the MLS relisting trick to make it look like it's on the market 20 days. The reality is 180+ days. The old listing is gone.</p>

<p>Here's the new ZipRealty link. <a href="http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=C07148640&page=1&property_type=SFR&mls=mls_so_cal&cKey=k9mw6l4n&source=MRMLS">http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=C07148640&page=1&property_type=SFR&mls=mls_so_cal&cKey=k9mw6l4n&source=MRMLS</a></p>

<p>It also looks like they've got some competition with a REO in the neighborhood. <a href="http://redfin.com/stingray/do/printable-listing?listing-id=1128366">http://redfin.com/stingray/do/printable-listing?listing-id=1128366</a></p>

<p>Can someone double check the REO. Is that Sept 2006 price of $696,000 the REO? Has the bank been holding the house for over a year? Or did it just REO and the 2004, 2005, 2006 sales numbers are funky?</p>

<p> </p>

<p> </p>
 
<img src="http://inverse.physics.berkeley.edu/archives/nelson.gif" alt="" /><a href="http://inverse.physics.berkeley.edu/archives/nelson.gif"></a>
 
<p>And it's back! Now listed as on the market 31 days...</p>

<p>Current price, still $675K...</p>

<p><a href="http://redfin.com/stingray/do/printable-listing?listing-id=1298487">http://redfin.com/stingray/do/printable-listing?listing-id=1298487</a></p>

<p> </p>

<p>The competition is gone, it appears to have gone for $686K. <a href="http://redfin.com/stingray/do/printable-listing?listing-id=1128366">http://redfin.com/stingray/do/printable-listing?listing-id=1128366</a> Nearly 20% less per square foot.</p>

<p> </p>

<p>Although new competition has emerged. <a href="http://redfin.com/stingray/do/printable-listing?listing-id=485065">http://redfin.com/stingray/do/printable-listing?listing-id=485065</a> At 15% less per square foot and slightly more overall purchase. However either the seller is going to eat $139,000 loss before comission or this is a short sale attempt...</p>

<p> </p>
 
<p>Ouch. Since the home hasn't sold, I'm assuming the $130K loss is still counting.</p>

<p>That's unfortunate. I wonder if they have the bankroll to eat the loss and continue to carry the loan.</p>

<p>Still, sad though. Other than being caught up in RE mania, they seemed like a nice couple starting a family and trying to make a go of it. I wonder if they'll end up in BK because of it? I also wonder how many of the last season flippers are losing serious money.</p>

<p> </p>
 
I've Tivo'd many of these "updated" shows. I'd say over half have moved in to the property "until the market comes back". LOL
 
This looks pretty dowdy for a flip. Models and TV show flips I've seen (I'm on a long Xmas vacation) like trendy appliances and decor and fancy (but cheap) landscaping. The front lawn and interior fixtures look nice, but for the most part they could have been from the 80's. They don't provide that "wow, spectacular!" feel which makes me like many of the staged places I've seen. It doesn't look any better than I'd expect any such place to look after 10K or so for paint, carpets, and repairs. If this wasn't a disaster zone before, I'd call it a failed flip.
 
<p>Just checked, once again, it's gone from the listings.</p>

<p>Anybody with visibility to see if the MLS indicates a sale? Did it show up on a NOTS list?</p>

<p> </p>
 
I just checked MLS and do not find it sold, expired, or any trace except prior sale in 2005.



Interesting that is is gone and not even shown as expired or hold.



I don't even know how to do that trick.



Regards
 
Can someone with access to Foreclosure.com or another service check. I'm not a subscriber but foreclosure.com shows a Parkhill 4/3 with a NOD. Parkhill is a small street probably only 15 homes.
 
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