Costa Mesa Flip That House

NEW -> Contingent Buyer Assistance Program
They're still trying...points for resiliency. Asking price of $675k. This new listing has DOM at 74.

<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1431511">Here is the Redfin link</a>.



FYI the address is 1037 PARKHILL DR in Costa Mesa. And the link posted above was also the correct house.
 
[quote author="jbatzmaru" date=1207871660]1/10/2008-NOD? that is only 3 months. they still got some time.</blockquote>


Whew, I was really worried for them for a minute there, thanks for claifying...



Maybe the Iraq war will be over first, what do you think..
 
Just an update.



<img src="http://i-0.rfimg.us/photo/46/bigphoto/547/P619547_0.jpg" alt="" />



I guess the bank has it now, but a sale hasn't shown up on zip.



But they dropped the price to $635k. So it is back to what the flipper purchased it for,

<strong>except for those pesky $90k in upgrades, and a year of carrying costs.</strong>



Who thinks the bank is going to break even on this one?





<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1431511">http://www.redfin.com/stingray/do/printable-listing?listing-id=1431511</a>
 
[quote author="alan" date=1207874013][quote author="jbatzmaru" date=1207871660]1/10/2008-NOD? that is only 3 months. they still got some time.</blockquote>


Whew, I was really worried for them for a minute there, thanks for claifying...



Maybe the Iraq war will be over first, what do you think..</blockquote>


toss up. if they play it right and delayed the court proceeding. it could take up to 11 years. i read that some man in ohio did it and held the bank at bay for 11 years.................
 
[quote author="Major Schadenfreude" date=1192232070]<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></blockquote>


I smell a program pitch to HGTV.

I would pay good money to see that.

I've wondered why they always show the people that:

<em> (a) bought a home without any inspection

(b) find plumbing/mold/take your pick catastrophic $$$ sinkhole issues

(c) still manage to sell for $100K profit.</em>



Show me the crash and burn stories and I'll show you a better Nielson rating.
 
[quote author="IrvineRealtor" date=1209475156][quote author="Major Schadenfreude" date=1192232070]<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></blockquote>


I smell a program pitch to HGTV.

I would pay good money to see that.

I've wondered why they always show the people that:

<em> (a) bought a home without any inspection

(b) find plumbing/mold/take your pick catastrophic $$$ sinkhole issues

(c) still manage to sell for $100K profit.</em>



Show me the crash and burn stories and I'll show you a better Nielson rating.</blockquote>


IHBTV, is in the works.
 
Excellent idea. IHBTV.

We can get the IAC as a sponsor too.

Guest staring Don Bren. He can talk about his Charity Work.

Lots of Interviews of Mortgage guys flipping burgers.

And all the Real Estate Girls from Houswives in OC can make

it and talk about how good they are doing in Coto.



When do we start production ?

Just like "Waynes World"

We can get a public access channel cheap.
 
Sign me up for IHBTV! We can have a whole episode of David A. Lereah writing "I am an idiot" on a chalkboard hundreds of times...
 
flippers suing the network that filmed them? lol, heavens no. The show just filmed them and gave them a lil cash for their efforts. It's the flippers who thought they could screw the next guy.
 
Well, we all know that these people were stupid to have attempted to flip. The next phase of reality TV might be better off and more entertaining if they did a show on stupid flippers who are now in default.
 
Very funny, check out zovalls request from "Flip That House" for just that situation. It was posted on the other thread this morning. Made me smile with my first cofee
 
OK, here is one in Costa Mesa that has turned out even worse for the flipper than the above flip.



<a href="http://www.redfin.com/CA/Costa-Mesa/1091-El-Camino-Dr-92626/home/3714924">http://www.redfin.com/CA/Costa-Mesa/1091-El-Camino-Dr-92626/home/3714924</a>



Date Price Appreciation

Apr 17, 1989 $272,000 --

Jan 03, 1994 $242,432 -2.4%/yr

Aug 08, 1994 $220,000 -15.1%/yr

May 19, 2006 $880,000 12.5%/yr

Dec 31, 2007 $480,000 -31.2%/yr



In the two years since the flipper bought it for $880k, they have added on 800sf addition, and then PerGranTeeled the thing. Figure $150-$200k worth of renovations It got repo'd in Dec for $480k (does this mean that they put $400k down???).



<strong>If so, this is a $600k loss to the flipper!</strong>



If someone can run the debt load, we could see if they refi'd to take back their "investments", maybe it is a $600k loss to a bank?



And I doubt that they will make the $679k either, since their is only similarly sized comparable is 2824 SanJuan, which is in escrow at $546k. Two nearby sales in the last month, each only ~1500sf, went for $525k and $550k (also PerGranTeeled).



<img src="http://i-0.rfimg.us/photo/46/bigphoto/963/P638963_1_0.jpg" alt="" />
 
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