Costa Mesa Flip That House

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<blockquote>Apr 17, 1989 $272,000 ?

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

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

<strong>May 19, 2006 $880,000 12.5%/yr </strong>

Dec 31, 2007 $480,000 -31.2%/yr</blockquote>
The seller in 2006 got a sweet deal!
 
it isn't clear to me whether it was actually foreclosed on, or if the flipper is trying a short sale now.



did anyone look it up for NTS?





and yesterday it went to "backup offers accepted" status, so maybe it found a knifecatcher at that price.



we'll see if they can pull the financing together over the next few weeks
 
Well, our original CM flip that house fell out of escrow on 7/23



Now, the REO transaction has shown up, and it is off the market again:





1037 Parkhill Dr Costa Mesa, CA 92627

Sold For: $451,500 (07/17/2008)

Beds: 4

Baths: 2.5

Sqft: 1,880

Style: Residential

Year Built: 1971

Source: Public Records

Sales History

Date Price Appreciation

Sep 17, 1993 $227,000 --

Mar 02, 1999 $226,000 -0.1%/yr

Feb 27, 2007 $635,000 13.8%/yr

Jul 17, 2008 $451,500 -21.8%/yr



So, if i'm reading this right, the flipper put down $180k, almost 30% (or got a second most likely), and then spent maybe $100k on the work, and maybe another $50k on financing,



The second holder is out $180k, the flipper is out $150k



(unless some bank was fool enough to give him a HELOC last spring)
 
[quote author="freedomCM" date=1218027529]Well, our original CM flip that house fell out of escrow on 7/23



Now, the REO transaction has shown up, and it is off the market again:





1037 Parkhill Dr Costa Mesa, CA 92627

Sold For: $451,500 (07/17/2008)

Beds: 4

Baths: 2.5

Sqft: 1,880

Style: Residential

Year Built: 1971

Source: Public Records

Sales History

Date Price Appreciation

Sep 17, 1993 $227,000 --

Mar 02, 1999 $226,000 -0.1%/yr

Feb 27, 2007 $635,000 13.8%/yr

Jul 17, 2008 $451,500 -21.8%/yr



So, if i'm reading this right, the flipper put down $180k, almost 30% (or got a second most likely), and then spent maybe $100k on the work, and maybe another $50k on financing,



The second holder is out $180k, the flipper is out $150k



(unless some bank was fool enough to give him a HELOC last spring)</blockquote>


It got foreclosed on 7/1 and someone bought it for $451,500. The NTS amount was $531k, so the 1st loan was probably closer to $500k, or 20% down. Watch for this one to be back on the market in the next 30 days or so.
 
[quote author="graphrix" date=1218032406]

It got foreclosed on 7/1 and someone bought it for $451,500. The NTS amount was $531k, so the 1st loan was probably closer to $500k, or 20% down. Watch for this one to be back on the market in the next 30 days or so.</blockquote>


Someone bought it at the courthouse auction? The bank discounted 10% or more at the steps?



Interesting. I wonder if they bought to live or resell.
 
Speaking of flips, check this one out....well, shoot I can't find it on Redfin. But it's a house on the corner of Princeton and Harbor that we looked at back in Feb. Foreclosure that sold for $479K. I was driving down Harbor on Monday and thought I saw a new for sale sign on it. Sure enough, it's back on the market for $600K. A real estate agent bought it. What is she thinking? It was actually a nice house and she did fix it up, but there is no way in heck that she is going to get $600K for it. I'm so bummed that I can't find the listing on redfin because her description was so funny. It sounded like a custom home in some prestigious area.
 
This is the part of the housing bust that I don't get. Realtor buys REO property for "cheap" price in order to re-flip the property, but every educated buyer is going to do their homework and very few are going to be willing to pad the pocket of the flipper based on principle alone.



Now if a large investor was to come in and buy large pools or foreclosed properties at STEEP discounts (i.e. 50% below peak) then I would be willing to pay the man, assuming I was buying still at a huge discount.



It will be fun to watch these foreclosed properties re-foreclose, or watch the realtor flippers become long-term accidental landlords.
 
[quote author="stepping_up" date=1218796683]Hmmm. It is right on the corner... gray and white. If you were on Princeton facing Harbor, it would be the house on the left.</blockquote>


This one. <a href="http://www.redfin.com/CA/Costa-Mesa/463-N-Princeton-Dr-92626/home/3710341">http://www.redfin.com/CA/Costa-Mesa/463-N-Princeton-Dr-92626/home/3710341</a>



I recommend taking a look at Google's street view... :-)
 
I love it!



It is such a prestigious, highly desired area. Except...what is that in front of the entryway?

<img src="http://i-0.rfimg.us/photo/46/bigphoto/145/S538145_9_2.jpg" alt="" />



<strong>Why yes, that looks like a ghetto gate!

</strong>





must be a fine area!
 
"The backyard's manicured lawn and sparkling pool add beauty and serenity to evening cocktail hours." - LOL!!!



I'm not so sure the backyard evening cocktail hours will be all that serene since you are just 20 feet from Harbor Blvd.



However, on a positive note, being right on Harbor means you are probably less than 5 minutes from the nearest liquor store!



Thanks for the schadenfreude fix. I love it when realtors get burned with flips!
 
[quote author="Trooper" date=1218799814]Step, it's down to 575K already. LOVE the block wall....ugh. Nice pool though.</blockquote>


The west side of the house is on Harbor Blvd, thus you need the block wall to minimize the noise.
 
<strong>so it finally sold!!!</strong>



1037 Parkhill Dr

Costa Mesa, CA 92627

LAST SALE: $530,000 (11/17/2008)

BEDS: 4

BATHS: 2.5

SQ.FT.: 1,880

YEAR BUILT: 1971





The flipper bought it in 2/07 for $635k, invested a fifty grand in renovations, tried to get out for $635k in January, got it repo'd in july for $435k <strong>($250k down the pot)</strong>.



Now the bank managed to sell it for $535k (which is CS=220, a jan05 price, which is pretty good considering the market is around jan04 prices now).
 
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