Costa Mesa Flip That House

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[quote author="freedomCM" date=1228220787]<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).</blockquote>
Too bad nobody was able to step with with cash at the trustee sale because they could have made a decent profit.
 
Kindof.



CS assumes normal maintainence and updating along the way (updating kitchens and bathrooms, new roof, new plumbing, etc), so you can't just let a place sit in stasis. But it is thrown off by >>major<< renovations (adding rooms or pools or...). that is why it is increasingly less useful the longer it has been since a previous sale.



But in this instance, despite what the flipper thought, that 50k was just normal updating (lipstick on the pig!), so in fact, the bank did well to sell it at that price.
 
Lets follow this Costa Mesa Eastside FLIP: REOd in july for $442k, flipper bought in sept for $425k, and dropped some cash:



<blockquote>Equity Seller. Not a Short Sale, Not an REO. Owner just completed a total renovation of this 3 bedroom, 2 bathroom Eastside Costa Mesa home. The renovations included: New Roof, New Windows, New Sliders, New A/C, New Furnace, New Venting, Completely New Kitchen and Baths with Granite, All New Matching Stainless Steel Appliances, Brazilian Cherry Hardwood Floors, Designer Carpet, Crown Moldings, Recessed Lighting, New Paint, New Landscaping with Malibu Lighting, and the list goes on. There truly is too much to mention. This home is 2.5 miles to the Beach and within walking distance to everything else.</blockquote>




<a href="http://www.redfin.com/CA/Costa-Mesa/2114-Elden-Ave-92627/home/4597890">the flip:...</a>



<strong>Now the flippers are trying to get $640k, an astounding $500/sf!</strong>



(nothing less than spectacular has made more than the $300s in the past 6 months)



<img src="http://media.cdn-redfin.com/photo/46/bigphoto/429/S574429_0.jpg" alt="" />
 
[quote author="stepping_up" date=1242378304]the link goes to a redfin condo in kent, WA, of all places. ???</blockquote>


I was nice to my Costa Mesa lovers, I fixed the link.
 
Go to person view and rotate 360...<a href="http://maps.google.com/maps?f=q&source=s_q&hl=en&q=&vps=1&jsv=158b&sll=37.0625">http://maps.google.com/maps?f=q&source=s_q&hl=en&q=&vps=1&jsv=158b&sll=37.0625</a>
 
[quote author="No_Such_Reality" date=1242453530]Go to person view and rotate 360...<a href="http://maps.google.com/maps?f=q&source=s_q&hl=en&q=&vps=1&jsv=158b&sll=37.0625">http://maps.google.com/maps?f=q&source=s_q&hl=en&q=&vps=1&jsv=158b&sll=37.0625</a></blockquote>




is that your new house in el modena? planning on putting in some crops?
 
I forgot google maps link doesn't work. It was the hood your last house post was in. Big apartment directly across the street and a ghetto gate with a ghetto gate on the driveway.
 
yes, it is surrounded by apartments. and those crappy motels along newport, which is, along with the tail of the 55fwy, just one block away.



I've never really spent any time in this little area. I wonder if all those apartments are full of college kids? or...?





Actually, Step and I posted about this house when it was originally for sale last summer, but I can't find it. It was in its original 1955 state. The flipper did a lot of work, but I guess we'll see if it was $250k worth of work.
 
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