kaulat

Sold on 09/02/11 - $605,000 Well, that only took 400 days. Look at this long, sad saga: Sep 02, 2011 - Sold $605,000 Jul 15, 2011 - Pending (Backup Offers Accepted) Jul 08, 2011 - Price Changed $609,000 Jun 17, 2011 - Price Changed $639,000 May 27, 2011 - Listed (Active) $649,000 May 27, 2011 - Delisted (Cancelled) May 17, 2011 - Price Changed May 09, 2011 - Price Changed Apr 25, 2011 - Price Changed Mar 30, 2011 - Price Changed Mar 04, 2011 - Relisted (Active) $699,900 Mar 04, 2011 - Delisted (Hold) Mar 04, 2011 - Relisted (Active) Mar 03, 2011 - Delisted Mar 02, 2011 - Listed Nov 14, 2010 - Delisted (Expired) Oct 05, 2010 - Price Changed Sep 27, 2010 - Price Changed Aug 27, 2010 - Price Changed Jul 15, 2010 - Listed (Active) Apr 14, 2010 - Sold $405,000 Hey, a $200,000 profit! This flipper must really know what he's doing! Not so fast, punchy. Setting aside the fact that flippers who know what they're doing actually, you know, flip houses instead of chasing the market dow...

Price changed from $639,000 to $609,000 Ouch. This is getting uglier by the day. They've knocked off $90,000 from the list price and still no action. I mean, psychologically how do you think that feels? This flipper is still ahead of the game considering he paid only $405,000 in April 2010, but that seemingly fat $204,000 profit cushion isn't as comforting when you consider the 15 months of carrying costs, the substantial money he sunk into the flip ($80,000? $100,000?), and of course paying out commissions ($36,000). It's not like he'll lose money on the deal -- I think even in the worst-case scenario he'll break even. But I'm sure he'd like to gain some profit for his trouble, so with the fall and winter months (and his one-year MLS anniversary) approaching it would be wise to keep cutting. But with a listing history like this, would you characterize this flipper as "wise"? Jul 08, 2011 - Price Changed $609,000 Jun 17, 2011 - Price Chan...

Price changed from $659,000 to $649,000 How's that market chasing workin' out for ya?

Price changed from $675,000 to $669,500 This is actually the second price reduction in the last four weeks ($30,000 lopped off so far). Will it be enough to for this flipper to make money on his lipstick-on-a-pig makeover? Well, considering the census bureau reported that homes for sale are currently the lowest they've been since 1967 (yes, you read that correctly), they might find an impatient, frustrated buyer willing to overpay. For this kind of scratch I think a buyer can do way better, but in this inventory-free environment nothing really surprises me anymore. ++++++++++++++++++++++++++++++++++ ADDRESS: 4512 East VERMONT St, Long Beach, CA 90814 ASKING PRICE: $699,900 BEDS: 3 BATHS: 2.75 SQ. FT.: 1,500 $/SQ. FT.: $467 LOT SIZE: 4,735 Sq. Ft. YEAR BUILT: 1948 COMMUNITY: Belmont Heights/Alamitos Heights MLS#: P772185 ON REDFIN: 4 days DOWN PAYMENT: $140,000 INCOME REQUIREMENT (3.5x): $160,000 MONTHLY NUT: $3,700 DESCRIPTION: Remodeled 3 bedroom 2 3/4 bath Home with...

ADDRESS: 4512 East VERMONT St, Long Beach, CA 90814 ASKING PRICE: $699,900 BEDS: 3 BATHS: 2.75 SQ. FT.: 1,500 $/SQ. FT.: $467 LOT SIZE: 4,735 Sq. Ft. YEAR BUILT: 1948 COMMUNITY: Belmont Heights/Alamitos Heights MLS#: P772185 ON REDFIN: 4 days DOWN PAYMENT: $140,000 INCOME REQUIREMENT (3.5x): $160,000 MONTHLY NUT: $3,700 DESCRIPTION: Remodeled 3 bedroom 2 3/4 bath Home with Contemporary Open Floor Plan and New Laminate Floors throughout. Light & Bright Living Room w/ Venetian Plaster Fireplace opens to Formal Dining Room. New Kitchen w/ Granite Counters, Pantry, & Stainless Steel Appliances including Gas Cooktop, Oven, Dishwasher, & Breakfast Bar opens to Dining Area and to spacious Family room which overlooks NEW Wooden deck with view of the Private Peaceful Backyard. Spacious Master Suite with a New Bathroom with custom flooring, Skylight tube, Vanity & oversized shower w/ seamless shower doors. 2 other custom remodeled bathrooms. There are many other NEW fea...

That's down 3% just between September and October! Wow. And the result? A greed-driven divergence between List vs. Sold price per square foot. That's what happens when all but the dumbest, most delusional sellers take their ball and go home and wait for the market to "return to normal." Current sellers know there's no quality inventory out there and it makes them cocky and emboldened. As we enter the winter months we'll see if that approach pays off.

Things have been nuttier than squirrel shit around here, so forgive the lack of posts. I wish I could say things will mellow out soon, but that's not the case. Anyhow, this condo ended up selling in May for just under full asking price. That represents a loss of about -$80,000 after commissions. Wow. Losing your entire cash down payment is one expensive way to find out all the 2008 bottom callers were dead wrong. You could have saved yourself some serious loot by reading this blog. What's interesting is that in April the REO from the same post also sold...for only $326,000 . Now, we don't know the condition of that bank-owned unit, so it may not be apples to apples, but I am curious why the bank approved $395,000 for Unit G2 when Unit H1 -- an identically sized unit in the same building -- sold for a whopping $70,000 less just a month earlier. Unless H1 was a complete dump, it looks like the new owner of G2 is already in the hole. Ouch. Look, although I think he waaaaaaaaa...

2662 East 2ND St Unit G2, Long Beach, 90803 Asking Price: $399,000 Beds: 2 Baths: 1.75 Sq. Ft.: 1,292 $/Sq. Ft.: $309 Year Built: 1966 MLS#: P727352 On Redfin: 2 days HOA: $213 Down Payment: $80,000 Income Requirement: $114,000 Monthly Nut: $2,300 Description: Look no further! You have found one of the nicest and most spacious 2 bedrooms PLUS office currently available in Bluff Park. This END UNIT boasts gleaming hardwood floors, plantation shutters, a formal dining area, a huge remodeled eat-in kitchen with amazing storage and counterspace, a large guest room, updated guest bath with spa-like feel, oversized master bedroom with a dressing area and remodeled bath, french door enclosed sunny office area, and an in unit stackable WASHER/DRYER. Finally, no community laundry!!! The condo also comes with an oversized parking space and additional storage above the space in the garage. One of the nicest and well maintained buildings in Bluff Park or Belmont Heights you will show. Just a pleas...