Tuesday, July 11, 2006

Let's go house shopping!

...on the internet.

Let's see ... craiglist ... pasadena ... zillow. Let's see how it's looking.

http://losangeles.craigslist.org/sgv/rfs/178689736.html
$639000 - PRICE REDUCED TO AVIOD FORECLOSURE

920 N. Raymond Avenue, Pasadena, CA 91103
OPEN HOUSE SUNDAY'S 1-4 P.M.
Was: $669,000
Now: $639,000 !!

NON PROFIT ORG. MUST TAKE A LOSS!
PRICE REDUCED BELOW MARKET TO AVIOD FORECLOSURE STARTING JULY 24, 2006!


Features
3 Bedroom/2 Bath. Sophisticated Craftsman on Tree Lined Street. Vaulted Ceilings. Upgraded kitchen and bath. Home offers formal dining room, bay windows with garden view, and hardwood floors. Outdoor trellises, beautifully landscaped yard, orange trees, and large front porch accent home, while white picket fence gives a classic charm. This well cared for home is in close proximity to Rose Bowl, Downtown Pasadena, and minutes away from Mountains and Freeways. A must see! And there's more...a bonus detached structure on premises can be used as office, additional storage or convert to guest house for income!


Punching that into zillow reveals the following:

zEstimate: $656,327 1,202 sq ft built in 1903
Sale History
08/31/2005: $599,000
08/26/2003: $236,000

"Nonprofit", that's funny. Wow, this sucker (flipper#2) bought at the absolute peak. Flipper#1, who sold (after almost exactly 2 years) to flipper#2 cleaned up big-time, gaining $363,000 out of the deal. Someone just financed their retirement and then some. Anywho, back to the FB (flipper#2 = f@ck*d buyer). He/she's desperately trying to get out with their skin. Now Pasadena is a nice area, but good luck. I have a feeling that payment is gonna break 'em.

They were trying to mark this one up $70k when reality hit! It must've hit hard b/c now they're trying to bail and just break even. Apparently the writing is on the wall. If they don't move this one soon how do think it's going to play out?
----
Afterthought: Flipper#2 isn't actually breaking even. First there is broker commission of $38.4K and then there is 12 months of mortgage payments. I'd say Flipper#2 just lost $30-$35K unless they can sell w/o a realtor.

5 Comments:

At 2:32 PM, Blogger Nozferatu said...

Good...I have no sympathy for them so I hope they freakin choke...

Too bad the first shark got away with it too.

 
At 12:26 PM, Blogger InfidelSix said...

Wouldn't it be funny if the first shark bought a bunch of condo's in San Diego?

 
At 10:43 AM, Blogger Pasadena_Renter said...

Pasadena may be nice, but the location of that house is nothing special. In fact, I imagine you can score some crack around the corner.

$236K wasn't a bad price to be in a transitional neighborhood, but $639K is still steep. The mortgage for a typical zero-down buyer is about $4K a month. You can rent in that neighborhood for about $2.5K.

 
At 12:46 PM, Blogger InfidelSix said...

Thx for the info pasadena_renter. I was looking to buy around the Rose Bowl back in Feb. before I got wise thx to all the outstanding blogs (listed in my links list).

I'd still like to buy there once the valuation returns to the mean.

 
At 2:20 PM, Blogger VanMorrisonFan said...

I have a neat idea for a sit-com...called "Flipper." Unlike the lovable dolphin of the original "Flipper," this sit-com would feature a hapless would be real estate investor who is always ten minutes late to the party, wears clothes from the last decade, and is always just a little behind the times. Any takers?

 

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