Northpark Flip: 2 Malibu

iacrenter

Well-known member
S653830_1_0.jpg


So I checked Redfin tonight and saw a familiar address pop up. This placed sold back in 2009 as an REO for a pretty good price. Looks like the owners are trying to turn a hefty profit after exactly two years of ownership. So do you think they will get it?
http://www.redfin.com/CA/Irvine/2-Malibu-92602/home/5772647
2 MALIBU
Irvine, CA 92602
BEDS: 5
BATHS: 4
SQ. FT.: 3,400
$/SQ. FT.: $353
LOT SIZE: 7,000 Sq. Ft.
 
Mike Dunn is too funny...."FANTASTIC LOCATION AT END OF CUL-DE-SAC WITH POSITIVE FENG SHUI SAOUTH FACING YARD; SUNLIGHT ALL DAY LONG"....I almost spilled my OJ laughing so hard.  haha
 
holy crap. You're right, the noise you must get from Culver. It's interesting if you look at the activity:

Apr 02, 2011  Listed (Active)  $1,199,000  --  SoCalMLS #S653830 
Jan 22, 2009  Delisted  --  --  Inactive SoCalMLS #S553116 
Jan 22, 2009  Sold (Public Records)  $900,000  --  Public Records 
Jan 22, 2009  Sold (MLS) (Closed)  $900,000  --  Inactive SoCalMLS #S553116 
Nov 24, 2008  Price Changed  $989,000  --  Inactive SoCalMLS #S553116 
Nov 20, 2008  Price Changed  $1,074,000  --  Inactive SoCalMLS #S553116 
Nov 15, 2008  Price Changed  $1,099,000  --  Inactive SoCalMLS #S553116 
Nov 04, 2008  Listed  $1,125,000  --  Inactive SoCalMLS #S553116 



So the dude put it up for sale in late 2008...couldn't sell the bloody house until he sold it in 2009 for 900k.  What makes this dumb guy who is selling this think that he can make 300k on it with these market conditions?

Also, what constitutes a flip? That was like 2 years ago?
 
USCTrojanCPA said:
Mike Dunn is too funny...."FANTASTIC LOCATION AT END OF CUL-DE-SAC WITH POSITIVE FENG SHUI SAOUTH FACING YARD; SUNLIGHT ALL DAY LONG"....I almost spilled my OJ laughing so hard.  haha

Close to Sam Woo's, Tea Station, and Panda Express, top rated asian cuisine.
 
iacrenter said:
S653830_1_0.jpg


So I checked Redfin tonight and saw a familiar address pop up. This placed sold back in 2009 as an REO for a pretty good price. Looks like the owners are trying to turn a hefty profit after exactly two years of ownership. So do you think they will get it?
http://www.redfin.com/CA/Irvine/2-Malibu-92602/home/5772647
2 MALIBU
Irvine, CA 92602
BEDS: 5
BATHS: 4
SQ. FT.: 3,400
$/SQ. FT.: $353
LOT SIZE: 7,000 Sq. Ft.

Why do you think it's a flip? Are you considering all people selling houses within two years flippers? Average American family stay in a house for less than 5 years. People change house for all kinds of reasons such as job relocation, divoice, career advancement, etc. Many people in this forum want to upgrade from condo to townhouse, to SFR. The owner is a good friend of mine. He purchased this house in short sales. He planned to live in the house for a long time and did extensive remodeling of the house. Due to career advancement, he can afford a nicer house. He just purchased another Newport coast house in short sale and decided to sell this house.
 
frank69m said:
holy crap. You're right, the noise you must get from Culver. It's interesting if you look at the activity:

Apr 02, 2011  Listed (Active)  $1,199,000  --  SoCalMLS #S653830 
Jan 22, 2009  Delisted  --  --  Inactive SoCalMLS #S553116 
Jan 22, 2009  Sold (Public Records)  $900,000  --  Public Records 
Jan 22, 2009  Sold (MLS) (Closed)  $900,000  --  Inactive SoCalMLS #S553116 
Nov 24, 2008  Price Changed  $989,000  --  Inactive SoCalMLS #S553116 
Nov 20, 2008  Price Changed  $1,074,000  --  Inactive SoCalMLS #S553116 
Nov 15, 2008  Price Changed  $1,099,000  --  Inactive SoCalMLS #S553116 
Nov 04, 2008  Listed  $1,125,000  --  Inactive SoCalMLS #S553116 



So the dude put it up for sale in late 2008...couldn't sell the bloody house until he sold it in 2009 for 900k.  What makes this dumb guy who is selling this think that he can make 300k on it with these market conditions?

Also, what constitutes a flip? That was like 2 years ago?

Why do you have to be so mean in public forum even though you can do it anonymously? Do you understand pricing strategy? My friend is way smarter than you. $2m cash he paid for his newport coast house is more than you can save in your life time. You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here.
 
NonFCB said:
frank69m said:
holy crap. You're right, the noise you must get from Culver. It's interesting if you look at the activity:

Apr 02, 2011  Listed (Active)  $1,199,000  --  SoCalMLS #S653830 
Jan 22, 2009  Delisted  --  --  Inactive SoCalMLS #S553116 
Jan 22, 2009  Sold (Public Records)  $900,000  --  Public Records 
Jan 22, 2009  Sold (MLS) (Closed)  $900,000  --  Inactive SoCalMLS #S553116 
Nov 24, 2008  Price Changed  $989,000  --  Inactive SoCalMLS #S553116 
Nov 20, 2008  Price Changed  $1,074,000  --  Inactive SoCalMLS #S553116 
Nov 15, 2008  Price Changed  $1,099,000  --  Inactive SoCalMLS #S553116 
Nov 04, 2008  Listed  $1,125,000  --  Inactive SoCalMLS #S553116 



So the dude put it up for sale in late 2008...couldn't sell the bloody house until he sold it in 2009 for 900k.  What makes this dumb guy who is selling this think that he can make 300k on it with these market conditions?

Also, what constitutes a flip? That was like 2 years ago?

Why do you have to be so mean in public forum even though you can do it anonymously? Do you understand pricing strategy? My friend is way smarter than you. $2m cash he paid for his newport coast house is more than you can save in your life time. You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here.
There's no need for name calling.  Yes, both Frank and IAC understand pricing strategy and this guy is CRAZY asking $1.2m for a home that backed up to Culver, especially considering that he paid $900k for it 2 years ago.  But hey, the market is smarter than all of us put together so we shall see if it'll sit there collecting dust (my money is that it won't close near $1.2m).  And before you say it, yes both you and your friend are smarter than me because I don't have $2m to pay cash for a home in irvine or newport coast (if I did have that kind of cash I'd rather buy an apartment complex or commercial property). 
 
NonFCB said:
Why do you have to be so mean in public forum even though you can do it anonymously? Do you understand pricing strategy? My friend is way smarter than you. $2m cash he paid for his newport coast house is more than you can save in your life time. You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here.

LOL

This has to be an early contender for most (unintentionally) hilarious post of the year on TalkIrvine.
 
NonFCB said:
Why do you think it's a flip? Are you considering all people selling houses within two years flippers? Average American family stay in a house for less than 5 years. People change house for all kinds of reasons such as job relocation, divoice, career advancement, etc. Many people in this forum want to upgrade from condo to townhouse, to SFR. The owner is a good friend of mine. He purchased this house in short sales. He planned to live in the house for a long time and did extensive remodeling of the house. Due to career advancement, he can afford a nicer house. He just purchased another Newport coast house in short sale and decided to sell this house.

Thanks for filling in the personal details of the sale. When I see a home purchased for such a cheap price and turned around relatively quickly, it appears to be a flip. Obviously there are particulars to every sale and not all are done for a quick buck. Good luck with your friend's sale and his new home purchase.
 
NonFCB said:
frank69m said:
holy crap. You're right, the noise you must get from Culver. It's interesting if you look at the activity:

Apr 02, 2011  Listed (Active)  $1,199,000  --  SoCalMLS #S653830 
Jan 22, 2009  Delisted  --  --  Inactive SoCalMLS #S553116 
Jan 22, 2009  Sold (Public Records)  $900,000  --  Public Records 
Jan 22, 2009  Sold (MLS) (Closed)  $900,000  --  Inactive SoCalMLS #S553116 
Nov 24, 2008  Price Changed  $989,000  --  Inactive SoCalMLS #S553116 
Nov 20, 2008  Price Changed  $1,074,000  --  Inactive SoCalMLS #S553116 
Nov 15, 2008  Price Changed  $1,099,000  --  Inactive SoCalMLS #S553116 
Nov 04, 2008  Listed  $1,125,000  --  Inactive SoCalMLS #S553116 



So the dude put it up for sale in late 2008...couldn't sell the bloody house until he sold it in 2009 for 900k.  What makes this dumb guy who is selling this think that he can make 300k on it with these market conditions?

Also, what constitutes a flip? That was like 2 years ago?

Why do you have to be so mean in public forum even though you can do it anonymously? Do you understand pricing strategy? My friend is way smarter than you. $2m cash he paid for his newport coast house is more than you can save in your life time. You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here.


Ah, so the personal name calling starts. It really shows you don't know me here. And trust me, he won't be getting 1.2 million for this property. And, as far as your 2 million number. haha..You don't even know how much I have. Nor, have you read any of my posts to where I live. I'm just not dumb enough to put all my assets in my house like you probably..... like most americans. Hence, the reason why so many have gone under. Probably, one of the worst investments now.

And, if he does get 1.2, I'll buy you a nice lunch cause I can guarantee he won't. Also, what does this have to do with price strategy. Tell me. I can list my house for 10 million. What does that have to do with price strategy if I spend 100k on upgrades? Plus, if you list the house too high, it can scare people off...like I said, price strategy?  Maybe he thinks the street name refects the city he lives in: Malibu. Except, the freeway called Culver isn't the ocean.  Let's say he paid 900k for it, put 150k in upgrades and he sells it for 1.1k (even though it is next to Culver), Minus commissons (unless he is his own broker which we know he isn't because we all know Mike Dunn), he may lose out a little, which may be fine by his book. More power to him.


By the way, people who intend on living at a house who do upgrades, tend to spend more money on these upgrades than the casual flipper who is upgrading a house.


Just remember, the topic at hand was if this was a flip and the 1.2 price the owner was asking.

 
frank69m said:
NonFCB said:
frank69m said:
holy crap. You're right, the noise you must get from Culver. It's interesting if you look at the activity:

Apr 02, 2011  Listed (Active)  $1,199,000  --  SoCalMLS #S653830 
Jan 22, 2009  Delisted  --  --  Inactive SoCalMLS #S553116 
Jan 22, 2009  Sold (Public Records)  $900,000  --  Public Records 
Jan 22, 2009  Sold (MLS) (Closed)  $900,000  --  Inactive SoCalMLS #S553116 
Nov 24, 2008  Price Changed  $989,000  --  Inactive SoCalMLS #S553116 
Nov 20, 2008  Price Changed  $1,074,000  --  Inactive SoCalMLS #S553116 
Nov 15, 2008  Price Changed  $1,099,000  --  Inactive SoCalMLS #S553116 
Nov 04, 2008  Listed  $1,125,000  --  Inactive SoCalMLS #S553116 



So the dude put it up for sale in late 2008...couldn't sell the bloody house until he sold it in 2009 for 900k.  What makes this dumb guy who is selling this think that he can make 300k on it with these market conditions?

Also, what constitutes a flip? That was like 2 years ago?

Why do you have to be so mean in public forum even though you can do it anonymously? Do you understand pricing strategy? My friend is way smarter than you. $2m cash he paid for his newport coast house is more than you can save in your life time. You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here.


Ah, so the personal name calling starts. It really shows you don't know me here. And trust me, he won't be getting 1.2 million for this property. And, as far as your 2 million number. haha..You don't even know how much I have. Nor, have you read any of my posts to where I live. I'm just not dumb enough to put all my assets in my house like you probably..... like most americans. Hence, the reason why so many have gone under. Probably, one of the worst investments now.

And, if he does get 1.2, I'll buy you a nice lunch cause I can guarantee he won't. Also, what does this have to do with price strategy. Tell me. I can list my house for 10 million. What does that have to do with price strategy if I spend 100k on upgrades? Plus, if you list the house too high, it can scare people off...like I said, price strategy?  Maybe he thinks the street name refects the city he lives in: Malibu. Except, the freeway called Culver isn't the ocean.  Let's say he paid 900k for it, put 150k in upgrades and he sells it for 1.1k (even though it is next to Culver), Minus commissons (unless he is his own broker which we know he isn't because we all know Mike Dunn), he may lose out a little, which may be fine by his book. More power to him.


By the way, people who intend on living at a house who do upgrades, tend to spend more money on these upgrades than the casual flipper who is upgrading a house.


Just remember, the topic at hand was if this was a flip and the 1.2 price the owner was asking.

Did you see range price $1.15m to $1.2m from Redfin? If you think the house can sell for $1.1m, are you going to list it at $1.1m? No! Buyers want to bargain and you need to give yourself a wiggling room. You just purchased a house. Did you pay full listing price?  Are you going to buy me a nice lunch if the house sells for $1.1m?

I don't know how you make a living or how much your wealth is. But don't underestimate the intelligence of people you don't know. Do you know cash is king in real estate? We use all cash purchase to get the best discount, especially the high end is still weak these days. You can buy with 10%-20% discount. Well, you are a housing bear. The 10-20% builtin equity is just phantom for you. But why would you buy a house earlier this year anyway? We can also rotate money out of the house to other assets and take advantage of the $1m mortgage interests deduction.
 
Interesting several days at TI... PStar Poking, Realtor Wars and now The 6 Million Dollar Men.

Technically, this isn't a flip if it was owner-occupied... but I do think that trying to get $1.2m after a $900k 2009 price is a bit lofty considering it backs Culver.

However, prices for Northpark homes of this size do seem to be in that range though.
 
irvinehomeowner said:
Interesting several days at TI... PStar Poking, Realtor Wars and now The 6 Million Dollar Men.

Technically, this isn't a flip if it was owner-occupied... but I do think that trying to get $1.2m after a $900k 2009 price is a bit lofty considering it backs Culver.

However, prices for Northpark homes of this size do seem to be in that range though.
At least it keeps things spicy and fresh.  Many we get more members because of the increased traffic.  >=)
 
The irony...
" Do you know cash is king in real estate? We use all cash purchase to get the best discount, " by NonFCB
 
The I-R-V said:
The irony...
" Do you know cash is king in real estate? We use all cash purchase to get the best discount, " by NonFCB
Really???  Somebody forgot to drop that memo off to the cash buyers of 93 Montrose and 25 Torrey Pine who both paid OVER comps (there were no other offers on Montrose either). 
 
USCTrojanCPA said:
Really???  Somebody forgot to drop that memo off to the cash buyers of [...] 25 Torrey Pine who both paid OVER comps...
Easy... didn't they get a discount since they paid under some of the other bids and were eventually chosen because "cash is king"?
 
USCTrojanCPA said:
The I-R-V said:
The irony...
" Do you know cash is king in real estate? We use all cash purchase to get the best discount, " by NonFCB
Really???  Somebody forgot to drop that memo off to the cash buyers of 93 Montrose and 25 Torrey Pine who both paid OVER comps (there were no other offers on Montrose either).

The guy didn't get good advice. He could have purchased 56 Fire Thorn in low $800k from trustee sales.http://www.redfin.com/CA/Irvine/56-Fire-Thorn-92620/home/5931258
 
USCTrojanCPA said:
The I-R-V said:
The irony...
" Do you know cash is king in real estate? We use all cash purchase to get the best discount, " by NonFCB
Really???  Somebody forgot to drop that memo off to the cash buyers of 93 Montrose and 25 Torrey Pine who both paid OVER comps (there were no other offers on Montrose either).
Some foreign buyers can't qualify for any loans here.
 
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