66 Secret Garden, NW2, bought in 11/2012 for $650K, sells in 3/2013 for $905K?

F

fumbling

Member
From redfin.com for 66 Secret Garden in Northwood 2, this is the sales history...how does this happen, that it gets sold for $650,000 and 4 months later sells for $905,000? 

Mar 11, 2013 Sold (MLS) (Closed) $905,000 ? CRMLS #OC13020408
Feb 28, 2013 Pending (Backup Offers Accepted) ? ? CRMLS #OC13020408
Feb 19, 2013 Delisted (Hold) ? ? CRMLS #OC13020408
Feb 10, 2013 Listed (Active) $895,000 ? CRMLS #OC13020408
Nov 13, 2012 Sold (Public Records) $650,000 -5.9%/yr Public Records
Nov 09, 2012 Sold (MLS) (Closed) $650,000 ? CRMLS #S689516
Feb 28, 2012 Delisted ? ? CRMLS #S689516
Feb 18, 2012 Listed $650,000 ? CRMLS #S689516
Mar 24, 2005 Sold (Public Records) $1,034,000 ? Public Records
 
The chef at this local restaurant I go to just sold his place.  Guess what he is going to do?



He got his contractors license and will be flipping houses with the cash from his sale.
 
zubs said:
The chef at this local restaurant I go to just sold his place.  Guess what he is going to do?



He got his contractors license and will be flipping houses with the cash from his sale.
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hookers and blow?
 
I pointed out this property in another thread and was pretty curious about it as well.  Short sales need to be approved by the bank and it's shocking that the bank would approve the sale of this property for $650k.  Probably some kick back involved.  Nothing was done to the property so it was a straight up flip.  I think the previous owner was allowed to live there until the sold was finally resold.  I don't think this would be allowed by the short sale contract either, but who knows.
 
zubs said:
He got his contractors license and will be flipping houses with the cash from his sale.
Click to expand...

Hey, that's exactly what I am planning to do- you are telling me that it's a competitive field?  ::)
The time you should sell your stock holdings is when someone with a four digit 401k talks to you about ROI, and the time to sell your house is when your neighbor lists at WTF price and sells too.

World changing, again.

 
qwerty said:
So for those of you who see the bubble forming - are you tempted to sell? 
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We are... not looking forward to the headache of being a landlord again... just can't find anything to buy.
 
Since this new bubble has only been going for less than 6 months, I'd give it 2~6 years before it pops.  So sell in 3?...possible.  Depends when cash becomes king again.
 
Crispy3 said:
qwerty said:
So for those of you who see the bubble forming - are you tempted to sell?
Click to expand...

How long do you all think this bubble will last?
Click to expand...

i was thinking about 2 years and then pop. Zubs seems to think it could go as long as 6 years, which would be crazy if that did happen.
 
End of Obama, end of bubble. All cooked up numbers come crashing in 2015.
We are tempted to sell, but it doesn't make much sense to buy back now. Hanging on, until next summer.
 
The time to sell is when lenders start easing up lending standards like they did back in the good old days.  Right now underwriting is still very strict.  I can tell you guys that most of the buyers that are buying today are much stronger (more cash down) so there will be stronger hands when the next downturns happens.  People seem to have a short term memory but banks seem to have better memories. 
 
I remember in 2002 when people thought houses were too high already.  So things tend to last a little bit longer than one thinks. 

If you use a 5 ~ 6 year rule for every cycle, then it would work ok.  Say 2006 was the peak of realestate, then 2012 would be the low.  So 2018 will be the high again.  But it's all just speculation...because 1997 was the low and 2006 was the peak....that one lasted 9 years.

A non scientific chart.
1990 ~ peak
1997 ~ low
2006 ~ peak
2012 ~ low ~ is this really a low? not sure.


 
I thought it was 7-year cycles... and the last trough-to-peak was abnormally long because of the credit availability.

Based on CaseSchiller and what others are saying, 2009 was the low... but that means the down cycle was only 3-4 years... what ever happened to "flat for the next 5-10 years"? Bah.
 
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