Bainbridge - A 6 month flip in Northwood Pointe

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<p align="center"><img width="200" height="209" border="0" style="border: 0px none ;" src="http://www.irvinehousingblog.com/wp-content/uploads/2007/02t/BainbridgeA6monthflipinNorthwoodPointe_5B03/S4709103.jpg" alt="" /> <img width="200" height="132" border="0" style="border: 0px none ;" src="http://www.irvinehousingblog.com/wp-content/uploads/2007/02t/BainbridgeA6monthflipinNorthwoodPointe_5B03/S470910c3.jpg" alt="" /></p>

<p><strong>Address:</strong> 7 Green Hollow, Irvine, CA 92620 (Northwood Pointe)


<strong>Plan:</strong> 3004 sq ft - 5bd/4ba


<strong>MLS: </strong><a target="_blank" href="http://www.redfin.com/stingray/do/printable-listing?listing-id=485075&rc=blg_irvine&utm_source=irvinehousingblog&utm_medium=blog">S470910</a> <strong>DOM</strong>: 51


<strong>Sale History:</strong> 7/28/2006: <u>$1,230,000


</u>6/6/1997: $337,000


<strong>Current Price: <u>$1,249,900</u></strong></p>

<p>Here we’ve got a plan 3 in the Bainbridge tract built by California Pacific Homes in Northwood Pointe. It was purchased at the peak(?) in the summer of 2006 for $1,230,000 and subsequently listed 5 months later at $1,249,900. Ummm… prices have gone DOWN in the last 5 months, not UP. But sure, I understand that no one wants to lose money. From what I can gather, it was purchased with 20% down and in December 2006 they refinanced the 80% and took out a 10% HELOC. There’s definitely some room to bring the price down on this depending upon how motivated the sellers are.</p>

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<p>Is this is a greedy flip or a corporate relo? Who knows? But I do know that the pictures put up for this home on MLS are of horrible quality which is surprising since the <a target="_blank" href="http://www.roulafawaz.com/">agent</a> is a pretty big producer in Irvine. If you are going to sell your home for $1.25mil, you need to make sure that the agent you are paying a fat commission to is spending money on marketing your property correctly - one small part of that is putting up high quality pictures on MLS.</p>

<p>If sold for the asking price of $1,249,900 and assuming 6% in selling costs, the sellers are looking at a <strong>$55,000 loss</strong>! Surprisingly (at least to me), another plan 3 sold for $1.35 mil in April 2006. Maybe these sellers tried to catch a falling knife when they bought this past summer.</p>
 
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