Big Flip Flops

GavriloPrincip_IHB

GavriloPrincip_IHB

New member
Just noticed that 29 Mahogany, which Irvine Renter has profiled a few times, is in foreclosure now.



According to Realty Trac, the Notice of Trustee's Sale was issued on January 23.



Here is one of IR's posts profiling the property:



http://www.irvinehousingblog.com/blog/comments/remember-flipper/



[Graph, can you turn that into a hot link?]



Even more amazing, this property originally sold for $558k in 1996! The original owner sold it for $975k in 2000, and the failed flipper bought it for $2m in 2006. Someone made over $1m just for owning this house from 2000-2006. Those were the days!
 
<a href="http://www.irvinehousingblog.com/blog/comments/remember-flipper/">http://www.irvinehousingblog.com/blog/comments/remember-flipper/</a>
 
Well, they trashed that place up. Its going to require quite a bit of work to bring that place up to sell-able standards. They are also still living there. Good luck moving that thing as-is.
 
Well... lets just say that the lawn hasnt been cut in months (the part outside the gate in front) and its really looking awful. Funny colors, long, dying, patchy. I think they may have been fined by the association a few times now, to no avail. They cant seem to afford or prioritize 15 min with a lawnmower, but oh wait, they just had a new HD satellite dish installed?



Many "bling" trucks and hummers on that roundabout driveway. They have also recently been keeping moving-boxes full of god-knows-what under the porte-cache (under the elevated corner bedroom in front of the house), blocking off the back part of the driveway on its way to the garage and courtyard. Thought they were moving out, maybe not.



Word is that the interior is being used pretty hard too; the outside being a good indicator of the way its being handled. My info on the interior is rumor, the exterior is regular observation. Nevertheless, the rumor source seemed to indicate its going to need some work, and that given the size of the home, it could get pricey.
 
[quote author="MojoJD" date=1237421495]Extended/multi family situation with many, many "bling" trucks and hummers on that roundabout driveway. They have also recently been keeping moving-boxes full of god-knows-what under the porte-cache (under the elevated corner bedroom in front of the house), blocking off the back part of the driveway on its way to the garage and courtyard. Thought they were moving out, maybe not.</blockquote>


"Bling trucks and hummers..." = Proceeds of HELOC Kool Aid? Or did you say they were renters?



Moving boxes under the porte-cache = could it be all the light fixtures, sinks and other goodies being looted from the house?
 
<blockquote>"Bling trucks and hummers..." = Proceeds of HELOC Kool Aid? </blockquote>


I dont know. I think it was bought near the peak.
 
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