People still flipping houses in Irvine

[irvine_native_IHB]

A home that I have been watching was bought after 4 DOM, only to be put back on the market immediately with a $90k markup.

11 West Gloria (S480860)

Sold 3/12/2007 $740,000

Put back on market 3/24/2007 $829,900

Seller is a licensed realtor - no surprise there. I thought flipping was dead.

 

[biscuitninja_IHB]

Wow! I didn't think people could be that slow....

-bix

 

[IrvineRenter_IHB]

irvine_native,

Would you mind if I made a blog entry about this property?

 

[irvine_native_IHB]

sounds good! blog away.

 

[irvine_native_IHB]

Update:

I have no idea what is going on with this. How can this be profitable?

Price Reduced: 04/03/07 -- $829,900 to $799,900

Price Reduced: 04/17/07 -- $799,900 to $769,900

 

[IrvineRenter_IHB]

"How can this be profitable?"

It isn't. I think it is called panic.

I will update the post next week. Thanks.

 

[irvine_native_IHB]

An update: It sold for $750,000.

 

[IrvineRenter_IHB]

I wonder if they had to pay a buyers commission or other closing costs? Do you think they made $10,000 or lost money?

 

[irvine_native_IHB]

They paid a buyers commission of 2.5%. That plus 4 months of holding costs and closing expenses tells us that money was indeed lost here.

 

[IrvineRenter_IHB]

Thanks for the info. I will do an update post for the weekend.