What A Difference 1 Month Can Make...

[aquabliss]

This caught my eye.  4 Carnelian in Woodbridge sold on December 16th, 2013 for $862k.  Here is the listing from December:http://www.redfin.com/CA/Irvine/4-Carnelian-92614/home/4697229/crmls-OC13110270

Just listed on January 17th, 2014 for $1.29m, here is the new listing:http://www.redfin.com/CA/Irvine/4-Carnelian-92614/home/4697229

Take a minute to look at the pictures for both.  It's quite a lot of work done in a short period of time, especially considering the holidays in between. 

Looks like they only spent about $50k-$60k max, quite a flip if they can get anywhere near asking.

 

[OpenSky]

 

[jmoney74]

That address would scare away Chinese buyers though.  Would be interesting what it does.

 

[irvinehomeowner]

Yep... should have petitioned Woodbridge to change their street number... that would have raised the value more than the renos.

I do like the upgrades they chose... but they didn't do anything to the backyard.

 

[usctrojancpa]

This caught my eye.  4 Carnelian in Woodbridge sold on December 16th, 2013 for $862k.  Here is the listing from December:http://www.redfin.com/CA/Irvine/4-Carnelian-92614/home/4697229/crmls-OC13110270

Just listed on January 17th, 2014 for $1.29m, here is the new listing:http://www.redfin.com/CA/Irvine/4-Carnelian-92614/home/4697229

Take a minute to look at the pictures for both.  It's quite a lot of work done in a short period of time, especially considering the holidays in between. 

Looks like they only spent about $50k-$60k max, quite a flip if they can get anywhere near asking.

No way they get anything close to the list price. 

 

[sgip]

Not sure where the money went. They stripped out the old furnishings and put on paint / carpet, a few bath features here and there, but not much else. There isn't $50k of updating in the place from what I can see.

Not many lenders are going to want to finance this without a big down payment. The jump in price - not value - from last sale is considerable.

Need to bookmark and see in 90 days what's up then.

 

[Irvinecommuter]

Yep... should have petitioned Woodbridge to change their street number... that would have raised the value more than the renos.

I do like the upgrades they chose... but they didn't do anything to the backyard.

Chinese FOB buyers would probably not buy in Woodbridge anyways.  "Poor" schools and older houses.

 

[Meggie]

I want to know who the contractor is.  Looks great on the pictures.

 

[OpenSky]

 

[TLow97]

Not sure where the money went. They stripped out the old furnishings and put on paint / carpet, a few bath features here and there, but not much else. There isn't $50k of updating in the place from what I can see.

Not many lenders are going to want to finance this without a big down payment. The jump in price - not value - from last sale is considerable.

Need to bookmark and see in 90 days what's up then.

how many complete kitchen remodels have you done? We have two under our belts, one on a budget. I see at least $35k here in the kitchen alone. Add bathrooms, flooring, electrical and paint -- there's easily $60k in this project.

I think the cost of reno is highly dependent upon material/labor costs.  That being said, if these guys are in the business of flipping homes, they can probably do all these improvements for far less than $60k as SoylentG has surmissed.  It really depends on your connections in the industry.  I've seen kitchens done for $12k, that would have easily sold at custom cabinet companies for $30k+.  Depends if you can bypass all middlemen and hit the source directly.

 

[irvinehomeowner]

I don't think SGIP made it to the kitchen pictures... those are significant upgrades... they even removed the flourescent and made it canned lighting.

Just the flooring for all areas is probably $10k wholesale.

But no way this is $300k+ in value/price.

 

[zubs]

An often quoted real estate saying is "buy the cheapest house in the best neighborhood".
If you own the most expensive house in your neighborhood then price appreciation isn't that important to you.

 

[usctrojancpa]

An often quoted real estate saying is "buy the cheapest house in the best neighborhood".
If you own the most expensive house in your neighborhood then price appreciation isn't that important to you.

+1  That is exactly what I did.  Bought the biggest turd in the hood at the low of the market and polished it up into a gem. 

 

[morekaos]

An often quoted real estate saying is "buy the cheapest house in the best neighborhood".
If you own the most expensive house in your neighborhood then price appreciation isn't that important to you.

+1  That is exactly what I did.  Bought the biggest turd in the hood at the low of the market and polished it up into a gem. 

I too purchased the small home on a 20 home street and paid the lowest price for a house there in 12 years...all in all I am very happy to let the comps drag me up

 

[furioussugar]

This caught my eye.  4 Carnelian in Woodbridge sold on December 16th, 2013 for $862k.  Here is the listing from December:http://www.redfin.com/CA/Irvine/4-Carnelian-
92614/home/4697229/crmls-OC13110270



Just listed on January 17th, 2014 for $1.29m, here is the new listing:http://www.redfin.com/CA/Irvine/4-Carnelian-92614/home/4697229

Take a minute to look at the pictures for both.  It's quite a lot of work done in a short period of time, especially considering the holidays in between. 

Looks like they only spent about $50k-$60k max, quite a flip if they can get anywhere near asking.

Heard that this house had some serious liens against it (+2million) which is why it sat on the market so long the first time.  The buyers probably had significant legal fees to clear them in addition to the remodel costs.

Former owner was a realtor .

 

[sgip]

I'd say it was more the former Irvine Planning Commissioner's issue than the realtor in how this property unwound. Pretty rough story, but not unusual given the era this all happened in.

 

[Irvineshopper]

This caught my eye.  4 Carnelian in Woodbridge sold on December 16th, 2013 for $862k.  Here is the listing from December:http://www.redfin.com/CA/Irvine/4-Carnelian-
92614/home/4697229/crmls-OC13110270



Just listed on January 17th, 2014 for $1.29m, here is the new listing:http://www.redfin.com/CA/Irvine/4-Carnelian-92614/home/4697229

Take a minute to look at the pictures for both.  It's quite a lot of work done in a short period of time, especially considering the holidays in between. 

Looks like they only spent about $50k-$60k max, quite a flip if they can get anywhere near asking.

Heard that this house had some serious liens against it (+2million) which is why it sat on the market so long the first time.  The buyers probably had significant legal fees to clear them in addition to the remodel costs.

Former owner was a realtor .

I would imagine being convicted for >$4 million ponzi scheme would lead to several million in liens.  He got some serious time for that, more than 6 years

 

[usctrojancpa]

An often quoted real estate saying is "buy the cheapest house in the best neighborhood".
If you own the most expensive house in your neighborhood then price appreciation isn't that important to you.

+1  That is exactly what I did.  Bought the biggest turd in the hood at the low of the market and polished it up into a gem.

Just by parking your car in the driveway, you probably increased property values in the neighborhood.

But I always part it in the garage to keep it out of the sun, but maybe I should leave it out for a bit here and there.  The neighbor's two sons love my car and ask me if I went racing with it.  haha

 

[flipper]

$4m judgment is not a big issue. I know a guy got a $18m FTC judgment. Then he declared bankruptcy. The lien amount was reduced to around $80k attached to his house.

This caught my eye.  4 Carnelian in Woodbridge sold on December 16th, 2013 for $862k.  Here is the listing from December:http://www.redfin.com/CA/Irvine/4-Carnelian-
92614/home/4697229/crmls-OC13110270



Just listed on January 17th, 2014 for $1.29m, here is the new listing:http://www.redfin.com/CA/Irvine/4-Carnelian-92614/home/4697229

Take a minute to look at the pictures for both.  It's quite a lot of work done in a short period of time, especially considering the holidays in between. 

Looks like they only spent about $50k-$60k max, quite a flip if they can get anywhere near asking.

Heard that this house had some serious liens against it (+2million) which is why it sat on the market so long the first time.  The buyers probably had significant legal fees to clear them in addition to the remodel costs.

Former owner was a realtor .

I would imagine being convicted for >$4 million ponzi scheme would lead to several million in liens.  He got some serious time for that, more than 6 years