579 DUNDEE LANE, SAN MARCOS, CA

Original List Price: $598,000-$658,000

Listed on: 7/21/06

Specs: 4 Bedroom, 3Bath, 2 Car Garage, 2582 Sq Ft Built in 2005

Positives: Nice Views, Some Upgrades

Negatives: $176/month HOA, $876/year Mello-Roos, small lot

This flipper purchased the "American Dream" in May 2005 for $437,835. In less than 16 months this flipper believes that she made enough improvements to warrant a $160-220K profit. The upgrades must be made of gold. If you would like to contribute to this flipper's retirement fund and be her next vicitim -> go right ahead.

I believe that this house in this current market is worth: $475-525K max. What would I pay for it? $200 per sq ft = $516K. However with a $176 HOA, it is equivalent of adding an extra $30K to the mortgage over 30 years at 6%. So today the home is worth only $516-30K = $486K.

Between you and me, that is way to much for this home, however it is a fair price in todays marketplace.