Flipper can't hideaway in Scripps Ranch
12918 HIDEAWAY LANE, SCRIPPS RANCH
This house was purchase on 11/9/2005 for a cool $1,000,000. It is a 5 Br, 4.5 Ba, 3563 sq ft, mini-castle.
This flipper quickly listed his home for sale less than 5 months later on 4/10/2006 for $1,099,000.
This flipper quickly listed his home for sale less than 5 months later on 4/10/2006 for $1,099,000.
Even if he recieved a full offer he would barely be making a profit, certainly not enough profit to chance it in a buyers market. Well, more than 6 months have past and while he has reduced his asking price to $949,000-$999,000 there is just no motivation for a buyer to take on such a huge mortgage payment.
This home and many others in this area are well on their way down this slippery slope we call the biggest price correction in the history of California.
2 comments:
I'm in Scripps Ranch, and there are a bunch of these newly built homes for sale, most of them going for less than what owner paid...I guess it's the 20K in property taxes, mello roos and hoas that is finally hitting home. Oh yeah, and the developer is selling larger homes on better sites for only 920K...what a bargain.
My wife and I went to Script Ranch and checked out new built million dollar homes last Sunday. Not that we have money for a million dollar house, we just get sick of the listing on $700K-$800K houses. Well we saw brand new 4000s and 5000s sqft homes around 1 mil. Compare to those 1 mil homes, I say this house would be worth $700K max.
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