Thursday, October 12, 2006

Flipper Tests Market and Fails


1213 EAST LANE, IMPERIAL BEACH
This flipper tried to pull a quicky on some sucker when he listed this home for sale on 7/15/2006 for $950,000 only 20 short months after purchasing it for $740, 000 in November 2004. Well 88 days have passed and this flipper has lowered his asking price to $799,000-$850,000.
This flippers hair has grown too long and it's time for another $100K "hair cut" to $699-750K. If I were him, I would get on my knees and pray I break even on this one.

4 comments:

Anonymous said...

Holy shite. It should not ever cost more than $200K to live in IB. Even on the coast.

Sven said...

Yeah, it's close to the border. A lot of immigrants and low income people live there. The beach itself is a notorious place for needle drug users. Some people live there just because they want affordable beach property, but that's just not the case anymore either.

Bob Flippa said...

rerip,

By 2008-2010, I would look into Encinitas, Solano Beach, and Del Mar.

IB is not that bad, just like Long Beach, it has its good and bad areas. I personal would stay above the 8 and west of the 15.

Anonymous said...

That is one fugly house.