Flipper vs Flipper in Point Loma
2718 E. BAINBRIDGE, POINT LOMA
Intially purchased on 6/3/ 2004 for $658,500 this flipper put his home for sale on 2/27/06 for $995,000. Yes, that is about a $340K profit in 20 months. The home is still on the market however, it is now priced for $799,900-$829,900.
2746 E. BAINBRIDGE, POINT LOMA
Intially purchased on 5/27/ 2004 for $688,000 this flipper put his home for sale on 3/14/06 for $1,050,000. Yes, that is about a $360K profit in 22 months. The home is still on the market however, it is now priced for $900,000-$1,000,876.
These two flippers are in a fierce fight to find the next dummy to try to dump their properties on. They figured that they would list their homes in Spring and make quick sales by the Summer to get their tax exemption. Not gonna happen, not now, not tomorrow. Try reducing your asking price to $450K-550k.
5 comments:
20-24 months between purchase and sale is not a flip! A flipper tries to resell right away. Maybe someone still trying to ask too much in too short a time, but certainly not a flip.
Please! Staying in a home for less than 5 years is a flip, don't fool yourself. How long were your parents in their home before they sold, 20-30 years.
These people were both probably trying to avoid paying cap gains taxes, which is why they stayed two years. They probably both thought their homes would close right at midnight at the two-year mark.
I categorize them as flippers - did they do any rehab? Looks like they got in with quick profits AND no taxes in mind.
This we be an ugly ride down for everyone who purchsed on/after 2004
How about anyone who purchased after 1995. Housing bulls have never been confronted with supply of this magnitude. As the resets kick in and the economy softens these homes will become the final resting place for some. Let us not forget. Japan cut their rates to 0 pct and there homes have dropped year over year 18 straight times. Oh i forgot. Most homes in Japan are at or near the ocean. Good luck homeowners. Write your congressmen.
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