What constitutes a flip?
Many bloggers have emailed me arguing that a flip is constituted when you hold a house for less than a year. However, many flippers hold on to their house for 2 years to take advantage of the tax exemption period on potential gains.
Take for instance 3605 BONITA RANCH CT, BONITA. This is a good looking home that was initially purchased on 2/3/2004 for $679,000. This flipper held on this property for for 2 years and listed it on the market on 3/16/2006 for $1,150,000. 215 days later and the price has been reduced by a measly $50,000.
OK, you are asking yourself what make this house any different from any other 2-year flip. Well, a picture says a thousand words, just look at the 2-year old beautifully landscaped backyard. Yeah, there is no such thing as a 2-year flip.
11 comments:
This home? "Beautiful looking"? You're kidding, right? It looks like something a blind child built with legos.
Good Lord, that place is absolutely hideous.
Over a million for that POS? The guy is mental!
Sign me up for the "Pride of Ownership" involved in living right by the border and having illegals run through your yard every night.
1 MIL for a home in Chula Vista even if it is in Bonita? This seller must be insane.
Jeez-Louise, here!
Look at the huge brown stain going around this house. It looks the place has been flooded!
..That or some giant dog went around and 'did his duty'.
No, the big brown stain is where dirt has splashed up from the ground onto the stucco when it rains. The house has no gutters or landscaping. Only way to get rid of that stain, as far as I know, is to paint the stucco.
Actually, it's better to re-stucco than paint stucco, because once you paint stucco, you're stuck with painting it from then on!
Most people have flowering plants or shrubs around the perimeter of their homes to avoid that "ring around the collar" look.
If you lived in it for 2 years that does not sound like a "flip" in todays world. most flips are 8 weeks and you dont occupy it. See the flip show on HGTV. Lots of people like me sell every couple of years as we take the profit from our remodel, been doing it since 1974, in good and bad times as the fix ups bring in mo money not the credit bubble. San Diego is f'd, I agree. 30% drop int he next 3-4 years.
The homeowner must be INSANE! this craphole doesn't have any curb appeal, it's just one huge ulgy stucco box! "GET REAL!"
"It looks like something a blind child built with legos."
Thank you anon. I needed a good laugh. Cruel but Fair remark.
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