Sunday, April 08, 2007

Mira Mesa Flipper Facing $110K Loss


Remarks:

This beauty was purchased in 2005 for $560K, it is currently listed for $489K and has been listed for 96 days. At, 1855 sq ft it is listed for $264 per sq ft. IMHO a $180-200 per sq ft is more than fair. That would put this home at $334K to $371K.

Purchased in 1989 for $165K at 3% inflation through 2007 would price this home at $281K. Facing a potential $110K loss this flipper is looking at bigger losses down the road if he holds on to yesterday.

-Bob

5 comments:

Anonymous said...

Even at the 3% inflation price of $281K, it seems ridiculously overpriced. What a sorry looking POS. I'll keep renting thank you.

Curt said...

$489,000.00 seems a bit high for Manila Mesa. It appears this flipper is flopping.

deDesertKnight said...

They call Mira Mesa "Manilla Mesa"

Anonymous said...

Now that property looks like it should come with a lifetime supply of prozac. I'd pay about 50 bucks for that house.

Sam said...

The sq ft price of this house is way over. Been a RE appraiser in SD for years and can tell you that the the quality of 1970's Mira Mesa tract housing is at the far bottom. Every detail is inferior and typical buyers spend $$$$$ to bring them up to par with other neighborhoods. This area was the beginning of mass planned communities which was marketed to poor immigrants wanting a piece of the pie. Total joke.