Sunday, April 08, 2007

Point Loma Flipper Asking for the World

2841 E Bainbridge Rd, Point Loma






Remark:
This flipper is looking for some sucker to take this townhouse-looking POS off his hands and make him a potential $500K profit in 3 years.
I would not pay anything over 650K for this house. This flipper is in for a long drop down. But thats OK I like watching fools get calibrated the hard way.
-Bob

15 comments:

Anonymous said...

Bawahahahahahaaha. Bob, you post some great humor. Went through the models back in 2004 (I think this is the same complex). Prices were going up $2,000 a day at that time. Insane.

Anonymous said...

Hi bob, you sure that is not 1.5 million for the entire complex? don't tell me that guy is trying to sell one unit for 1.5 million.

ocrenter said...

bob, maybe the guy should just wait another 3 years, he can ask for a cool $1 million for the 6 year holding period. perhaps hold it for 12 years total, that'll be $2 million!

mikegrimnet01 said...

Funny!

mikegrimnet01 said...

I still see guys and gals trying to flip via lease options. These cats are attempting to get the properties via a lease option and feel they can flip them. Incrediable....

feast OR famine said...

Off topic, but any take on what is going on in Carmel Valley? I'm returning back home to SD after living in Sacramento for five years (out of the frying pan into the fire). I was shocked at the zero lot line, 2,000 sf cracker boxes listed at $700k. What the ??? I understand CV has a great school district but this alone cannot support this type of pricing. My only guess is that the gigantic master plan is dominated by Pardee and they are controlling inventory and really playing to CV's cachet as Del Mar Lite. If there were several builders in there (especially aggressive ones like Centex or Horton) I suspect at least a $60k price differential from today's pricing.

What gives? My prediction - 10% downward adjustment by summer 2008 as resales start picking up in this new home dominated community.

Anonymous said...

Ask Makupolo and he'll tell you that a rich taiwanese dude will pay full price for this place. Isn't that right Makupolo?

Anonymous said...

Response to Feast or Famine...the CV master planned communities, and specifically, del sur is a nice neighborhood, have you actually been there? I agree that many of the homes are on dinky lots, mello roos is a killer with HOA's, and prices are steep, but I've been following it for years and people keep buying the homes. This is why the prices haven't significantly come down. The sellers/builders have no reason to drop prices is people are buying. You will occasionally see a builder drop prices maybe 40k-50k for a few months and then raise them back up but there is no sustained price drops there. Again, people are actually buying those homes. Why in the world someone wants to pay 1.9% mello roos/p. tax forever is beyond me.

feast or famine said...

Thanks for the input. I work in homebuilding and I'm just trying to get a feel for the market forces in Carmel Valley that sustain the apparent current demand (as an unbiased person stepping into the SD market). I know the customs up on the hill are hurting, but the tracts in the lowlands still seem to be selling well. While the draw of a strong school district can't be underestimated, there's still something else here which I have to assume is cachet and one dominant builder holding the reigns on supply.

Pardee is no Toll Bros, and I've always thought they were more KB or Beazer than a Centex or Horton in terms of build quality. I have a sneaking suspicion that this market will be hit hard and is only lagging behind the rest of SD rather than being an exception from it. I'll be especially keeping an eye on the dearth of entry level SFD product (albeit at $650k+) and the undoubted reliance on nonconventional loans prior sales have relied on. I see fewer qualified first time buyers and a shakeout with existing owners as their teasers reset. Should be interesting- I've decided to rent for a year or so before seriously looking to buy. The worst is yet to come . . .

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Anonymous said...

Is there a Blog entry for Bob's real estate holdings? Does he currently own any real estate or did he sell his holdings prior to the market decline(and take a nice profit)? Is Bob in the home flip business?

Anonymous said...

Is there a Blog entry for Bob's real estate holdings? Does he currently own any real estate or did he sell his holdings prior to the market decline(and take a nice profit)? Is Bob in the home flip business?

So, what's your point?? If Bob did sell at the peak, good for him. I certainly don't know how to time markets. Too much time on your hand Realtwhore????

Anonymous said...

Here's an interesting property in Del Mar:

2782 CAMINITO ELDORADO,
Del Mar, CA 92014
MLS: 071034022
List Price: $428,900

Bank owned foreclosure!

Sale History
11/20/2006: $414,774
05/25/1994: $117,000

Purchased in November, foreclosed months later. Sounds like flip gone bad. Get used to it, flipper whores; the tide is turning.

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