Sunday, April 08, 2007

Point Loma Flipper Asking for the World

2841 E Bainbridge Rd, Point Loma

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.

Mira Mesa Flipper Facing $110K Loss


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.