Will this Flipper make it? Or is he too late in the game to turn a profit? Purchased 3/31/06 for $1,750,000 add in the carrying costs to date (estimated) and he is at $1,800,000. Orginally on the market for $2,600,000 now for sale at $2,200,000. Will some greater fool come along??
http://tinyurl.com/pvdld
Wednesday, August 23, 2006
FLIP or FLOP??
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7 comments:
Great blog! I hope this site exposes all the problems with Bakersfield
Thank gawd there's somebody out there willing to tell the truth! Enough from all those speculators who think the well will NEVER empty. Face it, investors are pulling out, houses are flooding the market and who can afford to buy a home in Bakersfield anymore? Certainly not the first time home buyers!Buckle up people, we're in for a wild ride!
Great Blog! I posted a comment ealier on HBB, asking if you were from Bakersfield (Crisp & Cole).
In the Bakersfield Californian:
http://www.bakersfield.com/137/story/68679.html
Manufactured homes make an affordable option
I thought this was hilarious!
If Bakersfield follows Sacramento, the McMansions will drop fast. We have been tracking about 25 homes over $1,000,000, all remaining unsold in Placer county for 6+months. Finally, one for a $1,600,000 asking was lowered to $999,995 and snagged a buyer. Others are dropping to the $800,000s.
So this Baked McMuffin will soon be reduced from $330/sf to $207/sf. $2.2 million will become $1,380,000. There is the real question: Will it sell at a 62% reduction.
I can show you 3 homes in Sacramento (Lincoln, Catte Verdera) that have been or are being foreclosed. Deutsche Bank owns one, becasue they floor funded a funny money lender (Belle Court, Lincoln, CA) and probably had it kicked out of the RMBS pool on a buy back. Russian couple could not flip it, so they did not even make the FIRST payment. DB has lowered their asking price by $100,000 over the last month, and they acquired it for the loan amount. Hang on. The turbulence is just starting.
Its Bakersfield in 2006! This guy will be lucky if he gets out with a loss of less then 200K!
Thanks for the posts. I will keep posting on our the bakersfield market. There are many great blogs but nothing local, except Landers site on Sacramento (which is great).
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