Saturday, December 16, 2006

Multi-Million Dollar Flip or Flop: Update


Today's post is on a Multi-Million Dollar Flip or Flop. Recall this post, on August 23, 2006, http://bakersfieldbubble.blogspot.com/2006/08/flip-or-flop.html :

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??



Property taxes were due on 12/11/06 and per the County of Kern's wesbite they were not paid. The taxes are still due along with a 10% penalty. Also, the home is no longer on the MLS, however, it is still listed for sale on the realtors website and per my contacts the home remains empty.


21 comments:

Anonymous said...

I'm sure you've already noticed, but I was watching the CrispyCole show and EVERY single million dollar home was vacant! I mean every one - there must have 20!

Did these guys buy every new house around Seven Oaks?

thebubblebuster.com

Anonymous said...

What is the address of this giant stucco box. Yeah this thing is not listed on realtor.com only on that website of two real estate moguls. I like to track the APN# myself.

I cannot believe that SOB has not paid the taxes. Doesn't he know that money goes to the schools, safety services, and infrastructre of Kern County. That SOB talks like he has tons of cash then he needs to step up and pay his freakin taxes. Screw this SOB. If he does not want to pay his taxes then get the hell out of the Country.

Perfect Storm

Bakersfield Bubble said...

AG-

Yes every house is vacant. It is so hilarious. Seven oaks new name should be Spec Oaks.

anon-

address is 10509 Newquay Ct. (kern data.com will allow you to type in the address).

crashbabycrash said...

It's so funny because he insists on listing his 7 Oaks homes at 327 sq/ft! Just this week he finally lowered the price on one of his empty specs, he went from 327 to 323, lol. Even an overpriced home in 7 Oaks is listed at 270 sq/ft!

This guy is delusional. He only operates with one thought, that real estate always goes up. He is too young to remember that things can get bad. So, he is late on the taxes? The fun is about to begin.

crashbabycrash said...

Also, I receive the notice of default list evey week for Kern County. I look at it to see which agents got in over their heads. This week Adam Teagarden showed up in the list, he owes $21,000 on one house! Also, there have been quite a few of the kids that work at Crispy and Cole on this list in the last few months.

Bakersfield Bubble said...

crash-

what are the addresses of some of these properties?

crashbabycrash said...

Which ones? The default properties or the Crispy and Cole overpriced specs?

crashbabycrash said...

This is the addy for the Teagarden home:

11906 Irwindale Ave.
93312

Bakersfield Bubble said...

Default properties

Bakersfield Bubble said...

Teagarden paid $400k on 8/13/04, as of today property taxes not paid. I wonder if this home is for sale.

crashbabycrash said...

Looking at Zillow it seems some comparable homes in the neighborhood have sold for around $460,000 in the last month. Probably isn't enough for him to break even. With his carrying costs, fees and taxes. He should cut his losses and get rid of that thing.

Bakersfield Bubble said...

What amazes is me, not only were the realtors serving kool-aid to the public but most of them were drinking it theirselves.

A "friend" was at a meeting with a sales manager of a large local RE group. This guy was in a panic "Its scary out there. We can't move anything right now. Our newer agents are suffering. The commercial guys are struggling too. I sure hope things improve soon."

Another commerical agent told me. "Things are dead and I am broke. I am not sure how long I can stay in this business and still make money."

Bakersfield Bubble said...

BTW - The zeestimate on this Newquay home is $1,534,000

crashbabycrash said...

I can't find the Irwindale home in the listings. I searched various ways so I don't think it's listed. Probably waiting for spring when things "pick up" lol. Good luck with that, spring is going to be a bloodbath!

Anonymous said...

These Kool-aid drinking realtors treat real estate as commodity when it is going up, but when it is going down they think they have a stable asset. Nope sorry Charlie, we are only at the beginning. These idiots think things are going get better this spring they are in for a big surprise. Were headed for housing doom.

Perfect Storm

Anonymous said...

You guys hit on the head. Bakersfield Realtors will the biggest drinkers of the kool-aid. Every time I have spoken with Crisp he is passionate about how undervalued Bfield real estate is and how he is pushing Bakersfield prices to new limits.

But the party is now ending and we're in a spring nightmare (or dream if your a bubble buster!).

Rob Dawg said...

Orange jumpsuits will be the new realtor attire in '07. Gotta look Crisp for the cameras.

Housing Wizard said...

Wow, that is really weird how a Real Estate person/agent would say that they are pushing Bakersfield's prices to new limits .What kind of a ego does this person have ?

Anonymous said...

The ego is limitless. I take it you didn't see his full front page spread in the local paper. It was an amazing piece of work.

All about his body guards, fancy cars, planes, watches, etc. Nothing - NOTHING about taking care of his clients!

Housing Wizard said...

Oh , a Trump want-to-be .Oh now it's coming back to me . Is that the guy who turned his father in for fraud when he was young ? He's a really young guy who got on the real estate bandwagon early in the boom and went up the ladder during good times only.

ahansen said...

This is so much fun! I didn't realize that anyone in Bakersplat could even access the internets, let alone blog thereupon. Finding this site has made my day. Thanks!

I think what everyone here is forgetting is that these properties are in ...well, Bakersfield. And the good good folks they're trying to sell them to are presumably going to have to live in Bakersfield. PEOPLE! It's BAKERSFIELD!
Hearst Castle wouldn't be a million dollar home were it located in Bakersfield.

It is, and always has been, and likely will always be an oxter full of Okies. Even those who weren't from OK to begin with? The place'll get 'em afore long sure as shootin'. Something about the swamp water. Money cannot buy class. Or apparently, common sense.

Get out now! Save yourselves! The scum pond arises!

That is all.

Merry Christmas from East Jesus.
ahansen