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.