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  1. From Bryce regarding costs:

    Kitchen cabinets are from China; installed and finished with granite tops $4,500 each. But they did 5 homes and John’s a great negotiator. The bathroom cabinets are Ikea.

    I suggested the doors and the tan walls to make the home feel more custom.

  2. “P.S. The appraisal came in at $290,000 ($16,000 short).” (JtR)

    The list price was $278K, and the appraisal was $16K short, with the winning buyer offering $300K with $6K back, right? Silly question but who made up the difference?

    And FWIW, besides the $278K list price, I think if you asked all eight buyers (5 VA and 3 FHA and within two days of listing) why they made an offer, it would be the cherry doors (and they didn’t even care that the doors didn’t match the cabinets or realize that the kitchen sink placement was kooky).

  3. Awesome sauce!

    Hope they buy the bank owned one on the end of my street and flip it just like this one. I’m sure its cheap cause it is near oside blvd.

    The nearby elementary school just got an official arts designation.

    Great work on the rehab. It came out great.

    If possible please post the name of the door company.

  4. BAM – I totally agree, they earned it by shopping hard, not overpaying, and doing smart upgrades. Much different than winning the lotto to buy in Phase One.

    But they don’t mind admitting that they are accidental flippers – everyone’s a flipper when a little luck comes their way too.

  5. On the lower end it all comes down to price. $300,000 homes will be in high demand for a long time. Most people living in this area are paying $1200-$1700 for a 2-3 bedroom apartment.
    A $1700 payment to own a home in San Diego including PMI for barely nothing is a no brainer.
    The flippers got an amazing deal and the house payment is affordable.

  6. I disagree with others here that this is a new bubble. . .160K seemed like a very good price to buy, and 300K for a nice house in Oceanside seems like a fair price to sell. I believe the “military housing allowance” is about $1600-1800 a month for rent, so even at $600 per hundred thousand on a loan, that would be $1800 a month mortgage payment (likely much less), so that is in the range of affordability for a lot of people, especially in the military.

    As we all agree on this board – the big problem is not in the 200-400K range – a lot of demand there – it is in the over 700K where the market is still tanking.

  7. Jim,

    There is an REO on Valley RD here in Vista below my house that these folks may want to take a look at. Its attracting a lot of lookers.

  8. Windows, appliances, fixtures, flooring, landscape, labor, etc. It didn’t all come from China. I am surprised 40k would cover it.

  9. Doesn’t the 6K back to the buyer inflate the value for comps? I know it isn’t much, but it is an artificial price, no?

  10. I don’t know what everyone is so worried about.

    When you only put someone else’s 3% down, and have a weeks worth of savings in the bank what could possibly go wrong in this market?

    Who cares if unemployment is going up? It’s not going up as fast!

    Bunch of worry warts, seriously.

    ’40% have less than a month of savings, while only 20% have 6 months or more. The remaining 40% are in between.’

    BTW, in all seriousness thanks for the video update Jim – interesting to see the results!

  11. 8k from the feds
    6k back, per the end of the video.
    That’s $14k. They need 3% down, which is $9.18k.

    The $6,000 will just cover the closing costs (loan, title, and escrow fees) plus the “prepaids”, the amount used to set up the monthly tax and insurance impound account.

    Sounds like the ‘new’ buyer is yet another flipper.. 100%+ effective financing(and not a good/skilled flipper at that). Wrong time in the season to buy for flipping, you generally want cosmetically bad, structurally good properties to do a flip, and ready to sell at the start of spring-summer.

    The ‘fixup’ is nice, but I would tend to discount several things if I were buying. The kitchen sink is definitely an issue.. and visually weird (probably was a galley kitchen originally). It is also not cheap to fix. To fix it now would mean tearing out some of the new cabinets, relocating plumbing (probably in-floor plumbing because you can only hollow out a certain number of consecutive studs for 2 to 3 inch drain line from the sink). Doing the in-floor work means tearing up the tile and the concrete slab. If the slab is ‘pre-stressed’, forget about cutting into it to relocate the drain.

    The bathroom sinks have me in a quandary. I like the big sinks with high faucets.. but I also like bathroom counter space..

    I would have gone for larger windows in the bedroom.

    At 300k, I think the price is high, but from the sellers aspect, it is a very good deal.

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