Cackle

by | Feb 6, 2013 | Bubbleinfo TV, Encinitas, Flips | 10 comments

We saw this house back in April prior to this flipper’s purchase – here is the before version:

http://youtu.be/Wbqb7-_cg7o

We have seen repeated attempts by flippers to make $200,000+ on a quick turn and burn, but this one takes the cake:

author avatar
Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!
See Full Bio

10 Comments

  1. Donna Hoffman
    Donna Hoffman on February 6, 2013 at 10:07 pm

    What? I’m missing something. SDLookup says it sold for $845k last year and is now listed for $1.85m. A million dollar increase in less than 8 months? That can’t be right, right?

  2. Jim the Realtor
    Jim the Realtor on February 6, 2013 at 10:29 pm

    Ummmm….yes, that is right – a flipper who thinks he can make $1M with basic improvements and without adding a square foot.

  3. KingofCarlsbad
    KingofCarlsbad on February 6, 2013 at 11:04 pm

    Thanks for sharing this listing. What a great test (heat detector). Obviously, the list price seems absurd, but it only takes one fool, I mean buyer. If it does sell, can site followers submit hats for you to eat? Rest assured, I don’t believe you’ll be eating any hats.

  4. avgjoe
    avgjoe on February 7, 2013 at 5:53 am

    maybe some of that hot money from wall street will show up?

    Was that a shower door leading into the master, classy.

    How much do you have to pay an appraisor to hit those numbers?

  5. ocrenter
    ocrenter on February 7, 2013 at 7:25 am

    uh… at the very least put up the surrounding fence, get some mature Italian cypresses to hide the neighbors, and get the buyer a pool and spa.

    how many people with $1.8 million burning a hole in their pockets do not have internet access to find the prior purchase price?

  6. CB Mark
    CB Mark on February 7, 2013 at 9:24 am

    All I can say is…

    BWAAA-HAAA-HA!

  7. sdbuyer
    sdbuyer on February 7, 2013 at 1:49 pm

    Things have gone parabolic in price…any guesses how long this can last…. affordability is still in 40%…I gave it 2 years…and then a crash as fed stops by mbs in 2015…rates come up….buy wisely my friends.

  8. tj & the bear
    tj & the bear on February 7, 2013 at 8:55 pm

    Getting enough of these to start a “white elephant tour”!

    p.s.: Fed will never stop buying… voluntarily.

  9. david Driggers
    david Driggers on February 9, 2013 at 2:43 pm

    Jim, I agree the price seems high, but calling these basic improvements??? It looks like a complete gut and rebuild. All the interior walls and plumbing seem to have been moved around. Most flippers (us included) focused on paint and flooring with some minor updating, not tearing down walls and moving kitchens. Maybe the two videos make it look like more drastic than it was, but from the videos the transformation hardly seems basic. That being said, the wife hates the “modern/retro” looks, glass doors, bare stairs, “formica” kitchen decor etc… Also great garden boxes, but no fence???

  10. Jim the Realtor
    Jim the Realtor on February 9, 2013 at 2:59 pm

    My definition:

    Basic = I could do them.

    They didn’t add a sf, just moved walls around while re-doing plumbing and electric. I’d give a better score to those who demonstrate some real craftsman skills, but here I purposely moved slower around the kitchen area to show how basic it was. The stairs? Just hunks of wood stacked up.

    But I have no doubt that it will sell, so who cares what I think. They will make huge profits and laugh all the way to the bank.

    The guys two doors down who paid $620,000 will be laughing harder.

Pin It on Pinterest