The ibuyers are borrowing money like crazy to build their inventory of homes to flip. Opendoor doesn't have the brand-name awareness of Zillow, so they are advertising a lot and buying homes directly off the MLS. Zillow has everyone's email address so they are able...
The first flip we've seen since the 'rona hit. This listed for $899,000 on March 25th, and sold for $950,000:
Josh came down from Beverly Hills to round-trip the Razor house, which had sold for $14,097,000 in 2011. It closed yesterday for $20,800,000. The previous sale did have some hair on it: Public documents show what the new owner paid is lower than liens on the home,...
Remember my listing in La Costa that closed in December? These are my 'before' photos above. The new owners have already turned it around and have it back on the market on the range $899,000 - $950,000. I don't think they will have any trouble:...
Brava closed yesterday, after a whirlwind of activity - here are the MLS stats: We received 13 cash offers, and went through five escrows to get one to stick. Each time one would fall out, I went back to all of the other contenders to give them another chance to buy...
The buyers cancelled the second escrow on Brava yesterday. We have had a dozen cash offers, so after the first cancellation I went back to the others and got them to bid it up to $690,000, which is a miracle when the highest offer was $675,000 in the first round....
Price Discovery: What price reflects the risk? It was $675,000 last week:
Here is Tom giving a tour of the detailed work he did at the Stewart house: Part 1 shows the work progressing over time with before-and-after photos too:
There hasn't been much concern around San Diego about the ibuyers because they have been cutting their teeth in the lower-priced and more homogenized housing markets, where valuations are easier. Hat tip to the reader who sent this in though - Offerpad did purchase a...
Our YoY home sales are in decline, and it makes you think, 'Here we go again". We know that sales are the precursor, and historically prices are the last to go. But with so many different variables this time around, could it actually be different this time? Let's...
