Purchase Price: $732,000
Purchase Date: 12/6/2005
Address: 49 Concierto, Irvine, CA 92620
Sq. Ft.: 1,850
Year Built: 2005
View: Mountain, Park or Green Belt
$/Sq. Ft.: $351
Status: Active on market
On Redfin: 19 days
From Redfin, “Exquisite Woodbury Townhome w/ Courtyard Entrance & Beautiful Mtn. Views featuring 2 bd/2.5ba PLUS DEN, 2-car attached Garage & Sun Splashed Patio! Upgrades include Tile Flooring * Designer Carpet * Custom Paint * Upgraded Cabinetry * Integrated Speaker System in Living Rm. * Custom Window Treatments including Plantation Shutters & French Doors! Sparkling Gourmet Kitchen has Vaulted Ceilings * GRANITE COUNTERS w/ Tumbled Travertine Backsplash * SS Appliances & French Cabinetry! Enjoy Resort Style Amenities!”
We know this isn’t 19 days on the market because Zovall listed this property as a comparable for sale in his post Treo – What’s Flippin’ in Woodbury – UPDATE #1. The property was listed for sale at $725,000 on November 6, 2006, so that 19 days is more like 190 days.
This property’s owner has a mailing address for a different property also in Woodbury, so I assume this is a flip gone flop. There is a first mortgage on the property for $585,000, and no second, so this shouldn’t be a short sale. Basically, some foolish buyer will get to negotiate this flippers loss. The starting loss amount is $121,188, assuming a 6% commission.
Stop and ponder that for a moment… This property has lost over 20% of its resale value in 18 months. This flipper put $147,000 of his own money into the deal, and he is going to escape with $25,000 if he is fortunate. Leverage is a beautiful thing when an asset is appreciating, but it is an unmitigated disaster when values move in the wrong direction. This guy better sell soon before it becomes a short sale.
Hey, It’s a jungle out there.
Speaking of concerts… I used to love these guys…
Welcome to the jungle
We got fun ‘n’ games
We got everything you want
Honey we know the names
We are the people that can find
Whatever you may need
If you got the money honey
We got your disease
In the jungle
Welcome to the jungle
Watch it bring you to your shun n,n,n,n,,n,n,,n,n,n,,n,n,,n knees, knees
I wanna watch you bleed
Welcome to the Jungle – Guns N Roses