Don’t be afraid to try the greatest sport around
Everybody tries it once
Those who don’t just have to put it down
You paddle out turn around and raise
And baby thats all there is to the coastline craze
You gotta catch a wave and you’re sittin’ on top of the world
Catch a Wave — The Beach Boys
Isn’t flipping houses a bit like surfing? Just catch a wave and ride it to financial prosperity. Today’s flipper who bought a Pacific Crest home certainly hopes so.
Income Requirement: $244,975
Downpayment Needed: $195,980
Purchase Price: $791,000
Purchase Date: 8/15/2007
Address: 15 Pacific Crest, Irvine, CA 92602
Sq. Ft.: 2,557
$/Sq. Ft.: $383
Lot Size: –
Type: Single Family Residence
Year Built: 2002
Stories: Three or More Levels
On Redfin: 6 days
From Redfin, “4 Bedroom plus 3rd floor bonus room or master suite with full bath, 2nd floor bonus room for games/den, ground floor living/kitchen open floor plan with office or additional family room. Seperate laundry room on 2nd floor. Upgraded tiles on ground floor, fireplace, built-in entertainment center, huge kitchen with center island and lots of cabinet space.”
Only 1 misspelled word. Not bad…
So all of you making $250K, is this your dream home? Do you like the white tile kitchen? Is this an estate worthy of someone with such a high income, or is this a nondescript tract home more suited to someone making $150K? The market will decide.
I have to give this flipper credit for nerve. To drop $791K on a house in this market environment takes courage. I think it is remarkably foolish, but the market may prove me wrong.
In today’s market, this does seem to be a good purchase price at $791K. You would think a buyer would see this as reflective of the overall market, but if you are drinking the kool aid, this is a steal. Of course, this sale went through before our most recent round of credit tightening, so this flipper may regret the purchase, but this regret certainly isn’t reflected in the asking price.
Surfing is fun, but sometimes it does not go as planned.