Address: 1214 Marine - 90405Details: 2 bed/2 bath 1,418 sq ft house, 5,100 sq ft lot, "remodeled in 2006", short sale
Description: Bank approved short sale. Remodeled in 2006. Stylish home with attached bonus room. Featuring hardwood floors, recessed lighting throughout, custom tile in the bathrooms, stainless steel appliances and granite counter tops in the kitchen, master suite with walk-in closet, and French doors that open to a private patio. Nice front yard with lots of bamboo and a two car garage. Flat screen TV & washer/dryer is excluded.
Previous Purchases:
12/16/05 - $835,000
8/16/06 - $1,099,000
Listing History: 1/21/10 - $1,099,000
Reduced down to - $949,000
SOLD: 6/26/10 - $925,000
I've included both previous purchases so you can see where the flipper bought it in late 2005 and then where it was "remodeled" and sold in 2006. You will notice I am assuming the flipper did the upgrades prior to the 2006 sale.
If this is indeed correct, then the 2006 price and the current sales price are a good apples to apples comp. This short sale amount is just 16% below the 2006 sale which would put this roughly into early 2005 territory. As I have said before, that seems sort of where the market is right now but given some 2004 rollbacks showing up and a slowing economic outlook and housing market outlook, I don't think 2005 purchases are great right here.
...but hey, they closed before 6/30 so they got that tax credit! and they scored a "short sale" so it must have been a bargain, right?...right?
EDIT -- You have to be in contract by April 30th to get credit...also house can't be over $800k purchase price, and there are income limits. No tax credit possible here.
Flat screen TV & washer/dryer is excluded.
ReplyDeleteForget it then! No way am I spending over $900 grand on a house unless it comes with somebody's used TV.