So Cal Renovation - Flip or Flop
beachem
9 years ago
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AtomicJay007
9 years agocookncarpenter
9 years agoRelated Discussions
Lookers/Buyers - flipped prop's, how to tell, ?
Comments (20)The property is worth what somebody will pay for it at a moment in time. That statement negates the whole idea of overpaying or underpaying or having any particular value at all. If a fool pays 300,000 for a tool shed - then the tool shed is worth 300,000. Ok well technically that's true but i hardly find it helpful. If a house is "overpriced", someone loves it and buys it well i guess they didn't overpay? Its worth what they paid for it. And using a previous owner's numbers doesn't tell you much except that's what the property was worth to that particular person at that moment in time which is, basically, useless in calculating value Except when the owner uses that number to help determine what he's going to market his house for - which may not equal reality and I think its something to look at - how did they come up with the number? Often you can take the previous sale price, add in that area's appreciation per year, fudge a bit for maintenace and bingo - your often pretty close to the asking price. If the nubmer seems a little low try adding in commission. Oh yea now were cooking. And if they are worth what someone is willing to pay - why bother with CMA's? Throw it out and see what someone offers.? And that is one reason why it is totally useless to even try to value a home based on how much (or how little) the prior owner paid originally or how much he put into a remodel. He could have overpaid, he could have gotten a steal. It doesn't matter and it does not affect today's market price. Fine Sweet tea - so explain why the cost of this house went up 39,900 in a year. Nothing special about it. He said he "updated" the kitchen and bathroom. Take a look at the pictures. I seriously doubt he put in expensive tile. And yes some old home reno's can turn ugly but again, i don't sense that here. There's nothing about the Dayton market that supports this unless he feels he got a really good deal and can now sell for "current market value" whatever that is. MarvMarv - I'm not buying this house. I was simply trying to use it as an investigative tool in understanding the market in Dayton. But since you've showed up time to disappear....See MoreDo you wear flip flops?
Comments (52)PlanetShoes.com also has Keen shoes/sandals, as does ZBSports.com. "If you're stubbing your toes in them they are probably too small." Not necessarily so. I have never, ever, worn shoes that are too small. I have no bunions, corns, or callouses on my feet; and often get compliments from total strangers that I have very pretty feet. Yet I can stub my toe into things like you wouldn't believe......See MoreS/O: why aren't extras/upgrades/enhancements worth extra to buyers?
Comments (28)This is a new era of buying and selling after the real estate "bubble". Two years ago we sold a condo in Florida and a custom mountain lake home in Tennessee. Both buyers were obtaining mortgages, one being a jumbo mortgage. The Florida condo was appraised slightly below selling price. It was completely remodeled by us (new kitchen and two baths, etc.). The inspector told the young lady she would never find a condo in better condition. All new appliances, new water heater, new air conditioner. We owned it for two years, but decided even as snow birds we would rather have a house. But her Daddy told her not to pay over appraisal. The comps were condos in the same development that had never been upgraded or maintained. Many had been rented out. We sold it to someone else for our asking price. They didn't obtain a mortgage. The home in Tennessee was not on the market. A realtor showing another home in the neighborhood asked if they could see our house. They came back with an offer the next day, which was not the greatest offer We decided to accept the offer and move to the Florida house we had purchased two months before. It gets confusing, I know. :) The inspector was ruthless, but came back with nothing wrong in our new custom built home. The pest inspector came back with nothing (yup the bank required it). The appraiser on the other hand was a bit rude. When I said I wasn't too concerned about the appraisal price since the sell price was below tax appraisal value, he said, Oh, we often appraise homes below the tax app. value now. He told us our home was beautiful, but every home in the neighborhood probably had the same upgrades. No they did not. In the end they said there were really no comps, which wasn't true. But the most chilling experience I had was that the two appraisers used exactly the same words in two different states. It is beautiful, but this doesn't count. This is overkill, it doesn't count. Only the comps matter. Only square footage matters. I have bought and sold quite a few homes in my life. In a brand new builder developed area you get the basic house for the price of the model. Upgrades are paid for as an extra expense. Years ago we had no inspectors and no formal appraisals. It seems the banks do not want to pay for the upgrades, and are driving the prices. Now it has eroded into buyers with cash that look at comps and again do not want to pay for the upgrades. Even 11 years ago I sold a home in Ft. Lauderdale by myself (height of the market) and the buyer had an inspector, obtained a mortgage, but no appraiser came to my house. I sold my "model" for a higher price than anyone had ever sold for. Does anyone think that perhaps the banks are running the market??? Money makes the world go 'round....See MoreA Couple of Flipping Shows You May Want To Check Out
Comments (18)aputernut Watched good bones last night, no good bones in the disgusting, rotten old house, that I saw? foundation falling in, 2nd. floor had to be removed, sure they bought it for only 4 Grand but put in $210,000 tons of work/labor and only made 25 Grand (how dumb is that?) It would have been more profitable and smart to tear it down clear the lot and build a house. And the mothers idea of landscaping or outside décor Suks! Thing is, who's to say say they would have made any profit on a new build? One thing IMO that is amazing to me - that they even made a profit on that horrid hse. I think in some cases not making the biggest amt pays off w/branding nd with good relations w/neighborhood/community orgs. Remember their goal is to preserve/reno what's already existing. Yes, I wasn't impressed by exterior landscaping & staging. One wonders if they had a grander plan and just ran out of $$$$?...See Morechitown_mary
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