According to Redfin this Sunnyvale house is the country’s most fav’ed house in 2018:
With a price cut like that no wonder:
But even with a deep cut it still took 1.5 month to get in contract. Slow market or something very wrong with the house? It’s a flip and looks like the flipper is gonna be badly hurt?
The rest of the top 20:
This house in Austin is not moving despite being one of the top 20:
I digged up the flipper’s profile:
I know Aron Developers. Not Aron homes.
Looks like Aron Homes is in a sea of pain due to overexposure to debt…
I don’t understand why this flipper buys houses at market or even a premium price. Their purchase decision is bad. Maybe they only expect to make money from appreciation.
I think flippers will disappear soon
1.5M drop is just the bait. Listing agent said in the comment that sellers wants in 2M range. Let’s see if they get it now that it is contingent.
Hey your wife is licensed now?
Yea. Her thanksgiving holiday project a few years back.
Payette is sold for 1.9M, 170K below what the flipper bought it for. Flipper badly hurt.
You win some you lose some…
Lost 200K paying contractor + 170K price diff + >50K fees and taxes? Almost 500K loss.
Edit: Changed the numbers as I saw the price diff is actually 173K instead of 100. So 500K loss for flipper. He’s not only hurt. He’s dead.
I know you guys feel wickedly happy that the flipper lost so much, but it’s like rejoicing the misfortunes of Enron stockholders. People make tons of money usually and this is just an extreme case of mishap. Now go back to your daily bouts of envy…
It’s popular culture to hate flippers and landlords. That’s why we need to band together.
So what went wrong with the flip? What happened to the flippers’ other projects?
Bought at the peak and borrowed too much money for the purchase. Need to pay off debt so had to sell for cheap.
Didn’t include the hard money interests into his 500K loss. So closing in to 550 or even 600K loss?
You wouldn’t know if it was hard money or not. But most likely it is
You should call him about his other projects. Maybe you can have some good deals there. Vulture!