Another losing flip.
2 months is crazy fast for a flip. I wonder how much work they did. Everyone knows buy the flip in fall and sell in spring.
Except this guy. briefly looked for older photos, but didn’t spend time to find them. My guess from current listing photos is kitchen and bathroom and not much else.
Flipper is gonna lose a bundle.
Not sure what kind of renovation they really did.
I looked up for any recent building permit for this property but the last building permit was in 2011 for re-roof.
There was no active permit, either.
They ether updated furnace/water_heater/AC/recessed_light/pipe/etc without permit or didn’t update real part of house.
Either way, not very attractive for buyers.
There were many sellers who fixed/updated every single issues mentioned in home inspection report in this neighborhood last spring. Those were sold quickly and at good price. I guess buyers are smart enough to check all details instead of being satisfied with the look only.
Wrong choice of location for a flip. The high tension wires go in front of this property …from Anne dr and then they all the way LG-Almaden rd then over to Lark ave .
Very bad time to get a remodel project right now
Are you still buying?
another losing sj home:
I’m holding on @Elt1
wait and watch is better for now.
Any guess on this… Its been on market so long now.
1734-Balsa went pending in 2 week.
1708-Grizilo is in Willow Glen High boundary, less desirable than Branham high.
Also, smaller lot than 1734-Balsa but in better condition.
Probably, seller would accept offer at listing price?
It has been on the market for 24 days, not too long in my opinion.
However, previous sold history seems suspicious to me.
It was sold $100K under asking price in 2014.
In 2014, market was very hot.
Is it near high voltage power line or something?
I dont think there is high power line. I think it was in original condition when sold in 2014. It was remodeled after
2.6M listing, 2.3M sale.
The seller made 10x profit in 24 years.
Not bad at all.
I am not sure about buyer’s buying point though.
If the buyer wants to use it as primary, it would be better to look for nicer location (this is close to 6 lane busy street, facing parking lot of cambrian park plaza(one of the urban village location, meaning high rise building would be built soon), surrounded by 2 other shopping malls…).
If the buyer wants to rent it out since it has one main house(3385sf) and guest house(800sf), it would be better to buy 2 of 3br/2bath SFHs in this area with the same budget.
Maybe, buyer has other plan like demolishing the existing house and build something else in accordance with urban village plan?
In any cases, it is not really ordinary setting.
Not surprising that there were not many buyers interested in.
Historically S&P appreciates at 7-11% per year, at the end of 24 years, every $1 invested in S&P index becomes $12.24
I invested from 1990 till now didn’t get anywhere near that return in index funds. Pretty much nothing good happened from 2000-2012, except up and down aggravation
did you DCA?
Do you DCA yourself?
I put no money in between 2000-2012
@hanera, we are back to the rent vs buy argument from that Dropbox engineer. In that calculation, I saw that if housing goes up by 5% a year, it beat renting a Fremont home worth $950K. That time all of you said that it’s not realistic to expect 5% growth in housing. This particular home that @Jane is referring to grew at a rate of almost 9-10% a year in the last 24 years. With that kind of growth, renting is a loser proposition. It also beat index funds.