– The grand unveiling of 4204 Juniper Creek was today. A 3 hour open house with a bounce house and Magic 95.5 broadcasting live. Prediction? The flipper is going to get CREAMED, but it makes nice TV.
1st, he bought in at $100K over market. He paid $345,000 in July 2012. The house previous;y changed hands for $264,000 in March 2003 and $287,000 in October 1999.
2nd, the house has bad bones. It was a modest ranch house that at some point got the camel-back addition treatment. Low ceilings and small rooms. Now a new (but very nice) coat of lipstick.
3rd, it is priced WAY over market at $679,950 for what it is in Juniper Hills / Caughlin Ranch. Check the comps.
4th, would any rational buyer purchase a house that is advertised as a flip to maximize profits? I understand the ego involved in being part of Flip This House, but the notoriety is a huge negative.
Given what they had to work with, everything is pretty well done. Still has snot wall (textured) surfaces with low ceilings. The new opened up spaces are long and narrow. The “big move” of the central stone fireplace / kitchen element is effective, but doesn’t carry through upstairs. When will people finally understand that lighting matters, and that $10 plastic trimmed downlights with expensive PAR 38 lamps just don’t cut it at this price point?
Any guesses on what the final sales price will be? I’m in at $515,000 in 7 months after the glow wears off. And that might make it a break even.
– Remember the Siena Bankruptcy? It all got settled on Friday, and it looks to me like the investors got wiped out 100%. Even the BK attorneys had to prorate their fees. The Dismissal Order is HERE.
– Still read TOB (That Other Blog)? No one over there has picked it up yet, but it is now a Keller Williams blog instead of a Chase International blog. I wonder if those stylized Chase head shots are copyrighted?
– Like trains? Check out the Union Pacific Rail Road’s 150th Anniversary Celebration in Sparks on Wednesday. UP 844, the last of their steam engines, will be on display. Pretty cool!