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Patrick
2010 Sep 1, 9:19am
Great detective work! I wonder what the remodels were. Hard to imagine they were that valuable judging by the rather ordinary appearance of the house.
Mark_LA
2010 Sep 1, 9:33am
My grandmother lives down the street from here, so she knows all the gossip. The older lady that used to live there apparently sold the house without ever listing it to the flipper. She used the $200k to go to a retirement home.
It makes me wonder if the flipper took advantage of her, since by the looks of it, even prior to the remodeling, it was sold a lot less than market value. By not listing it on the market, she never found out what market value really was.
There are bad sections of Azusa, but this is a nice section since it's right next to the more affluent City of Glendora & Azusa Pacific University. This is actually an unincorporated area of Los Angeles County, but gets the Azusa city name because of the Zip Code.
Even at $300k, this house can be rented at a profit to APU students (as the home 2 away west from this one is) if you consider 4.5% 30 year loan rates.
So this house sold at rental parity at $300k, and way below rental parity at $200k, given the current interest rates.
It just makes me wonder how the flipper purchased the house from her, it must've been a close acquaintance of her to be able to get her to sell it without properly putting it on the market.
Who says flippers are long gone? A flipper bought this house for $200k. After 1.5 months worth of remodeling later, he puts it on the market at a 50% price hike at $299k.
This flip sold right away like if it was 2005...I don't know yet at what price it'll settle at, since it's currently under contract.
Maybe someone with MLS access can fill in the details into what appears to be a phenomenal model flip in this climate.
http://www.redfin.com/CA/Azusa/18641-E-Glenlyn-Dr-91702/home/8024758
