Flipper of the week

Welcome back, as i promised, I found an interesting listing that's both entertaining but mainly belongs to my new category of "Flipper of the Day"


5806 Laramie Ave Woodland Hills CA 91367

Sold Jun 20, 1995 $219,000
Sold Dec 18, 2003 $505,000
Sold Aug 22, 2006 $900,000
Foreclosed Aug 10, 2007 $639,435
Sold Jan 04, 2008 $575,000

Asking Price History:
Feb 07, 2008 $752,950
Feb 14, 2008 $749,500
Mar 04, 2008 $729,500
UPDATE: Mar 17, 2008 $675,000

Zillow zestimate tm : $732,500

Why it belongs to Flipper of the Day?
Joe "six pack" Flipper bought in January for $575,000, might have changed the carpet, painted the walls, and immediately listed for sale for $752,950. My bet is that it cost him $950 bucks at homedepot to buy the new piece of carpet and couple buckets of paint....
Joe "six pack" Flipper is trying to make $177,950 (or 30% profit)
Well, Joe, right now you are down to $154,500. Take away agents commission of 5%, that nets you $118,025. Not to bad...for paper money.
Considering this area is selling at about 2004 price levels, that means the house can sell for about $500,000-520,000.
If you want to know its actual value (smart buyer), add about 3-4% of inflation to the 1995 figure: You'll get $322,000-395,000

Smart Casher:
Look at Aug 22, 2006 sale, that seller sold for $900,000 bought for $505,000 in 2003. He made about $400,000 (or 80% profit) in less than 3 years!