19953 HAYNES Woodland Hills, CA 91367
Prior Sales History:
Sold May 25, 2001 $285,000
Sold Mar 31, 2006 $750,000
Foreclosed Jul 18, 2007 $557,750
Jan 25, 2008 $500,000
Zillow zestimate(C): $579,500
Asking Price: $725,000
Now, let me get this straight. The guy buys this shack from the bank for $500,000. The house was completely destroyed and was used as whore house for couple of months...
The flipper claims he spent $100,000 in remodeling...So after less than 60 days, he lists for sale and looking to make $225,000 gross profit, that is 45%...
Even if we take 2-3% commission to buyer's agent and the claimed $100,000 (i wonder if he can prove it) Still very nice "theoretical" profit.
Problem is that this is still a shack. Couple of travertine (made in china) tiles in the kitchen, and a fresh coat of paint does not justify that asking price.
We will track and see what happens to this smart flipper.
My guess, he will be lucky to get his $500,000 back.
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