Wednesday, May 28, 2008

fat ladies

I have been dying to use this picture (lifted from The Guardian - UK). Maybe it is nostalgia for a life I never knew, or only knew vicariously. Beats me. I just got back from my psychotherapist, and she doesn't have a clue either.

Well, really, I was going to do a post about the fat lady singing, or as it's turned out, real estate agents flipping.

The house next door to me sold for $450K to a real estate agent in April 2006. The buyer tried to flip it for $550K immediately, but ended up razing the place and building a McMonster. The McMonster sold for $799K in August '07. A real estate agent bought it from a real estate agent, and now the real estate agent is flipping it.

Gotta wonder why.

Is the agent finally seeing the writing on the wall? Finally? Be careful of the agent you choose, if that is the case.

Maybe the $2500/month rent income was not covering the oh-so-onerous mortgage payments...

It has not hit MLS yet, but I am so curious to know what the wishing price is. I doubt that it is sharp. I am even more curious to see if it sells, and for how little. I have a front row seat.

I'll keep you posted.


Anonymous said...

The dark side clouds everything. Impossible to see the future is

M- said...

I remember your video of the backhoe crushing the house. That was a good watch!

Coco said...

The flips or the flip flops are usually easy enough to spot if you have been watching the market for long enough. What is a flip flop, you ask? That is the last person who tries to flip the house that has been flipped several times before and the flip doesn't make a profit for them.

patriotz said...

AKA Greatest Fool.

solipsist said...

The dark side needs dark arts to reveal the light.

m- that was a smashing vid.

coco- I believe that this flip will be a flop. On the bright side, the agent is saving the seller's commission.

patriotz - I have a feeling that the Greater Fool is gonna get fooled again on this one.