Tuesday, August 08, 2006

Undeniable Flipping in San Rafael

This is a clear case of Marin flipping of new construction in San Rafael:
Originally purchased: February 16, 2006 for $1,125,200

Original listing price: $1,629,000
Current listing price: $1,575,000
The current owners have "owned" this house for a whole five months and are still hoping to make a cool $449,800 (or $339,550 after taking into consideration estimated closing costs and commission).

Marin is not special; it is not different here.

4 Comments:

Anonymous Thomas said...

Are there really still any greater fools left in Marin? I hope this place doesn't sell as the greedy flipper loses about $10K/month on the mortgage.

People, the Ponzi scheme is over....let's not drag this thing out any furthur.

Aug 8, 2006, 1:17:00 PM  
Anonymous Anonymous said...

These houses were built in a lousy neighborhood with bad school district. Anyone with right mind would not pay this amount of money buying or investing in these houses.

Aug 8, 2006, 4:05:00 PM  
Anonymous Anonymous said...

This comment has been removed by a blog administrator.

Aug 8, 2006, 6:29:00 PM  
Anonymous Anonymous said...

Hi, Ilove your site and read it daily. Being originally from Detroit, MI., I do believe Marin is special! Of course I realize that it is part of the housing bubble, but I had heard and believed there was a housing bubble going on since 2000, thanks to reading Executive Intelligence Review. Can't stand the ideology of the Larouche crowd, but they started calling this thing a bubble since I think 1999. That also was where I first heard the phrase McMansion.

Aug 8, 2006, 9:48:00 PM  

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