More proof that even in Marin real estate is not a sure thing:- 3 br 2 ba
- 2041 sq ft
- Built 1988
Days on Market: 133Assuming 7% for closing costs (plus commission) these folks are looking at maybe $20,000 profit. After factoring in the remodeling costs I bet they lose money.
Price Reduced: 05/30/06 -- $925,000 to $918,000 (-0.8%)
Price Reduced: 06/21/06 -- $918,000 to $909,950 (-1.0%)
Price Reduced: 07/13/06 -- $909,950 to $888,000 (-2.4%)
Total price reduction: -4%
Last sold: 08/27/2004 for $800,000
5 comments:
Check out these two gems from the very glossy real estate magazine in Marin IJ's Sunday edition:
6301 Nicasio Valley Road, Nicasio
BOLD $1 MILLION REDUCTION!
Beyond description! This sprawling 30 acre Santa Fe-like country/ranch estate overlooking Nicasio Reservoir. Main home plus two bungalows total 7 bedrooms, 4 baths, 5 fireplaces, huge courtyards, large pool with hot tub/decks. A fantastic opportunity to own a remarkable property. Call Roy for brochures and showings.
Offered at $2,995,000
Realtor is Ray Winchester of Prudential California Realty.
This one also caught my eye:
Fabulous Tan Junction Triplex
MILL VALLEY $100K price reduction on this recently completed Triplex with 2 BR/1.5 BA townhouse style units, new kitchens & baths, hardwood floors, fireplaces, decks with Sausalito views and 2 car garages. Solid rental history just under $2,000/mo each. Neat as a pin.
Offered at $1,395,000
Realtor is Robert Craig at Pacific Union
(BTW - not sure how you can have a "solid" rental history with units that are "recently completed." Also, you would be subsidizing those renters to live there on that rent with that price.)
Did you happen to see the latest on Dataquicks website? Here it is...Interestingly Marin is the only county to not gain in foreclosure activity.
http://www.dqnews.com/RRFor0806.shtm
~Caddis
It's great to see all these flipper scenarios you've highlighted here!
Excellent work, marinite. Keep it up.
BTW - I rode on Tam tonight and confirmed that the Fat Lady up on East Peak has stopped singing, as "The Party" must really be over...
When you say they will lose money, do you include the value captured by living there for two years? What would the equivilent rent be?
I'll use 5% for now on. The 7% came from some source that I linked to somewhere.
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