This is a clear case of Marin flipping of new construction in San Rafael:Originally purchased: February 16, 2006 for $1,125,200The 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).
Original listing price: $1,629,000
Current listing price: $1,575,000
Marin is not special; it is not different here.
4 comments:
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.
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.
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.
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