Venice in La Gorce

A Venice model that backs up to Winston Trails Blvd that was priced at $305,000 for a bit over 3 months has just reduced their asking price to $290,000. Interestingly, this home was also on the market by the same owners from April of '07 to April of '08 and priced at $395,000 the entire 364 days.

I recall that we met with these owners back in 2007 and suggested an initial asking price of $350,000...but, these owners did not "like" our suggestion and did the old "selecting an agent based upon the highest suggested listing price"...and here they are today, 10's of thousands of dollars gone.

Whomever the agent is that you select to market and sell your home, don't select that agent based upon the suggested asking price...often it is the LEAST capable/experienced/honest agent that will give you the highest CMA estimate.

Venice on the market...

A Venice in Indianwood Village has just come on the market at an asking price of $299,000. The home is not being marketed as a short sale. The sellers purchased the home in October of 2002 for $277,500.

Venice sale...Indianwood Village

A Venice at 6271 Indian Forest Circle has just sold for $289,400. The sale was not a short sale or bank foreclosure. The home did not have much in the way of upgrades except a screened patio however the home was in excellent move-in condition. The time frame for this sale was 50 days from listing to closing.

Venice "flip" under contract

A Venice, which the previous owners had been trying to short sell but ended up being sold at forclosure to an investor, is back under contract.

I am not sure about all of the details, but the short sale negotiation was not successfully completed prior to the foreclosure sale date. The home was then sold to an "investor", for somewhere around $230,000, who then did renovations and put the home back on the market at $325k. There appears to be a decent short- timeframe profit there.

Back in 2004-2005 ANYONE could make money "flipping" homes...today it is much more difficult, but it can still be done. Today, you have to REALLY know your market area values, you have to REALLY know rehab costs, you have to REALLY know rehab times, you have to REALLY know what your carrying costs will be, you have to REALLY know your exit expenses, you have to REALLY know your tax implications, and the list goes on.

But again, there is still money to be made. If you are interested in investing in this manner, AND you are a cash buyer...or hard money, call me today and we'll see if this strategy is for you. And I say "cash/hard money for this reason: the margins in flipping homes today can be thinner, the sellers of a "flippable" property will be most likely looking for cash offers and the costs and time associated with closing on a property with a mortgage can be prohibitive.

Thanks for taking the time to read my blog entries.

Steve

Venice...new on the market, kind of.

A Venice in Bermuda Dunes, on which the owners had been trying to negotiate a short sale for over a year, looks like it has gone back to the bank (although there is no public record of the sale yet).

It just came on the market (as a bank owned), at $325,000.

Sold, Venice in Oakmont

Interesting sale here...the sellers purchased this home on March 24, 2009 for $275,000 and put down 20%. They put the home back on the market on September 17th, 2009 at $300,000.

The home just sold for $290,000 to a cash buyer. After all of the closing costs both in the purchase and the sale, the sellers probably lost $20,000 or so...not too bad, really, when you consider what has happened to the market in general.

Again, this backs up my hypothesis that homes that ARE NOT distressed sales (short sales or bank owned), are selling very well, holding their value well and selling quickly.

Under contract in a few days...

A Venice on Indian Forest Circle that was placed on the market last Friday at $329,000 is now under contract.

The home is not being sold as a short sale

Venice ...SOLD

A Venice model in Indianwood Village was just reported sold for $315,000.

The home was a lakefront, cul-de-sac location with many fine upgrades and was sold rather quickly as it was placed on the market (asking $349,000), on 9/22/09. The sellers were the original owners who paid $231,700 for the home in May, 2000.

Venice...new on the market

A Venice in La Gorce, backing up to Winston Trails Blvd., just went on the market at $305,000. The home was previously on the market from April of '07 to April of '08 at $395,000. The curent owners are the original owners and paid $168,000 back in 1997.

Venice under contract

A Venice in Indianwood Village that has been on the market for only 8 days has gone under contract. This home was NOT a short/distressed sale and was listed at $349,000.

The current owners are the original owners and purchased the home in May of 2000 for $231,700.

Venice...under contract...Oakmont

A Venice in Oakmont Village just went under contract. As you can probably see from the photo, it was on a reverse-pie-shaped lot, on the lake with a screened patio. The home was NOT a short sale and was listed at $300,000 at the time of contract.

The current owners purchased the home for $275,000 in March of 2009 but financed only $220,000.