April 15, 2011

As seen on Flip This House: Outstanding Remoldel

Thanks to Burbed reader Sam for this “very unique” find in San Carlos.

790 BUCKLAND Ave, San Carlos, CA 94070
$1,049,000

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BEDS: 4
BATHS: 3
SQ. FT.: 1,965
$/SQ. FT.: $534
LOT SIZE: 7,565 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
STORIES: Bi/Split Level
VIEW: Bay, Neighborhood
YEAR BUILT: 1955
COMMUNITY: Cordes
COUNTY: San Mateo
MLS#: 81113908
SOURCE: MLSListings
STATUS: Pending Without Release
ON REDFIN: 14 days

Wow!!This is a Tremendous 4bed 3 bath home. Unmatched features and wide open floor plan make this home “fit for a King” Heated bathroom floors, heated towel racks, remote control digitally controlled shower. Electrolox Icon Stanliess steele appliances with build in espresso machine makes this kitchen one of a kind. All new windows, floors, doors, Outstanding remoldel.

imageHere’s what Sam had to say about this listing:

I guess the listing agent forgot that in 2011 the “recently flipped” moniker isn’t a feature. Flip This House is sooooo 2006. But hey, it’s “fit for a King”: it has heated towel racks! It also has “Stanliess steele”. I don’t know what that is, but I’m pretty sure it would make a good porn star name.

Well, we got good news and bad news for you, Sam.  The bad news is this listing recently changed, maybe when the buyers accepted that pending without release offer.  Maybe they took away that “recently flipped” comment you mention that I didn’t find, what with my keeping your email sitting around for 2 weeks.  But the good news is that we don’t have to scratch our heads wondering what’s wrong with this place.  Redfin’s doing the heavy lifting for us!

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Very unique!  I love very unique!  Nonconforming and weird is good too!  We’re going to love working with our Redfin overlords.  Meanwhile, check out the Google Streetview of this place!  I guess Spring Bounce means equity is rising. Something is rising, because the place doesn’t look exactly level.

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But wait, there’s more!  Look at the listing history, OMFG!  This must be what Sam mean about recently flipped.  Plus a bonus foreclosure, this place has it all.

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Don’t worry, Zillow’s got us covered on those missing listing prices.  Hoo-boy, can you say “Price Reduction”?

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Cheer up!  The house was pending back in September, 2010, and that deal fell through.  It could happen again and YOU could be the next owner!

Whoever does buy it, please replace that rug with something that doesn’t look like the hardwood floor cut open and rotated 90 degrees.  Even Stanliess steele would look better.  But nothing beats a remote control digitally controlled shower.

Comments (11) -- Posted by: madhaus @ 5:05 am

11 Responses to “As seen on Flip This House: Outstanding Remoldel”

  1. traumatic Says:

    It’s trying to slide into the RBA! Just remember to curb the wheels and set the parking brake so the house doesn’t roll away while you’re at work earning extra money for the foundation jacks.

  2. ES Says:

    Whatever happened to that giant douchebag Armando whatever? I think we were all hoping and praying he’d be living in a gutter by now.

  3. madhaus Says:

    #1, well called.

    #2, what are you talking about? Seriously.

  4. sfbubblebuyer Says:

    So, 750k, plus say, 50k to stabilize the hillside, 10k for landscaping, 50k for a kitchen, 35k for master bath, 15k for floors, 10k for windows, and 30k for painting inside/outside, minor upgrades to other baths, assuming he did a decent job on the remodels.

    750k + 190k = 940k. 6% commission ~60k. That’s 1 million. This guy could clear $50k minus carrying costs. If he financed about 600k, that’s about 12k in payments. So we’re at about $38k.

    My bet is that he did jack all for the hillside, just covering it up and putting spindly wooden retaining walls (no pics of that) saving $35k there, and cut rate work, picking up guys from the parking lot and running the whole build himself on the rest of the remodel, pulling another $30k out of the pricing. That’ll get him to about $100k profit if he sells at $1.05 mill.

  5. SEA Says:

    “This guy could clear $50k minus carrying costs.”

    Do you think 5% with ~$1M on the line is worth it?

    “If he financed about 600k, that’s about 12k in payments. So we’re at about $38k.”

    Nope. The opportunity costs must be considered on the entire investment, not just what’s financed. Beyond that, I’ll make the kind assumption that it’s an IO loan, so the $12k is really interest=opportunity cost on the $600k.

  6. The Gilroy Alex Says:

    ReMOLDal, holy Freudian slip, Batman!

  7. sfbubblebuyer Says:

    I’m not saying it was a good investment, SEA. 35k return is absolute crap for a 950k outlay when you figure in the riskiness of flipping. 100k for 4 months, however, starts to look better, but to get there you’ve got to basically be ‘dishonest’ by putting in crap upgrades and polishing for all your worth and then claiming it’s a ‘quality remodel’.

    Thinks like not replacing the old drywall in the bathrooms with new moisture resistant stuff, etc. Things you’d do if it were YOUR house, but if you don’t, that’s an extra 5k in your pocket when you sell and the buyer has no way to know you just did them a nasty deed.

  8. anon Says:

    Polish the turd and pass it off to some fool who “buys” with borrowed money. Isn’t that the essence of flipping?

  9. nomadic Says:

    #3, you used the name of Armando’s show in your headline. (See the San Antonio team, season 2.)

    As for what happened to him, when I started a Google search, topics like lawsuit and divorce popped up as suggestions. Here’s what one Realtor posted on his site back in ’08:
    http://activerain.com/blogsview/436444/remember-armando-montelongo-from-a-e-s-flip-this-house-

  10. madhaus Says:

    #9, thanks for explaining that, having never seen the show I had no idea. And here I thought #2 had wandered onto the wrong site and meant to hang a left over to Daily Kos.

  11. nomadic Says:

    Sold 5/12/11 for $1,012,50


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