Wednesday Morning: Condo Flip Gone Flop in Irvine

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That’s a good-looking, brand-new condo complex in the attractive city of Irvine, but according to Irvine Housing Blog, what’s going on inside is pretty ugly for one buyer, who looks like a flipper-in-trouble.

By all means, read the whole thing, but here’s the story of this roomy (1,850 square feet) 2 bedroom, 2 1/2 bath condo in the Woodbury neighborhood in a few lines:

Asking Price: $649,800

Purchase Price: $732,000

Purchase Date: 12/6/2005

More: ‘This flipper put $147,000 of his own money into the deal, and he is going to escape with $25,000 if he is fortunate. Leverage is a beautiful thing when an asset is appreciating, but it is an unmitigated disaster when values move in the wrong direction. This guy better sell soon before it becomes a short sale.’

Ouch. Comments? Thoughts?
Photo Credit: Irvine Housing Blog