this is an actual 'Flip This House' flip underwater:
http://forsakencraft.com/mainframe.html
Palm Springs: Flip My Foreclosure
We first posted on this place on 10-9-06. Now it's December 3rd and this flip is a $121,000 loss right off the list price. That doesn't include all the monthly payments for 10 months or selling cost. This is going to be a fat loss for the bank and flipper. THANKS TO TLC FOR THE FIND! THAT'S ALMOST 30% LOWER FROM THE ORIGINAL LISTING AT $929,000.
Original post on 10-9-06
Yes sir we got ourselves a regular, "I'm going to flip this and make tons of $ on TV" flipper debtor from "Flip That House" TV program on TLC. After watching this I told myself they are dead meat if they are still listed. SURE ENOUGH! But reality TV works both ways.
Bought on 02-22-06 for $580,000 Plus $200,000 for flippage cost =$780,000 without ANY selling cost or holding cost for over 7 MONTHS.
Was listed at $929,000 now ~15% off sale at $799,000 ($679,000 Dec. 3rd 2006)
2051 E CALLE FELICIA, Palm Springs, CA 92262**
Nice red door (barf). So the question of the year is:
Did these guys win or did the guy in year 1995 win by paying $142,500?
Have fun and look at the 799k 3,000 sqft "McMansions" that blow this 2177 sqft home away. Here is a bigger home and bigger lot FOR LESS!
Link to "Flip This House" Flipper Debtor
Here is a comment I found about this house:
The second episode is in Palm Springs and the flipper is Mark Cassie. He bought a 1953 house for $580,000. It has 2177 sq ft, 3 bedrooms and 3 baths. He wants to renovate and keep the 1950 retro feel of the home and get rid of the 1970's mediterreanean redo with the low wall in the front yard and the arches on the front porche and inside. He has a budget of $60,000 and wants to get it all done in 4 weeks.The timeline is blown by 3 weeks and the budget by $140,000, yeap a $140,000. The final buget was $200,000. I wish they had shown why the budget blew up so much cause this guy is an experieced flipper. The realtor mentions that pricing the house is very important cause you don't want it too high you want people to think its a great price and buy it quickly. Mark was very surprised when the realtor wanted to list the house for $929,00 cause Mark would have been happy with $879,000. Still if it sells at $929,000 Mark is looking at a potential profit of $149,000 (now it's $121,000 loss off the list price).