$600k Fixer « Thousand Oaks Housing Bubble & Crash

UPDATE: 8-27-07

Price has been reduced to $569,000. I was right about the $599 being too high. I’m sure this one has a ways to go.

ORIGINALLY POSTED: 8-10-07

List Price: $599,000

The ZipRealty comment says ” Great buy on major fixer. Needs plenty of tlc.” I don’t know about you, but spending $600,000 on a tract home FIXER seems nuts. Neither Zillow nor Redfin have any past sales history on this house, which generally seems to mean that the current owners have owned a home for 10 years or more, but seeing as this is a trustee sale, that may not apply. Either way, if you bought this fixer with 20% down and 7% interest, you are looking at a $3,193 monthly payment. I wonder where you’re going to get the cash flow to fix this thing. It is 6 bed, 3 bath and 2,383 square feet. That actually comes out to about $250 per square foot, which isn’t half bad. Once again, I’m sure this won’t sell for anything near the $599k asking price.

Dave Hayden Says:

August 10, 2007 at 11:09 pm

$600k for a fixer upper is pretty high, I use HouseFront for my values and they dont have sales history either, but thy peg the value at around $736k

patience2007 Says:

August 11, 2007 at 11:50 pm

The ZEstimate on Zillow.com says $762,000. That seems high. Gainsborough is a busy street. I would think that this house, as a fixer, in a reasonable market, should sell for around $400k max.