Flippers In Trouble: Irvine Condo

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One thing you don’t see a lot of -- yet -- in Los Angeles are these wonderfully mean ‘flippers in trouble’ blogs. Take www.irvinehousingblog.com, where you’ll find tale after tale of flippers in trouble.

This one at a glance: Flipper pays $560,000 for a 2-bedroom, 2-bath condo in August 2006; is now trying to sell said condo. It was first listed for $539,000, and now $525,000.

Now from the blog: ‘When the owner of this property bought near the peak in August of 2006, she probably had visions of the fortune she was going to make flipping condos. .. Now, she just wants out. After sitting vacant for six months (and burning a big hole in her wallet), she is trying to sell for whatever she can get. Good luck. Assuming a 6% commission, if she gets her asking price, she is looking at a $53,340 loss.’

Comments welcome. Send story tips, tales of other flippers in trouble -- or flippers still making good money -- to Lalandblog@yahoo.com.