Monday, February 26, 2007
Talk to the bank
Larchmont is toast. With no bids the 1st takes the cheese. And wow does that cheese stink. The 2nd would have been the only serious bidder in this case and even they saw nothing but pain. The spreadsheet of doom says he was carrying the Larchmont on his books at $220,000
If no bids at $216,000 it is safe to assume something south of $190k. Looking at the pics from Oct on Flickr I'd say $130k for an experienced flipper looking for work more than for a deal. $30k repairs, $20k carrying costs, $10k sales costs, $210k sales price only to make $20k which doesn't pencil out unless you need the work. Maybe even CFC will do it under a contract. If so our little dandelion will be looking at a tax bill in addition to the non-dischargeable $50k.
Anybody out there smarter than me (and you know who you are) got anything to add?
How would you like to be one of the neighbors waking up to the new comps?