A flippin' good time in Dana Point

New paint and appliances coupled with a three-and-a-half month turnaround time from the previous sale in June leads me to believe we're looking at a flipper trying to cash in on South OC real estate. Will they succeed?

7 Saint John, Dana Point, 92629
Asking price: $779,000
Purchase price: $630,532
Purchase date: 6/15/2007
Size: 3 beds, 2.5 baths, 1,967 sq ft (built in 1989)
MLS: S507287 (6 days on Redfin)
From listing: Great Value! New neutral paint, carpet, tall baseboards, travertine, granite and steel appliances. Shows really well! Priced to sell!! Guard gated community in Monach Beach near St. Regis. Close to beautiful beaches, shopping and resorts.

"Great value!"? If you consider the current seller paid $148,468 less for this property in June, I'd tend to think they were the one who got the great value.

And, is this property really "priced to sell" as its listing claims? The closest comp (7 Antigua - same size) is listed for $839k, so the flipper is looking good there. Wonder if they're worried that the Antigua property has been on Redfin for 73 days without any action...

Checking recent sales, 41 Saint John (are you catching on to the Caribbean theme yet?) sold for $800k back on July 11. And, 34 Saint John sold for $817k in April (at the least, these owners are looking at a $38k decline in value assuming this flip is sold for its asking price). It's hard to tell if a buyer is going to step in to snatch up this property. I personally wouldn't be surprised if there's none to be found (estimated required income is about $195k per year, plus a sizable downpayment should be necessary), but hey...you never know.

Assuming a sale at this asking price, the flipper stands to make a profit of $101,728, assuming 6 percent selling costs.