Another newbuild-flip on eBay?

[kernwatch]

It is always doubly painful to see heavily subsidized newbuilds being flipped on eBay to foreign "investors" . . . as the shrinking impoverished city builds ever more, ever more costly heavily taxpayer-subsidized newbuilds.

The latest newbuild on eBay appears to be a new twist. It is 301 Pratt, currently assessed at $89.9K, sold "new" for $119,770 in August 2002.

It was just purchased in foreclosure for an unusually high $81.5K on 10/25/08 & almost immediately placed on eBay.

The perplexing twist is that the purchase by Silvia Lloyd also benefited from a $7.5K BURA (Bflo Urban Renewal Agency) subsidy.

Is BURA now subsidizing eBay flips?



My email to AFTF (AntiFlipping TaskForce):

LLOYD SILVIA M, new-in-Bflo, bought 301 Pratt on 10/25/08 with a $7.5K BURA subsidy, as she immediately joined eBay 10/30/08, listing her house on eBay about a month later.

301 Pratt, 6 yr old newbuild, 8 bids, currently @$10.2K
Seller: silvia0272-2008( 0 )
Member: since Oct-30-08 in United States

Assessed Value $91K,
sold new 8/30/02 $119770,
foreclosed to Bank of NY Trust 4/16/07 $99073
sold to LLOYD SILVIA M, 10/25/08 $81.5
(wtha a $79845 Bank of America mortg, & a $7.5K BURA subsidy)

NOTE: She is apparently not new-in-Bflo anyway. Her name is apparently currently misspelled SI lvia, instead of SYlvia. She was also quit-deeded 95 Peach in 6/03, a two-family assessed at merely $11K that she still owns.

eBay ad:

http://cgi.ebay.com/Beautiful-New-Bu...3A1%7C294%3A50

This house sells itself. It has high, cathedrial ceilings, three bedrooms, 11/2 baths, oak kitchen cabinets, family room with fireplace, attached garage, and full basement with 9ft. ceilings.

All new vinyl, double hung windows and glass block windows in the basement.

Sits on a beautiful, homeowner occupied street in a professional neighborhood. Close to downtown, expressway, and restaurants.

New carpet needed.

I never got a chance to move into the house because I was offered a job in another city. When I closed on it last month, it was in need of a good cleaning. I put a fresh, new coat of paint on all the walls and cleaned the bathrooms and kitchen. No other work was needed except for a new carpet (of course). Otherwise, it is in very good condition. Everyone who looks at the house falls in love with it.

Watch for more . . .

[OldTymeRevival]

It is always doubly painful to see heavily subsidized newbuilds being flipped on eBay to foreign "investors" . . . as the shrinking impoverished city builds ever more, ever more costly heavily taxpayer-subsidized newbuilds.

The latest newbuild on eBay appears to be a new twist. It is 301 Pratt, currently assessed at $89.9K, sold "new" for $119,770 in August 2002.

It was just purchased in foreclosure for an unusually high $81.5K on 10/25/08 & almost immediately placed on eBay.

The perplexing twist is that the purchase by Silvia Lloyd also benefited from a $7.5K BURA (Bflo Urban Renewal Agency) subsidy.

Is BURA now subsidizing eBay flips?



My email to AFTF (AntiFlipping TaskForce):

NOTE: She is apparently not new-in-Bflo anyway. Her name is apparently currently misspelled SI lvia, instead of SYlvia. She was also quit-deeded 95 Peach in 6/03, a two-family assessed at merely $11K that she still owns.

eBay ad:


Watch for more . . .

How does it explain and justify the 7.5k subsidy for a flip?

[therising]

Good eye, Kern.