Archive for the ‘Flip Watch’ Category
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Everyone in LA is Flipping Like It’s 2005
01 Feb 2012The most frequent question I get, aside from, “when are you guys having a baby?,” is “how’s the market?” If it isn’t apparent, I can tell you that it’s hot and spicy…in the flipping arena. While foreclosures and short sales still make up a big chunk and standard sales, with good looks at a great price, make up another chunk, flipped properties are the secret lovechild making a huge dent in overall sales. As someone who flips and mentors others who want to, I can definitely say that I haven’t seen this level of activity in some time. In the past 30 days, it seems that 1 out of every 5 new listings are flips. For the purpose of this post, I’m defining a flip as buying, renovating and reselling within 12 months. That 12-month marker is pretty generous considering that most of what I’m seeing is being resold at the 3-6 month mark. So what’s driving all this flipping activity? For starters, cash is king and some of these pre-flipped properties are dirt cheap. By dirt cheap, I mean 200k or less for character homes in “desirable” locations. By “desirable” locations I mean areas that are hot with the…
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Flip Watch: $99k Flip For Your Consideration in Highland Park
26 Jan 2012No, that’s not a typo. This 3 bedroom/2 bath that was sold in June 2011 for $240k, has been rehabbed and redubbed as a “modern craftsman,” for $99k. Clever marketing? Yup. Will it sell anywhere near that price? Not a chance. For lack of a better word, this place was a dump 6 months ago. It’s virtually unrecognizable now. “The seller is choosing to let the market decide,” said a rep from Extraordinary Real Estate. And what will the market deem a house worth that’s been taken down to the studs with only its structural shell remaining? If comps are any indication, somewhere in $450k neighborhood. To view this property, let me know. Before, 6 months ago: At a Glance 6108 Garrison Dr., Los Angeles, 90042 $99k 3 bedrooms/2 baths 1581 sq. ft., 5410 sq. ft. lot 1911 Craftsman Complete Rehab Listing courtesy of Michael Tessler – Extraordinary Real Estate
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Flip Watch: Whiplash-Inducing Flip in Pasadena
20 Jan 20123580 E. Del Mar has been on the market 3 times in the last few years: ’05, ’08 and ’10. With what appears to be a small fortune invested, here’s to keeping hope alive that this 4th outing might finally bring buyers eager to lay roots with this 1941 Traditional. This property was purchased at the end of 2010 and spent the good part of 2011 undergoing an Extreme Makeover-like total transformation. Virtually unrecognizable, this 3 bedroom/2 bath, 1390 sq. ft. home received new hardwood floors, lighting, an enviable European kitchen, appliances, custom closets, plantation shutters, roof, plumbing, A/C system, landscaping and a finished garage to boot – all permitted. Even after a recent $40k price reduction, this property is still optimistically priced at $588k based solely on recent sales. On looks alone (not to mention great staging), it might be worth ever penny. Check out the before and after shots. As always, if you’d like to view this property or any other, let me know. Living Room: Kitchen: Bath (too unfortunate before): Bedroom: Garage: At a Glance 3580 E. Del Mar Blvd., Pasadena 91107 $588k 3 bedrooms/2 baths 1390 sq. ft., 6500 sq. ft. lot 1941 Traditional Total Remodel,…
