Posts Tagged with ‘Flipping Out’
-
The “H” in Highland Park is for Hipster
13 Mar 2012Investors have descended on this and other communities in Northeast Los Angeles, snatching up bargain-priced character homes located within an easy distance of downtown. It’s an echo of the housing boom, only this time speculators are drawn by the crash in prices.
-
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…
-
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
