Flipper on Crack

[Mark Holmes]

So I’ve been watching the progress over the last nine months of an obvious flip down the street from me in Normal Heights; a little 1 bedroom that they bought May 2006 and have added a bed and bath, put in some lawn and a quickie paint job. Oh, and don’t forget those granite counter-tops. All this time, the work went on with no one livng there and I’ve watched waiting for the sale sign to go up… and it went up, listed at, get this.. $617,500. That would have been hard to get in this neighborhood two years ago, but now the price for these little two-bedrooms is around 450K. I think they’ve been watching too much HGTV. Oh, and can anyone make sense on the zillow listing where it says it sold for 14K three months before selling for 420K? See here:
http://www.zillow.com/HomeDetails.htm?zprop=16947264

[DCRogers]

Zillow claims this is a two bedoom, but boy is it small:

Bedrooms: 2
Bathrooms: 1
Sq ft: 720
Lot size: 5,061 sq ft / 0.12 acres
Year built: 1926
Zestimate: $418,916

Given that Zestimates tend to be high in this neighborhood (vs selling prices currently seen), they’re more on target with 450K, but might end up nearer to 400K. Less than 400K would be a bottom-side breakthrough for this neighborhood… more likely to happen first south of Adams.

I have no idea what the sales history means, unless someone is taking a tax loss and letting someone else eat a capital gains:

05/16/2006: $14,000
02/17/2006: $421,000

[SD Realtor]

The tax roll shows that the 5/16/06 recording was a quit claim deed.

Looks like this flipper will be taking a cold bath….That one is gonna hurt.

SD Realtor

[little lady]

Speaking of flippers, two houses sold in my neighborhood last week. One I thought would NEVER sell because it was over priced(so I thought) and on the mls for over a year. The other was bought for 350k trashed about August ’06 I think, they gutted it- all new windows, flooring, bathroom’s, kitchen,granite, tile, ac, sod, the whole nine yard’s- smaller than mine and sold flipped for 489k in less than two weeks!

I COULD NOT BELIEVE they bought it instead of mine-which was way cheaper, bigger, on a less busy street, and very nice. They could have done upgrades themselves and still saved money!

[Author]

Posts