Flipped house!

Flipped house!

February 27, 2010 -February is almost over- 2010 is flying by quickly……

 

So there are homes for sale right now that sold recently that are MORE expensive than when they last sold. WHAT you might say. Yes, some people are flipping homes. There are homes that recently have come on the market and most have done extensive renovation and remodeling since the homes were in not such great condition at the time of purchase.  Some were bought in foreclosure so the seller got a good deal and is now trying to resell and may have done little or no work at all.  Perhaps some sellers are trying to make a profit and others are moving for relocation reasons.  Click this link to see information on active homes which also closed in the last year and half.  Notice the closing price and asking price difference for some.   http://tinyurl.com/yaa4vxl

2620 Natoma is now on the market for $849,000 which was purchased in June of 2009 as a foreclosure property and needed extensive renovations. The current owner had to rebuild this 1982 property in order to make it inhabitable so put some money into the house. 

3699 Loquat was a foreclosure property which many buyers were fighting over and was in high demand and sold last January 2009 for $295,000 and is over 2000 sq ft and built in 2006 which was and is a steal.  A buyer that was interested in another one of my properties said she had made an offer and she had said some mold remediation had to happen so not sure what else the seller had to do to make it more livable and now they are reselling for $549,000.  This is a fair asking price under $267 per square foot especially since the current owners dropped money into the house with new appliances and is ready to move right in. 

3907 Loquat is a great mod 50′s home all updated and renovated and on the market for $728,000 purchased as a foreclosure for $306,000 in May of 2009.  It shows beautifully, very mod and classic chic.  

2441 Swanson has an interesting history with 2 sales within a year of each other and the current seller just listed and priced the 2 bedroom home for $599,000; a higher list price than what is what on the market when he just closed on it in August of 2009 for $530,000. Before the current owner bought, a Ritz executive bought the house in December of 2008 for $525,000 and then relocated to Northern Florida so put it on for $574,900 after putting a good amount of money into upgrading the pool and purchased all new appliances.  The house is super cute with tons of charm, a great yard and pool area and shows beautifully.   If you can pick up a Grove or Gables home in foreclosure for under $400k and only have to renovated a bathroom or floors maybe even a kitchen and change some fixtures you have a good chance of making at least $50-$75k if you do the “right” upgrades and of course don’t get stressed out when you are redoing parts of the house and the “workers” don’t show up.   I know from personal experience it is challenging at times to do work on a property especially if you live in the house when the workers are present.  If you are not interested in doing work on a home and are purchasing a home where the seller did most of the updates and upgrades it is important to make sure you don’t pay a premium just because the seller thinks his work is worth more than fair market value. 

If you would like to view any of these fabulous new listings or discuss flipping your home you may find me at Jill@jillpenman.com or 305.807.9199.