Audacious Flips and Renovations

[Alan]

I agree with Susan Ryan that the buyer shouldn't care how much money was put into a house. Price it on its own merits. If it sells at that price then so be it and good for them. Personally I don't get how construction and jobs suddenly warrant six figure salaries, but whatever. That house is so far out of my price range that it isn't even worth thinking about. I would need to triple my income to afford that house.

[rose-colored-coolaid]

[PublicEnemy#1]

[Civil Servant]

http://www.redfin.com/stingray/do/print ... id=1652362

This 1974 split-level is seriously not much to look at from the outside, but 5 of the 15 photos feature close-ups of new appliances, ostentatious finishings, and the obligatory granite. So there you go.

[Alan]

Are these people homeowners or applicance salesmen?

[WestSideBilly]

[ayles]

[biliruben]

It's baaaaaack.

The mother of all flips has returned to roost. The first house posted to this thread goes back on the market with a new deck and a new price:


Sold for 625K in 2006
Sold for 795K in 2007 (after listing at 840K)

Today it went on the market for the nice round figure of 867K!
http://www.redfin.com/stingray/do/print ... id=1676580

Any guesses if it will sell, and if so, what for?

[Civil Servant]

Bought for $843.5K in September, selling for $1.25m today.

http://www.redfin.com/stingray/do/print ... id=1629739

But wait! The house now features DESIGNER PAINT.

Some of the new Queen Anne condo buildings have a lot of units available. For some price-per-square-foot hilarity, have a look sometime.

[ira s]

billiruben,
Yes, it'll sell, and for 775,000 dollars, and maybe not in the next few months.

[biliruben]

My guess is that it will sit for a long, long time.

Of course I thought I would have trouble selling my place, and as of yesterday I'm officially homeless. Yay! Got while the the gittin' was good.

[perfectfire]

[Markor]

[biliruben]

Thanks!

The number one thing was pricing it right. I studied the comps for my segment and neighborhood very closely, and it was apparent that nothing was moving that was priced too high. My agent was even more pessimistic, but I thought we'd try the top-end of what things were selling (not listing) for for a couple of weeks, and be prepared to slash if necessary. Prompted multiple offers, waived inspection. Escalator clause. If the house is priced right, it's still selling. If you let it get stale, then try to lower it, it is often too late. The house garners a stigma. "Why hasn't anybody else wanted this house..., what's wrong with it?"

That and getting it in impeccable condition with new bamboo floors and painting it. We attracted 2 down-sizers, which was key.

All the first-timers who were interested hadn't qualified for a loan. Yet?

[biliruben]

Back on topic:

The flipper next-door is no longer speaking to me.

He implored me to list 30-40K over where we did. Now he's going to have rethink his price-points.