Audacious Flips and Renovations

[biliruben]

Thanks for the update, faster!

From what I see perusing the MLS, I would guess we will be seeing a lot more like that Lake City property, mike2.

Flipper/renovators who paid too much at the top of the market with loans that only make sense if you can sell/refi soon.

The shoddy reno/flips just aren't selling, so those newbie investors who stretched too far to "strike it rich in real estate" are going to be in some distress.

I think there are a lot more Seattle Erics out there than people realize.

It's a seductive route: Quit your job. Be your own boss. Work with your hands. Make a mint by the sweat of your brow.

Too bad it doesn't work when RE is so over-priced it doesn't cash flow and you buy at the top of the market and then the music stops.

[brettro]

Here's my favorite flip--



Bought in late Jan for $295k
On market in early May for $440k
Price reduced a few days ago to $425k and added a 1yr home warranty

this place has no view, no balcony, the building is garbage, and there are 5-6 halfway houses within a block. BUT, all the staging furniture is included!

Not a flip, but in the same building there's also this unit:


Was on the market for months at $240k, went through a few price reductions, finally went STI for $225k. That deal must have fallen apart though, because it's back on the market again for $240k and has been sitting there for 65 days.

[mike2]

Here's one off Countrywide's foreclosure site. Sold last year for $582K now listed at $470K.

SEATTLE 2646 EAST VALLEY STR,
SEATTLE WA 98112 SFR MICHAEL RANKIN $469,900.00

[femto]

[faster]

[flippedout]

[faster]

http://www.redfin.com/stingray/do/print ... -id=795952

$1,195,000
13419 NE 27th St
Bellevue, WA 98005
MLS: 27096298

Bought: 01/12/2006 $825,000

What do you get for your $370,000? A "contemporary fixer" with "permits [that] are almost ready for the major remodel" and the house has been "cleared inside for the construction". Do I read this right? They're asking $370k profit for a set of plans/permits and a gutted house? If so, what a bargain!

[uptown]

Must have nice views of 520 as well; close enough to hear it all the time.

They must have asked somebody how much to adjust the price because of the gutting, and they answered 370K; so they added that amount to the price. Of course they were supposed to subtract it from the price.

[femto]

[deejayoh]

[faster]

[Jazen]

[mike2]

Purchased 1/07 for $332K. Looks like the renovations are limited to a keg party they forgot to clean up after. Now they want $369K.

8706 18th Ave NW
Seattle, WA 98117




Har Har.

http://www.redfin.com/stingray/do/print ... -id=762900

[femto]

[mike2]