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Seattle Bubble Forum Archive • View topic - Audacious Flips and Renovations

Audacious Flips and Renovations

Anything and everything relating to Seattle-area real estate.

Moderators: synthetik, The Tim, Lake Hills Renter

Postby biliruben » Tue May 29, 2007 5:39 am

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.
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Postby brettro » Tue May 29, 2007 10:59 am

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.
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Postby mike2 » Tue May 29, 2007 3:03 pm

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

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Postby femto » Tue May 29, 2007 9:39 pm

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Postby faster » Wed May 30, 2007 9:57 am

faster
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Postby flippedout » Thu May 31, 2007 11:36 am

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Postby faster » Sat Jun 02, 2007 7:52 am

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!
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Postby uptown » Sat Jun 02, 2007 1:08 pm

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.
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Postby femto » Sun Jun 03, 2007 2:31 am

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Postby deejayoh » Sun Jun 03, 2007 8:20 am

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Postby faster » Sun Jun 03, 2007 12:32 pm

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Postby Jazen » Sun Jun 03, 2007 2:53 pm

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Postby mike2 » Sun Jun 03, 2007 8:26 pm

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


Image

Har Har.

http://www.redfin.com/stingray/do/print ... -id=762900
Last edited by mike2 on Wed Jun 06, 2007 3:33 pm, edited 1 time in total.
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Postby femto » Mon Jun 04, 2007 9:18 pm

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Postby mike2 » Tue Jun 05, 2007 8:00 am

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