Audacious Flips and Renovations cont'd

[Cougar]

We will be seeing the last of the "flippers" desperately trying to sell to cover their remodeling costs. Most got carried away with all the advertisements of "bigger is better". Many will lose money (a lot) from now on. Is it worth the price? No. Another listing to that will sit on the market and take a monthly reduction until sold.

[biliruben]

Gawd. It's one of those skinnies (looks like they did a 2 lots to 3 short plat). I hate skinnies. 100K is too much.

[biliruben]

Some of you may know I just sold my house (we close today). You may also know I've been watching and chatting with the dude renovating and flipping the house next door (above). This house was built at the exact same time mine was, with the same layout. The difference was that our house was continuously improved and expanded through the years. Our house sold for $312,500 in five days with multiple bidders.

He is listing at 319,500. I thought it would be interesting to compare our two experiences.


He has greatly improved the property, which had been very badly neglected for decades by a nice lady now in her 90s, who could barely check her mail. He purchased it in October for 225K. He put in a 3rd bedroom, replaced some exterior walls, replaced the roof, replaced the siding, went the granite route in the Kitchen, and put in sod for landscaping.

I wish him well, and hope he sells quickly and for what he's asking. To be clear, there is nothing about this that is audacious. This just seemed to be the best place for this post. He's just trying to get paid a reasonable amount of money for the estimated 1000 hours he put into this house. I fear he won't and will end up in the red.

[Lake Hills Renter]

There's a house down the street in my ~1950s rambler neighborhood that was owned by an elderly person and it was in bad shape as well. Now that someone else seemingly owns it, it has been completely gutted and is now being built into... wait for it... a McMansion. It will stick out like a sore thumb in this neighborhood. I guess they are going to sell to the people that have never heard of buying the cheapest house in a neighborhood, not the most expensive.

There's another one on my street that's been under extensive remodelling for longer than I can remember. I have no idea what's taking so long, aside from the fact they were stopped last year for not having the proper permits. They seem to be keeping the rambler style, but fixing it up quite a bit. I suppose they have to since there was a murder/suicide in the house 2 years ago. I wonder if that will be in the advertisement.

[deejayoh]

Wow - If that's what it looks like now, it should have been a tear down. I wish him luck, but I think he may be one sandwich short of a picnic...

[Alan]

Why doesn't he include the sqft in his listing? I hate it when that is omitted and don't even look at the listing.

[biliruben]

[Rhonda P]

Just curious...how often do SB readers check listings and are you doing it because you're considering buying a home or because your facinated with the market/it's kind of a hobby?

Biliruben--congrats!

[Alan]

I check every few days -- new listings only (since yesterday on redfin) below $350k, no condos. I would like to buy a house and I want to know what is out there. So far there is nothing I have seen that I can afford that I would be happy in long term.

[ira s]

I check listings probably ten times per day, but only because I'm an obsessive compulsive real estate agent.

[biliruben]

Thanks Rhonda!

Once or twice a day, which is more often than necessary. I'm passively in the market, as you know, and just want to keep a feel for the trends, what's selling, what's sitting, and how much they are selling for.

Estately makes this tracking very easy.

[Lake Hills Renter]

The only reason I ever look at listings at all is to see what houses near me are going for out of curiosity. I've put off the idea of buying for at least a year if not more. A single Microsoft income can't afford anything but a condo within reasonable commuting distance from work, and I'm not interested in buying a condo.

[deejayoh]

[biliruben]

Sounds like we're competing for the same damn home, DJ.

Find your own town!

[deejayoh]