Audacious Flips and Renovations

[Pndscm]

This isn't actually a flip, but some builder put this up over the summer on spec believing that if you pop some solar panels on top of a "Green" (literally green as well) beach shack and pretend like it's in Wedgwood (personally I guess it MIGHT be, but I prefer to call it meadowbrook or better yet LAKE CITY) then you can charge almost a million bucks for it.

It went on the market a few months ago for $899K, dumped the realtor after a few weeks and now Windermere has it listed for $869K. I can't believe someone hasn't JUMPED on this sweet opportunity... To be financially raped that is. It's on my running route and I've been enjoying watching it for months. Likely it will provide a bit more entertainment for another bitter, jogging renter...

http://www.windermere.com/index.cfm?fus ... D=19319103

Hmmm... down to $795K as of Feb!

[jld]

http://www.redfin.com/stingray/do/print ... id=1316729




Last sale: 2/2/07 - $628,000
Current Asking Price: $1,195,000 (a 90+% increase)


Immaculate 1906 Capitol Hill Box completely restored in 2007 with all new systems. Formal day rooms, fireplace, hardwood floors & open staircase. Gourmet kitchen boasts Viking range & other s/s appliances, beautiful tile & ample cabinetry. French doors open to deck & yard. 3 light-filled bedrooms, 2 baths & laundry upstairs. Master bath is elegantly appointed with beautiful marble. Walk to parks, schools, restaurants & shops in this fantastic neighborhood. Single car garage with tandem parking.

[pumpkin]

[deejayoh]

[CliveL]

The flipper ran out of cash, but expects to earn more that 100% profit in less than one year.

[femto]

[The Tim]

Yeah I know, I posted about it on the blog, but it deserves its rightful place on this thread, too.

Bought: Feb. '07 for $1,275,000

On the market today for $1,650,000 (29.4% increase in 10 months)



New construction, not improved since previous sale, so I guess this is just a plain flip, not a renovation.

[mike2]

[femto]

[biliruben]

[Markor]

And the winner is:

12425 NE 39th St
Bellevue, WA 98005
MLS #: 27090202



Sold on 6/2/2006 for $897,500

No updates apparently, but now asking $2,995,000. "VALUE IN THE LAND!" The county thinks the land was worth $528K in 2006.

[Scotsman]

Oh Yeah!! That's how you make money in real estate- by recognizing that the parcel down the street isn't just an old house on a decent lot. No way! YOU have the wisdom to see that it's a future $9,000,000 estate (using the old rule of thumb where land is 1/3 of the total value), in an area of $1,000,000 homes.

And we all though crack was just an inner-city problem...

[Markor]

Unfortunately for the seller, a buyer who was willing to pay $2 million for a scrape-off house on 1 acre didn't see the parcel, because it was outside the search criteria.

[mike2]

Which one of you will step up to this wise investment? According to the ad, it rents for a princely $825/month, and you can buy it for just $339,950.

Look! Nearly 50% of your interest payment could be covered by the rent! This practically cash flows!

326 N 45th St
Seattle, WA 98103

http://www.redfin.com/stingray/do/print ... id=1304321

[ayles]

Is someone smoking something in Ballard?? That Space Needle view must be from a ladder straddling the peek of roof with a telephoto lense.