flippers

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In a rising market, money chases opportunity. Find an underpriced dog of a property, add value with a quick remodel, and you can add value. Flip it and score.

Yes, flippers are back in Manhattan Beach. (We first noted this phenomenon in August last year.) Here are some of the most recent rehab projects to make deals.

3521 Oak (3br/2ba, 1900 sq. ft.) is built in a style you might call "modern Southwestern," with the interior getting a heavy dose of slick 21st-century finishes.

That upgrade was necessary. Last Summer, the same home was on the market but looking frumpy and almost hopeless. Location didn't help – across from the hotel parking lot and steps to Rosecrans. After listing at $1.200M, a tiny price for 1900 sq. ft. these days, the home traded to a…

Obviously location is a key issue – maybe the key issue – in whether a home is desirable. Start with a subpar location, and you can expect a rough time on the market. Yes, even today.

It's also true that every home has its price. So it can be interesting to watch what happens with homes that have an obvious location issue. In theory, a seller should be able to "price in" the location problem and get buyers off the dime. But sometimes a home will just sit. Here are a few to watch early this year.

One on the market in the Trees now would be 3516 Blanche (3br/3ba, 3000 sq. ft.). This one is the longest-running Tree Section listing now (among 6) besides a new construction project that wasn't fininshed when it first hit the MLS.

3516 Blanche is only in its…

We're starting to see quite a few homes bought and put up for resale within the year. It may not always be profiteering or a fix-and-flip situation, but quick resales are benefiting from the quick uptick in prices in MB.

Ordinarily, if you were to buy a property to remodel and resell, you'd need to get it close to, or under, market price, do the work and resell at such a price as to mark a solid profit. Indeed, some say the profit is all made in the acquisition price.

Then there's 309 18th St.

Not so long ago, this Spring, 309 18th drew multiple bidders, finding one who just cleared the field with a monster offer.

To wipe out the competition, the buyers paid $2.459M in March, against an asking price of $2.099M. That was an overbid of $360K (+17%).

And this…

A couple of recent deals show how quickly the Manhattan Beach real estate market has shifted to one favorable for flippers.

You would not have seen a little cottage like 1509 Magnolia (3br/2ba, 1350 sq. ft.) fetch more than $1.3M last year, or in any recent year prior.

But now, sure.

This little cottage was a wreck when it sold for $980K a few months back. After a major re-do, with the so-very-now "plantation" style palette applied, it was listed for $1.349M. (For our brief video tour, click here.)

Now it's got a deal.

That home's very straightforward compared to 3212 Palm (4br/3ba, 2300 sq. ft.), another successful flip.

We know this house from years past, and the unusual layout always gives one pause. It's essentially a tri-level home, with 2br down and…