flippers 
There are currently 43 blog entries related to this category.
Quick 23% Markup Fails
Wednesday, November 28th, 2012 at 2:41pm. 247 Views, 0 Comments.
Yes, it surprised us a few weeks ago when 311 32nd (3br/3ba, 3500 sq. ft.) posted a deal.We noted the deal in the MB Property Ticker, but not here on the blog.
This big, ocean-view TH had sold in April this year for $2.600m, then turned right back around in July asking $3.200m.
The very best we could say in our post then was, "Good luck with that." (See "A Quick Return to Market, +23%.")
Turns out, they had some luck. After 4 months, a serious bite. But now, that deal has flopped out.
D'ya suppose an appraisal had something to do with it?
Undeterred, this one's right back out on the market at $3.2m again.
Good luck with that.
The 'F' Word: Flippers
Friday, November 23rd, 2012 at 11:29pm. 209 Views, 0 Comments.
A declining or depressed market sees no spec development, and certainly no quickie-remodeler flippers.
We had one of those down markets here from roughly 2008-2010.
Spec builders re-entered the Manhattan Beach market as of early 2011 with the "Speedy Speckies" (see "Speedy Speckies Sprout," April 2011). High-quality spec projects have begun in earnest over the past year-plus, and some have sold.
So where are the flippers?
Friday's LA Times piece on multi-million-dollar flips got us asking that.
To define the term "flippers" here, we're talking about folks who buy a place in dated, imperfect condition and bring it up more toward modern tastes, then quickly resell it.
In most any stable market, you should be able to make some money if you…
We had one of those down markets here from roughly 2008-2010.
Spec builders re-entered the Manhattan Beach market as of early 2011 with the "Speedy Speckies" (see "Speedy Speckies Sprout," April 2011). High-quality spec projects have begun in earnest over the past year-plus, and some have sold.
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| The O.G. Flipper |
Friday's LA Times piece on multi-million-dollar flips got us asking that.
To define the term "flippers" here, we're talking about folks who buy a place in dated, imperfect condition and bring it up more toward modern tastes, then quickly resell it.
In most any stable market, you should be able to make some money if you…
Transforming an LV Cottage
Tuesday, October 30th, 2012 at 3:20am. 203 Views, 0 Comments.
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| 1605 Harkness |
This Liberty Village cottage was in original – and degraded – condition when it hit the market in February. (See our review from then.)
But boy, oh, boy, did they rework it over the ensuing 6 months or so.
This 60-year-old scraper was given the treatment by some inspired pro remodelers. They added square footage.
It was: 3br/1ba, 1075 sq. ft.
It is now: 3br/2ba, 1500 sq. ft.
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| Added-on Family Room at 1605 Harkness |
In…
Rockets in the Trees
Tuesday, June 19th, 2012 at 3:56pm. 184 Views, 0 Comments.
The new normal for the mid-tier of Tree Section listings is being redefined as we speak.
Roughly speaking, there's a $1.2m-$1.5m range where plenty of buyers are looking. Within that range, we've seen 3 recent listings come and draw multiple offers, which drives prices up.
3005 Palm (4br/3ba, 2075 sq. ft.) did not have a lot going for it. Location pretty far north of Valley is maybe a B-, the home is recognizably of a late-60s vintage, and a very recent flipper's remodel is uneven.
The re-do is snazzy in parts (high-end kitchen), but leaves several dated features intact – old rock details inside and out, a separate sauna building in the backyard, etc. That's how flippers do things. (Remember flippers?)
The home was easy to identify as a copy of 3601 Elm…
Roughly speaking, there's a $1.2m-$1.5m range where plenty of buyers are looking. Within that range, we've seen 3 recent listings come and draw multiple offers, which drives prices up.
3005 Palm (4br/3ba, 2075 sq. ft.) did not have a lot going for it. Location pretty far north of Valley is maybe a B-, the home is recognizably of a late-60s vintage, and a very recent flipper's remodel is uneven.The re-do is snazzy in parts (high-end kitchen), but leaves several dated features intact – old rock details inside and out, a separate sauna building in the backyard, etc. That's how flippers do things. (Remember flippers?)
The home was easy to identify as a copy of 3601 Elm…
Same-House Sale Up 6% YOY, But...
Wednesday, April 25th, 2012 at 4:35pm. 167 Views, 0 Comments.
To evaluate and compare real estate market trends, it's a dream to use same-house sales.
If you can see how the same house sold year after year, or use a set of same-house sales, you can get a good picture of the market's progress.
That's the Case-Shiller Index in a nutshell.
You won't often find short-term examples in MB, but there is a same-house trade that just posted and may prove tempting. It requires all kinds of caveats, and doesn't prove to be much of a barometer, but let's take a peek regardless.
We're up on the Plateau in the Sand Section at 469 28th, a somewhat sizable (4br/4ba, 3140 sq. ft.) and fairly new (2004) home that has now traded twice in less than a year.
This one sold for $2.0m in June 2011.
The new owners had plans. They saw the 2004…
If you can see how the same house sold year after year, or use a set of same-house sales, you can get a good picture of the market's progress.
That's the Case-Shiller Index in a nutshell.
You won't often find short-term examples in MB, but there is a same-house trade that just posted and may prove tempting. It requires all kinds of caveats, and doesn't prove to be much of a barometer, but let's take a peek regardless.
We're up on the Plateau in the Sand Section at 469 28th, a somewhat sizable (4br/4ba, 3140 sq. ft.) and fairly new (2004) home that has now traded twice in less than a year.This one sold for $2.0m in June 2011.
The new owners had plans. They saw the 2004…
Hey, Didn't They Just Buy That? – Part 2
Thursday, November 3rd, 2011 at 4:15am. 209 Views, 0 Comments.
It's a curious thing when someone buys a house and then puts it right back up for sale.
No one flips houses anymore, do they?
But that's one way to look at 469 28th, a sizable (4br/4ba, 3025 sq. ft.) and fairly new home up on the plateau in the Sand Section.
The 2004 build hit the market in late April this year and cut a quick deal for a cool $2.0m. The deal closed in June, less than 5 months ago.
After a certain amount of smashing remodeling, here it is back up on public offer.
In November.
For 16% more: $2.325m.
We're assured that this wasn't intended as a flip, but as a custom re-do for the new owners. And then something else came along. So if/when they can find a buyer, the next thing happens.
We'd like to get a look inside to evaluate the changes, and we…
No one flips houses anymore, do they?
But that's one way to look at 469 28th, a sizable (4br/4ba, 3025 sq. ft.) and fairly new home up on the plateau in the Sand Section.The 2004 build hit the market in late April this year and cut a quick deal for a cool $2.0m. The deal closed in June, less than 5 months ago.
After a certain amount of smashing remodeling, here it is back up on public offer.
In November.
For 16% more: $2.325m.
We're assured that this wasn't intended as a flip, but as a custom re-do for the new owners. And then something else came along. So if/when they can find a buyer, the next thing happens.
We'd like to get a look inside to evaluate the changes, and we…
More Behind a Failed Flip
Thursday, February 10th, 2011 at 7:15pm. 140 Views, 0 Comments.
Just last week we figured that we had closed the book on 801 11th, the MBB-adjacent Hill Section property that foreclosed last year and finally sold to an owner-user this year. (See "So Much for that Flip.")
Now we can share greater detail from behind the scenes before the home went back to the bank in 2010.
In short, you'll see that some would-be buyers for the property had nailed the market value last year, but the bank screwed up and rejected a short-sale offer that would have avoided foreclosure. D'oh!
Rewind a bit further back to when 801 11th first hit the market as a short sale last April. The home had been on and off the market previously at silly prices – $2.495m and $1.995m – but then it was up at $1.6m as a shortie, with that price being called…
Now we can share greater detail from behind the scenes before the home went back to the bank in 2010.In short, you'll see that some would-be buyers for the property had nailed the market value last year, but the bank screwed up and rejected a short-sale offer that would have avoided foreclosure. D'oh!
Rewind a bit further back to when 801 11th first hit the market as a short sale last April. The home had been on and off the market previously at silly prices – $2.495m and $1.995m – but then it was up at $1.6m as a shortie, with that price being called…
So Much for that Flip
Thursday, February 3rd, 2011 at 5:21am. 141 Views, 0 Comments.
Around Labor Day last year MBC noted not one, but two, "foreclosure flips" that were on the market. Savvy investors had bought properties from the bank and were looking to make a nice little profit on the resales. (See "2nd Foreclosure Flip in a Week.")
Here's an update on one of them: It didn't work.
801 11th (4br/3ba, 3025 sq. ft.) is a newer (2004) custom Caliterranean in a compromised location. (The home runs along somewhat busy Pacific and backs up to a commercial property, 50 yards from MBB.)
This one's been on the radar multiple times. It was offered for sale from May-August 2006 at $2.495m (pre-MBC), and again from June-August 2007 for $1.995m. (See "Figuring Out a Location Discount" from June 2007.)
No deals.
In April 2010 it came back as a short…
Here's an update on one of them: It didn't work.
801 11th (4br/3ba, 3025 sq. ft.) is a newer (2004) custom Caliterranean in a compromised location. (The home runs along somewhat busy Pacific and backs up to a commercial property, 50 yards from MBB.)This one's been on the radar multiple times. It was offered for sale from May-August 2006 at $2.495m (pre-MBC), and again from June-August 2007 for $1.995m. (See "Figuring Out a Location Discount" from June 2007.)
No deals.
In April 2010 it came back as a short…
Weekend Opens (1/15-1/16)
Saturday, January 15th, 2011 at 2:23pm. 182 Views, 0 Comments.
Three winter storms in 3 weeks back east, and meanwhile we're entering our traditional January warming with perfect beach days for a long, holiday weekend here in MB.Shoveling has a whole different meaning here.
And some of those out-of-towners really think they've got it better. Well, it takes all kinds.
Speaking of all kinds, do you remember "Creepy Carrie?" (See "Creepie Carrie Hawks an HB Listing.")
Turns out, someone rather famous named Ellen thought Carrie more closely resembled the Bride of Chucky, and this, somehow, provided the opening for the newest South Bay Confidential column in the Daily Breeze. See the "Home Guide" in your print edition, or read it online here.
If you're heading out this weekend, try this Redfin map list of open houses – you…
2nd Foreclosure Flip in a Week
Friday, September 10th, 2010 at 4:24am. 132 Views, 0 Comments.
It's funny that we mentioned 801 11th (4br/3ba, 3025 sq. ft.) just yesterday, noting that title had transferred at the courthouse steps back in July.Now the home is freshly back on public offer. And it's at a substantial markup over the foreclosure sale price, but just a trifle below the price at which the market rejected an "approved" short sale offering earlier this year – at $1.600m.
The new price: $1.590m.
The investor grabbed this newer (2004) home for $1.320m in July, meaning a full-price sale would bring $270k (+20%) more, or a cool $190k with a 5% cost of sale.
Good work if you can get it.
The home's a custom build that MBC called "a veritable steal for a fairly large Hill Section house" in a post earlier this year. There is the compromised location…
