There are currently 45 blog entries related to this category.
Wednesday, October 30th, 2013 at 7:59pm. 414 Views, 0 Comments.
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%).
Monday, August 26th, 2013 at 2:25pm. 875 Views, 0 Comments.
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…
Wednesday, November 28th, 2012 at 2:41pm. 521 Views, 0 Comments.
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.
Friday, November 23rd, 2012 at 11:29pm. 582 Views, 0 Comments.
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.
|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 buy low…
Tuesday, October 30th, 2012 at 3:20am. 509 Views, 0 Comments.
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.
|Added-on Family Room at 1605 Harkness|
Tuesday, June 19th, 2012 at 3:56pm. 487 Views, 0 Comments.
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…
Wednesday, April 25th, 2012 at 4:35pm. 421 Views, 0 Comments.
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.
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…
Thursday, November 3rd, 2011 at 4:15am. 551 Views, 0 Comments.
No one flips houses anymore, do they?
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.
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…
Thursday, February 10th, 2011 at 7:15pm. 400 Views, 0 Comments.
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…
Thursday, February 3rd, 2011 at 5:21am. 381 Views, 0 Comments.
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.)
In April 2010 it came back as a short…