Hey, Didn't They Just Buy That? – Part 2Posted on Thursday, November 3rd, 2011 at 4:15am.
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 hope 28th will be available for public viewing – or at least for MBC readers. All things in time.
Meanwhile, we see now that the original "Hey, Didn't They Just Buy That?" house, 861 10th in the Hills, has now closed for $2.269m.
The home first returned to market in August 2010, just 5 weeks after closing escrow and transferring to the newest – and now-departed – owners.
The actual resale occurred 1 year, 4 months and 7 days after the original title transfer. (Gotta love this online calculator.)
Are you ready for the total loss figures?
861 10th was purchased for $2.635m last year. It was placed in "backup offer" status just 3 days into the May 2010 listing, reflecting a very quick deal.
The resale at $2.269m represents a loss of value of $366k (-14%), over 1 year, 4 months and 7 days.
Yikes. (Is there a better word?)
It's a unique case, where it's hard to discern the many factors that influenced the purchase, the decision to resell and the seemingly endless listing since then. Was it an overpay at first? Was there an issue with the property itself? Did this one fall victim to that indefinable syndrome – houses that don't sell tend not to sell?
Though the big drop and overall sale price will cause their own kinds of consternation for nearby listings, at least it can be said that this one is wrapped up.
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