A New Lot Flip

Posted by Dave Fratello on Thursday, August 7th, 2008 at 5:29pm.

MB's newest listing is also one of its most recent sales.

841 12th Ct. (click for details via Redfin) was snapped up in no time flat – 0 DOM – when it hit the radar July 9, priced at $950k.

It's a dated fixer with 3br/1ba and almost 1400 sq. ft. The lot is 5000 sq. ft., and that price was pretty much the dirt value.

That was then. It closed for that $950k asking price on Monday, and hit the market again on Wednesday. Now it's up at $1.1m. Plenty of folks will still see that as a deal.

It's fairly common for developers to start work on plans, etc., and offer their recently acquired lots at a little markup just to see if they can spare themselves the trouble and still walk with a little profit.

Just last week, MBC ran a story about 1023 10th, technically in the Hill Section, that was an example. (See "From the Fridge to Plans.") There, the new owner sought a bump of $165k. Later, the price on the listing shot up a bit to $1.4m, for a prospective $200k bump in total, and then it canceled, so we don't know exactly what the plan is there.

As to 12th Ct., $150k in a few days is a nice payday if you can get it.
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