Flips Are Really Back

By Dave Fratello | August 26th, 2013

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 2br up top, a living room in between.

But this year, they gave it a thorough re-do with dark floors, white walls, marble kitchen and high-end appliances.

That was after buying the house for $1.350M in July. By mid-August, it was up at $1.749M, and now it's got a deal.

And if we go to a different part of the Trees, it's 3308 Pacific (4br/3ba, 3100 sq. ft.) that calls out for special mention.

The numbers involved here look similar to those for 3212 Palm, although the work needed was more substantial – they had to move walls to fix the layout – and the style was high-end modern.

Acquired for $1.295M in March 2013, this one came back to market in June for $1.795M, after that hefty renovation.

It sold a tad over asking, at $1.803M, less than 2 weeks ago.

These 3 examples hardly give you the full scope. But we've definitely seen a sharp pickup in this kind of activity since just last year. We're hit with requests all the time for tired-out fixer properties that could be good investment opportunities.

Looking back, in "The 'F' Word: Flippers," in November 2012, we gave a few other examples of flips, and offered, "perhaps the return of the flipper is nigh."

Why, yes, it was nigh. It's here now.

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