If someone promises you huge profits for no work, be skeptical.
Unless it's a timely real estate investment in Manhattan Beach.
In another measure of how our local real estate market has rocketed recently, we now see a closed sale that comes in more than $1M above the most recent sale, which occurred just 2…
If someone promises you huge profits for no work, be skeptical.
Unless it's a timely real estate investment in Manhattan Beach.
In another measure of how our local real estate market has rocketed recently, we now see a closed sale that comes in more than $1M above the most recent sale, which occurred just 2 1/2 years ago.
It's 2305 Bayview (3br/4ba, 2570 sq. ft.), a modern remodel of a 2004-built TH.
The open floorplan on the top level is nice, and it's got a bonus few townhomes offer: A good-sized separate living room downstairs that's been outfitted as a home theater.
There are ocean views, but really they're the standing-up type.
The home's easy to like. That's probably why in its June 2012 sale, it got bid up a bit, from $2.249M to $2.300M.
But now...
The sellers came out in Nov. 2014 asking $3.399M (+$1.099M/+48% over acquisition).
And they got every dollar of it, in a sale that closed this week: $3.399M.
The comp that makes sense out of this one is a sale we called "ceiling-busting" back in November: 304 27th (4br/4ba, 2700 sq. ft.) – an off-market sale in late October that came in at $3.540M. (See "New High for an MB Townhome.")
Just take the PPSF from that Mediterranean townhome at 27th (which fronts Highland) and take it to 2305 Bayview, and you're at $3.362M.
So that was basically the (successful) argument for $3.399M.
As we said in our first post about 2305 Bayview, "camping out at 2305 Bayview was an outstanding decision by these sellers for the past couple of years."
We pulled out our calculator here at MBC HQ and ran some quick numbers. Assuming 5% costs of sale, the $3.399M sale price, less the $2.300M acquisition price, over 30 months averages out to gross profit/income of $1,032 per day that the sellers lived in the house.
So see, you really can make $1,000/day by doing nothing. Just buy right and cash out when the wind is blowing perfectly your way.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of May 2nd, 2024 at 5:16pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.