A New Lot Flip

By Dave Fratello August 7th, 2008.

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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