What's Hot in MB Real Estate (10/15/14)
Oct 14, 2014 07:30PM
By DigMB Staff
Investors buy dated, downtrodden old houses and bring them back to market in a matter of months, refreshed and ready for sale at a big markup.
About 10 years ago, flipping houses was a nationwide fad unto itself, spawning reality TV series and endless get-rich-quick schemes.
The problem was, even in Manhattan Beach, flipped homes didn't often meet a high standard of quality. New paint, flooring, granite counters and stainless appliances made a home look newer. But not all the work was well done. Corners were often cut.
In this cycle, the work done by flippers in Manhattan Beach seems more thorough.
Often we see remodelers who will move walls. That can fix a poor or cramped floorplan, creating something more in tune with what buyers seem to demand today.
Sometimes they even add square footage that was lacking in an older home.
So now you'll look at a home like 1409 Wendy Way in Liberty Village, a flip by any definition, but today, there's no negative to that word.
In December last year, the old version of this home was purchased for $937K. (Pictured.) Then, it was obsolete. It had 3 bedrooms, 1 bath, 1100 square feet, and was dated all around.
Today, it's bigger: 3 beds, 3 baths and over 1800 square feet. It's fully modern, open, charming, with terrific curb appeal. (See the picture at the start of our post: That's the new version.)
Now that's a community improvement.
The asking price: $1.649M.
Also east of Sepulveda, you can look at 1701 Voorhees.
This was a tired, dated cottage with 3br and about 1100 sq. ft. when sold in April this year for $975K.
In came the remodeling crews, opening up the floorplan, adding about 500 sq. ft. of living space, and giving the home a wonderful great-room feel.
The asking price of $1.625M must not have been too ambitious: They made a quick deal.
Go down closer to the beach, and it's 605 North Valley that is a recent flipper re-do that has made a quick deal.
The 1970s original here was purchased off-market in April for $1.350M, then got every bit of the complete re-working that it needed.
Inside it feels very much like the bright, modern beach house buyers want. No detail spared. A slick, tight feel all around.
The asking price after the remodel: $1.895M. And a deal within a week.
There's another in the Tree Section of Manhattan Beach: 3521 Poinsettia.
The flippers did not add square footage, but did totally recast a house that looked forlorn when purchased in March 2014 for $1.075M.
After a makeover, the flippers asked for $1.689M.
They inked a deal in a week.
It's not all wine and roses for flippers these days.
There's a flipper project at 1345 Voorhees that, quite possibly, could be a money-loser.
The flippers-to-be paid $1.200M in April, then went to work.
Months later, the home is transformed and pleasant. But the list price has dropped quickly to $1.439M, and that does not seem like enough to cover all the costs of buying, fixing and selling the house.
Well, there are no guarantees in real estate, even in Manhattan Beach.