What's Hot in MB Real Estate (5/29/15)
May 28, 2015 02:45PM
● By Jeanne Fratello
The news begins with 3300 Ocean Drive, which just closed for $4.000M. The sales price on that 3bd/2ba, 1850 square foot townhome comes to to $2,162/PSF. And if you're thinking that sounds high, you're right: It's the highest PPSF (price per square foot) racked up recently on a non-Strand home – exempting lot sales, with their crazy PPSFs on tiny older homes.
The closest that a similar structure has come in recent months was also on Ocean Ave., specifically 1904 Ocean Ave. , a 2br/2ba, 1800 sqft. modern SFR with a 2011 build date. That home sold for $3.250M (off-market) and the PPSF came in at $1,806/PSF. The new mark set by 3300 Ocean comes in at a full 16% higher than its neighbor down the street.
Also worth pondering: How much can you make on a property you're fixing to flip? That question was neatly answered earlier this week with a Tree Section remodel at 3613 Walnut (4br/5ba, 3545 sq. ft.).
The original house needed everything, top-to-bottom, and the flippers gave it high-quality finishes in an updated Cape Cod style. (See the transformation at "Before and After at 3613 Walnut.") After 157 days on market, and a series of price chops, the house closed at $2.429M.
Never mind the price cuts or the time on market: The final sale represents a healthy markup of $802K over the April 2014 acquisition price of $1.625M - almost certainly a nice profit for the flippers.
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