Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
So…..they want to flip this and are asking 200K – 250K over their SP.
For what?
If this house was selling during the bubble days, then yeah I could see them making that kind of profit. But in today’s market, flippers need to be smarter than this if they think they can make that kind of profit. The majority of today’s buyers do recognize all these new updates and “upgrades” as standard Lowes/Home Depot stuff. Therefore, buyers today are not going to give these flippers a premium on standard cookie cutter items. Not to mention, flippers put in as little money as possible in labor materials in order to maximize their profit. There is nothing wrong with that, of course. But the buyers of today want these flips to stand out or they will bid accordingly. Cheap flip = cheap offers.
By the way, Jim, could you smell the smoke still? Or was the paint still fresh?
No smoke smell, they did good to eliminate it.
I wonder if it’ll come back?
Well, if they redid the roof too, let’s say $50k improvement? another 50k for effort and time. 550k sounds about right
I’d guess they spent between 60k-75k. I hate those vanities they have, I go out of my way to not use that big box store stuff except the pedestal sinks. However it looks like they buy their kitchen cabinets from the same place I do. Good stuff and super cheap. Laminate floors are silly for that price range especially when you can get nice engineered wood for about $2.50-3.00/ft
Those cheap McCabinets will look dated faster than the original 50’s interior ever did. Are buyers supposed to fight over this flip just because there is no carpet or vinyl flooring and the walls are now uniformly beige?
I’ll give them 2 points for optimism on the markup.
I like the basic look, while at the same time wondering when the nicotine smell starts haunting the house again. The black bathroom vanity with the white sinks that stick out is kind of weird, too.
The flippers are being greedy, but it’s so much better looking than in the old video.
Wouldn’t any wanna-be buyer check what it sold for before and see the $200-$250K flip price? And laminate floors?
To me it looks like the flippers spent one day at one of the big-box stores buying everything and a few weeks installing and painting.
It will be interesting to see if it sells at that price. Let us know what it goes for, JtR…
The first thing they should have done was to plant a lawn. Why skimp on the landscaping?
Nice walk through exposing this flipper ripoff.
They should have at least upgraded the other bathroom.
Typical realtor and his followers devoted to relentlessly patting
themselves on the back
Heaven forbid if anyone made money on real estate EXCEPT Jim
and other (oh, lookie here, I have a license) agents.
Most of which are committing short sale and reo fraud at an
Unprecedented level
Keep up the good work Jimbo
This will be an excellent test of the market. I think the listing agent is leaving room haggle down to 600k.
My only beef with the work is the floor. A great floor would have really helped their negotiating strategy.