Details: 3 bed/2 bath 1,786 sq ft house on a 6,250 sq ft lot, flipped condition
Description: Can you say charming? Newly remodeled 3 bed, 2 bath home in prime Santa Monica neighborhood. Seller has replaced or remodeled the entire house including a new kitchen with custom wood cabinets, Cesarstone counters, stainless steel appliances, recessed lighting, and new windows. Large living area with fireplace and separate dining area with french doors to one of two patios. Both bathrooms are brand new, White Oak wood floors throughout. Master bedroom features huge walk-in closet “room”, and french doors that lead to a spacious patio and large backyard. New plumbing and electrical, new central AC & heat, new front yard sprinkler system, new 50 gallon water heater, and newly poured garage slab. Laundry area inside house off of kitchen. Agents please see private remarks.
Previous Purchase: 7/1/11 - $755,000
Listing History: 12/8/11 - $1,039,000
The previous listing for this property shows that the pre-flipped listing was on the the market for 89 days and had to cut its price down from $879k to $799k, before selling at $755k. I think what may have happened was just that someone thought they could buy the pre-flipped property cheap enough that a profit was likely if they could fix it up. If you look at photos from the link above, you can see the property was in pretty crappy condition. This probably discouraged a lot of buyers.
So our flipper buys this thing and is now back 5 months later ready to try and unload. The upgrades look decent but don't appear to be high end by any means. Granted, this thing was in bad shape before, but I'm wondering how likely it is that a buyer will ascribe over $250k of value to these upgrades. And the dark wood flooring? Why do flippers/builders/developers use this stuff? I don't want dark wood floors (or dark colors anywhere else for that matter).
Anyway, the biggest problem that this flipper is going to run into is the fact that the location of this property isn't that great. Cloverfield isn't as bad as 23rd but its pretty busy, has crappy trees and speed bumps. But this is a nice 3/2 with good square footage so we'll see how they do...
Reflections on Busy Streets:
ReplyDeleteYes, such hopes and aspirations on busy Cloverfield...we shall see.
Further north, busy 717 7th St. was just short-sale sold for $1,325K, an apparently livable 3/1.75, 1,500/7,500 sqft. lot. Down 14% from its previous $1,540K sale in 6/06.
Haven't seen many sold prices like this since busy 722 17th went for $1,400K in June '09. That 1/1 shack, 1,287/7,500 sqft., was unlivable and unfortunately, for Razor King Square, still sits vacant and unfixed across from a sad, long-abandoned courtyard apartment compound at the corner of 17th & Montana. (But then, one would get Franklin School access). Seems like things have sort of flattened.
Where is everybody? Holiday buying, perhaps? Anyway, farther north along the Community Corporation of Santa Monica-owned portions of very busy Cloverfield, we now have the sale last week of 2010 Cloverfield for $385K. That's 40 percent off the last $638K sale in 5/05 for this tiny 1-bedroom tear-down that could be replaced by multi-family housing. Land value for this 4,748 sqft lot: $81 per sqft for Santa Monica 90404.
ReplyDeleteOn a separate note, just heard that the trailer park at Colorado/Stanford is being considered for landmark status. That's good -- L.A. has already set the precedent with one such designation in the SF Valley. There should be at least one more in this great county, and why not in Santa Monica, known and admired so well for its diversity?