As the year comes to an end, the real estate market is coming to a screeching halt, which means there aren’t many properties for sale. So I thought it would be fun to go back and see what has been happening to the flips from previous Friday’s Featured Flip…like a “where are they now?”
Can you believe that I’ve done 14 Friday’s Featured Flips so far? (Try saying that 3 times quickly…) I didn’t realize it’d been so many until I got curious the other day and started looking them all up. I thought you’d like to see too.
The flips fall into three categories: those still on the market, those that are pending, and those that have sold. There will be a few shocking updates — both good and bad — in each category.
Still on the Market…
Do you remember the heart eyes I had for Monterey? Well despite how beautifully redone it is, it’s still on the market. I’m so sad for this house and frankly, really shocked too. They have reduced the price twice since putting it on the market on October 4. It started at $1,195,000 and now it’s listed for $1,099,000.
Less shocking is the fact that Mandana is still on the market. Everyone who’s surprised, please raise your hand? Anyone? I didn’t think so.
What is shocking is that Redfin agents seem to really like this house. Here’s one quote:
Heavily reworked floor plan gives this classic home a modern feel. Located steps from Lakeshore Drive and Lake Merritt, this home boasts the charm, precision, and glamour of prized Trestle Glen properties. Enter into an opened living room/kitchen combo. A door to the right closes off a family room/bedroom. New appliances, including a stove with exhaust. Lots of storage. Upstairs is 3 bedrooms and 2 updated baths. The flow is terrific– it’s a huge house that feels cozy. No yard.
This house was put on the market on September 22 and listed for $1,399,000. Two months later on November 10 they reduced the price to $1,259,000. And that’s where it’s been for a month. My advice to Mandana is one, hyphenated, possibly made up word… “re-stage.”
Here are the eight properties in order of least to most successful. Obviously, I don’t know how much the flippers spent buying and rehabbing their properties, and that would have to be factored in in order to really judge the success (or lack thereof) of flips. Buuuut, since I don’t have that, I can only judge success based on the price the flippers bought and later sold the houses for.
8th Place: Manila sold for $875,000 on November 22. It was listed for $849,000 on September 2 and after a month they reduced it twice ending up at a list price of $798,000. They made 16% on the purchase price.
7th Place: 40th sold for $830,000, earning these flippers a 38% return on the purchase price.
6th Place: Arcadia was one of my favorite flips…until I saw it in person. I updated the post with my thoughts on the house after I went to the open house. The house ended up selling rather quickly for $1,450,000,which amounted to a 65% return on the purchase price.
5th Place: Henry St., the most recent Friday’s Featured Flip, made these flippers a 93% return on the purchase price.
4th Place: 55th St., you may remember, was the house that had been on an eight-year listing saga. Well, I’m happy to report that it sold for $730,000 and these flippers made 102% on the original purchase price. After my post, the flippers did weird things to the price — first they dropped it $100,000 to $649,000, and then they raised it to $735,000. Despite these odd price adjustments, they still sold for close to their ask.
3rd Place: This honor belongs to Calmar. This house was stunning, the staging less so. You may also remember this house as the one the flippers bought for $1 million and miraculously manufactured a view. Again, these flippers reduced the asking price and then eventually sold it for for $2.4 million, which was close to the original asking price; earning these flippers a 140% return.
2nd Place: Surprise! This medal goes to the little E. 32nd house. They earned 215% from their purchase price. Not bad! It sold for $710,000. You may remember I predicted this house would sell for $625,000, which would have been $44k over the asking price. I was wrong. Way wrong. It sold for $85,000 over asking. Whoa.
And now, for the winner…You probably won’t be surprised that 1st place goes to 47th St. You may remember my favorite flippers bought this house for $334,000 and it was listed for $899,000. Well, it sold for $1,450,000…that’s $1.45 million. This house was exquisite and I’d give up my first-born to live there but even I’m stunned at that sales price. I went to the open house the weekend after I posted it and it exceeded my expectations and I remembered to take pictures. I’ll update the post with pictures soon.
There you go folks! I hope you enjoyed this Special Edition of Friday’s Featured Flip: Where are they now?