Today we’re going to take another little trip down memory lane and see what some of our previous FFF’s have sold for. You are going to be shocked at the house that made the biggest profit and it’s also the house where I’d predicted a sales price…to say I was way off would be an understatement.
We’ll be looking at 12 houses today. They’ll be listed in order of least to most profitable. I’m defining “profitability” by simply calculating the gross profit relative to how much the house costs. I know this an imperfect model since it doesn’t take into account the cost of rehab or how much money they put down to buy the house. But since we don’t know those things, we’ll just assume these folks paid cash for the house when they initially purchased the house and the profit is the return they got on their initial investment.
This poor little house did so, so bad. I wish I could say I’m surprised but I can’t because I’m not. As I’d pointed out when we first saw this house, the neighborhood is really, really rough. The rehab was decent enough but it wasn’t enough to overcome the neighborhood. How bad is “so, so bad”? Purchase price: $799,000 Sales Price: $680,000. That’s a $110,000 loss. Ouch.
This house originally made me angry because these flippers seemed to put so little effort into redoing it. The front, for example, looked virtually identical in the before and after pictures. The market apparently agreed with me because this house sold for asking, which is tantamount to a slap in the face around here where everything sells over asking. Purchase price: $650,000 Sales Price: $785,000. Gross profit: $135,000
Despite that I had a lot of heart eyes for this house, it still did not sell for as much as I thought it would, though it did sell super fast (we’re talking a month from listing to sold). I’d like to think that that’s due to the amazing design but since it only did a little better than 44th, I’d say I missed the mark here. Purchase price: $477,500 Sales Price: $650,000. Gross Profit: $202,500.
You may remember that this house was listed and then delisted a couple of months later and when we did the first “Where Are They Now?” post, it had been taken off the market. It eventually sold but I think it struggled to sell because of the outdated design choices. In fact, the design here really resembles the Hillgirt house – yellow 90’s wall color, 90’s kitchen, and 90’s staging. Purchase price: $932,000 Sales price: $1,325,000. Gross profit: $393,000
This house is very close to Yuba but in a slightly better location. Yuba sold faster and the profits were similar but enough apart that Penniman did better. I was not impressed with a lot of this house. And at the end of my post I asked “Will the Penniman make a pretty penny on this house or not?” I’d say “Yes. Yes it did”. Purchase price: $455,000 Sales price: $665,000. Gross profits: $210,000. Whoa.
You may remember this one because I called it a “snoozefest” but then again probably not because, well, it was a snoozefest. Maybe you remember that they used an albino elephant skin duvet cover? Okay, the duvet cover wasn’t really made of elephant skin that’s just what it looked like to me.
Anywhoo, seventh place isn’t bad for this little 2 bedroom, 1 bath flip. Most houses in this area sell for over asking, sometimes several hundred thousands over asking. Yet the buyers here only went $250 over asking. You read that right: $250.00 NOT $250k. What’s crazy to me is that it took a month for them to accept this offer, which is unusual for it to take this long for houses to sell. Nonetheless, the buyers still felt they needed to go over asking. This type of buying feels a lot like the frenzy the was happening right before the last housing bubble popped…Purchase price: $525,000 Sales price: $770,000 Gross profits: $245,000
This sweet little flip is about a mile away from Yuba but sits right next to a freeway. Nonetheless, it did slightly better than Yuba in terms of sales price. I was really impressed with how the Viola-flipper reimagined the space and apparently so too were the buyers. Purchase price: $382,416 (such a weird sales price) Sales Price: $590,000. Gross profit: $207,584. Not too shabby. Obviously, a lot of money had to go into this house given where it started but not bad for a few months work. Five months to be exact.
Okay, the fact that this house sold makes me angry. The housing market here is insane so I shouldn’t be surprised it sold. I’m still annoyed. What gets me angry is that even with terrible design they still probably made a boat load of money. With better finishes, I think this house would have sold faster and for more money. When this house first hit the market it was listed at $1.6m but after a month on the market they delisted it. It only just sold this month. Purchase price: $870,000 Sales price: $1,350,000. Gross profits: $480,000 #killme
Sometimes when I’m feeling
like a stalker ambitious, I’ll go down to the county tax assessor’s office to try to get more information about flippers. I did that for this house and found out it wasn’t actually a flip. Still I thought you’d be interested in seeing how it did. Purchase price: $372,000 Sales price: $515,000 Gross profit: $143,000
I predicted that Bancroft would make these flipper a sh*t ton of money. And I am happy to report, that I was right. Purchase price: $725,000 Sales Price: $1,325,000 Gross profit: $600,000!!! Crazy town!
Second place is quite respectable. You may remember this house best by the fact that I wrote the post while BUI. The house was nicely done but I wasn’t feeling it back then. As I look back on the house now, I admit I was too hard on this house but I stand by the fact that the bathrooms are tragic. Do you want to see why it came in second place? You’ll be shocked! I was shocked. Back when I first wrote about this house, I said the list price ($1,795,000) was insane. Well apparently the buyers did not think it was insane enough. Boy did they show me true insanity. Purchase price: $895,000 Sales price: $2,050,000. Gross profit: $1,155,000
Okay, I completely and totally missed the mark on this house. I hated the staging and predicted it was going to sell for $100,000 less than it actually sold for. In my defense, this house had been listed and delisted before I’d found it. I stand by my criticism about the staging. It was terrible. Nevertheless, this house killed it. Purchase price: $265,000 Sales price: $710,000 Gross profit: $445,000
Hope you enjoyed the second edition of “Where are they now?” Are there other houses you’re curious about? If so, let me know I’d love to give you an update.