Guys, I’m really excited to be sharing today’s Tear Down for a couple of reasons. First, the name of this street is ripe with double entrende, and second (and equally as exciting to me) I’m hoping to make this condo my “first” flip. #highpitchsqueal
Another reason this is an exciting TTT is because it’s going to be the first condo we’re featuring here. My heart will always be for single family homes but condos are a great option for flipping.
Speaking of first time flips, true confession time: I have flipped before. It was a long time ago and it was long before “flipping” entered our lexicon and HGTV glamorized it — in fact I think I did it before HGTV even existed. So when I did it, I didn’t realize that what I was doing was “flipping” or that it was even a thing. I just thought I’d gotten really lucky. If I had realized then that what I was doing was “flipping”, I probably still wouldn’t have started flipping. Back then I was young and idealistic, and wanted to enter a “helping” profession, ‘do-good’ and make the world a better place. #barf
The first property I flipped was a condo I bought when I was 20 years old. It was some years after a housing bubble had popped sometime in the late 80’s or early 90’s. I lived in the condo for two years and then rented it out while I was in law school. Thanks to that little 1 bedroom/1 bathroom condo and a variable interest-only mortgage, I managed to get out of law school with far less debt than my peers. During law school, I rented the condo. The rent covered my mortgage plus many of my own living expenses. Then when I got out of law school, I sold the condo and made $200,000. If I’d known then what I know now, I would have used that $200,000 to start my flipping business while also trying to save the world.
The second property was a house I bought with some of my profit from the condo but that’s another story for another time…Let’s get back to TTT, shall we?
640 sq. ft.
Listed on 7/20/17
This condo is located in Emeryville, which is a small city on the edge of the Bay. This complex is across the street from the Bay. The building has views of the Bay Bridge (but this particular condo doesn’t). It also offers easy access onto and off of the freeway into The City. This is why I think the buyer will be a young, single professional who works in the City but isn’t making the big, Tech-bucks yet.
Other units have sold recently, suggesting that the price per square foot could be $724. If that price holds for this condo, then it could fetch $463,000. As you’ll see it needs new everything (kitchen, bathroom, paint and flooring) but even so I think there’s still room for a small profit.
Okay, this isn’t the front of the condo either but it is a path that goes in front of the complex. Forgive me for taking liberties but the picture of a condo front door isn’t inspiring.
Living and Dining Room
You’ll pretty much see almost every room in this small condo in these next pictures but focus on the living and dining rooms for now.
Living Room: Inspiration
The inspiration photos are really sexy spaces. Maybe even too sexy (if that’s even possible) but it captures the look I’d aim for: modern, slick, light and bright.
I’d use dark colors sparingly and only for effect, like the accent wall above. I wouldn’t do tile floors in the main living room because it’s generally pretty chilly here, so the tile would only seem cold for most of the year. I’d go with a lighter wood engineered wood floor, more like the floors in the picture below.
This space needs the most work and could be the biggest transformation
I want to rip out the small wall with the bookshelves and the peninsula.
And then one thought is to extend the kitchen all the way along the back wall.
And then I’d do an island to serve as a dining room table…You know I’m a proud card-carrying member of W.A.L.L.S but this space screams for being made/left open concept.
I couldn’t find any pictures showing what I’m thinking of doing so here’s the basic floor plan.
I’d find a table and put it in front of the kitchen to show you can still have a dining room. This may cause me to have to put the couch on the wall where the dining table currently is, but that may be better because then you’d sit on the couch and look out onto the deck.
This bathroom is tragic. Not much here can be saved except maybe the tub and toilet.
That ends our tour of TTT. Did you think I’d forgotten about the potential for admiral jokes? Ha! Silly Rabbit.