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Thursday, April 24, 2014

Can you still flip a house without looking like a fool in this real estate market? *

. “So you had to build that into our projections.” However, noted Crowell, “we didn’t anticipate it to go down as much as it did.”

In February, the remodeled Scott Avenue house, built on a lot that measures only about 2,000-square-feet, sold for $485,000. But that deal took several months and reductions from the original price of $529,000 to complete.

Now, after nearly 11 months of work, their project at 1878 Echo Park Avenue is available for sale at $789,000. Crowell and Temple would have preferred to have finished months ago and done more finish work on the large garage. Still, the home, clad in charcoal grey siding, has been thoroughly renovated with new plumbing and electrical systems as well as a loft-like interior. Can they make money on this house, purchased for about $535,000 last April, and other future flips?

“You can,” Crowell said. “But it’s going to be really tricky.”

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Echo Park flippers hold firm. The Eastsider

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