With signs that the real estate market is heating up, house flippers are wasting no time as they buy, fix up and resell homes. This Spanish-Colonial home in Atwater Village, for example, was in need of major work when it went on the market in early July with a listing description that did not shy away from the many short-comings, including “urine soaked” floors and “questionable” plumbing and heating systems. But only about six weeks after, the 864-square-foot Silver Lake Boulevard home was sold to a buyer who paid $260,000 or $21,000 over asking price. Now, less than four months after changing hands, the same property is back on the market at an asking price of $429,900, according to Redfin.
How can the investor justify an asking price that is 65% higher than what they paid back in August? The sales description touts a long list of improvements to deal with the urine soaked floors and questionable plumbing:
This home has new windows, new interior and exterior paint, granite counter tops in kitchen, new fixtures, sinks, tile flooring, upgraded plush carpet, etc!!
How long will this flip last on the market? Stay tuned.