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Friday, September 30, 2016

Happy home flippers

Flipping a house for profit is not for the faint of heart. But  real estate agent Jose Reyes has a bit of information on a Silver Lake bungalow that explains why some investors are attracting to flipping. The plain, small (less than 900 square feet) home on Occidental Boulevard  was purchased for $300,000 in December. After being prettied up, the home was put back on the market in April at an asking price of $499,000. The house just sold for $576,000.  Is this deal a sign, as Reyes said, ” that there is amazing opportunities for investors” or that buyers are once again getting a bit too excited.

Photos from theMLS.com



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12 comments

  1. it is a sign of recovery in the housing industry and it is also indicative of the prevalence of unchecked greed for the fast buck which is how corporate america got us in the financial mess we’re in with their crap table mentality and derivitives whatever that is

  2. I’m sorry, but paying that much for a 900 square foot house on a less-than-4,000 square foot property is just insane. I’m interested in Silver Lake property, but not if that’s what it takes. I’m stunned by this. In all seriousness, how do the changes the flippers made create almost $300K in “value?” Why are buyers willing to pay that much for what are, ultimately, mainly just cosmetic fixes?

  3. ok..wait a minute…
    1st…the market dictated the price and the property sold. I saw this home on “flip this house” and it appears alot work went into bringing this house up to current standards.
    2…..JoJo said “In all seriousness, how do the changes the flippers made create almost $300K in “value?” Why are buyers willing to pay that much for what are, ultimately, mainly just cosmetic fixes?. I am not sure exactly what “cosmetic fixes” were made….but I am sure that the folks that purchased the house had it inspected prior to purchase…nice back yard with a view !
    3…..this neighborhood is very specific…what I mean is that this house is near an area that has a little street violence. But there are pockets like this one that have very nice houses…now including this one. Here is a RE agent and business owner who sees an opportunity to make some money….nothing wrong with that. Capitalism at it’s finest. BTW…yes, it is true that “greed” got many into a financial bind, by purchase homes with stated income in which many could not afford….buying houses well beyond their financial abilities and simply using the equity in their homes to make silly purchases….don’t hate if you have nothing to offer but ungrounded complaining and whining !!

  4. Gentrification of what was once a nice neighborhood continues. Local families in Silverlake can no longer afford to live here because of exactly this kind of predatory “investing”. The predominantly white influx of faux artists and loser industry types continues unfortunately.

    Please, take your small dog, Mini Cooper, and plaid shirts and go back to the West Side (you can take your lattes, chain wallets and BMWs too).

    – S.L.A.G. Silverlake Locals Against Gentrification.

  5. For the same price the home owners could have bought a 3 bedrm, 2 bath 1930’s house on an 8,000. sq. ft. lot in Eagle Rock.

  6. I know the investor who bought the property, fixed it up and restored it.
    He did a great job and spent a ton of money on the project.
    The new buyers got a great home and paid fair market value.
    Sounds like a win-win to me.

  7. Well, of course you’d think it’s a win-win, bettershelter, since you do the exact same thing that this seller did! 🙂 I don’t begrudge “flippers” in general. I just personally feel that the buyers in this particular situation overpaid. If they’re happy, though, and can afford the property, then good for them. I still don’t for one second think that the improvements are truly worth almost $300K in value.

  8. SLAG Smarten Up

    SLAG – I am going to have to call you out. I know it makes you feel smart to use big words like “gentrification”. Do you even know what that means? Or are you just using it as a cover because all you see is “white people” and get uncomfortable.

    I call BS on the whole narrative that white people moving in is somehow pushing the old residents out. The old residents are not little robots that have no say in the matter – they either sold their home for a decent profit(or are you arguing that somehow they were forced to sell to a white person at gunpoint?) during the housing bubble or took a payout from a speculator landlord to leave their rent-controlled apartments. Those are the two ways people left. People made their own choices, so stop making everyone into victims as if they are some snivelling, powerless little worms.

    Maybe you are just projecting.

  9. I hate this flipper, but mostly because I’m jealous. I mean it is obvious what you are paying for here. It’s like instant gentrification. Yes it is just cosmetic fixes, but that is what’s important to a lot people. If you don’t like superficial people who spend money simply on the way things look, the LA area is probably not the place for you. Oh and come on, SLAG…. really… It was the “local families” that pushed out the poor Hispanics and the really nice parts of Silverlake where never affordable.

  10. Hey SLAG!

    Before you go on a tear defending the neighborhood you claim to be a part of from gentrification, you might want to learn how to spell it correctly. Just sayin’.

    Silver Lake Local

  11. Flippers make it hard for folks like me who can’t afford an already fixed home but want to do it myself within what my budget and time allows me to. Getting outbid by someone who isn’t even going to live there, possibly raise kids there and love it for years to come breaks my heart.

  12. the house does not hold up..they made it look nice but it had no substance. the concrete is chipping on the porch and well…that’s what they are..bad flippers.

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