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Monday, September 26, 2016

Can Silver Lake flippers still turn a profit as market cools off?

Old home buyers looking for original features won’t find them in this recently remodeled 1924 Spanish Colonial in Silver Lake. Instead, the sellers are counting on all  new fixtures and finishes to help sell the 976-square-foot Maltman Avenue house at an asking price of $529,000 – or more than $230,000 than what the property sold for in April.  The house that overlooks Bellevue Park arrives on market as sales in general have slowed with the expiration of tax credits and other incentives. Listing agent Jose Reyes (an Eastsider sponsor) asks:  “Price to sell…? Bidding War? Or over priced?”

Photo from theMLS.com



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4 comments

  1. This is what happens when someone only shops at Home Depot.

  2. Wow, I’m surprised it sold for so little back in April. Anyhoo, if someone buys it, it’s not overpriced. It might have been underpriced, but the seller will never know. I couldn’t afford it. I definitely couldn’t live with those fixtures and appliances.

  3. Someone may “buy” it (well, secure a loan), but that would be a foolish thing to do. Step right up and catch a falling knife!

    The flipper didn’t put 230k worth of work in this. You could BUILD a brand new house of this size for that kind of money.

  4. The nicest thing about that place is the deck. Three bedrooms, 2 baths and a bonus room in 976 sq. ft? None of those rooms is big enough to really do anything with. Forget about anything more than a bed in any of those bedrooms.

    And all that tile? Bleh.

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