Saturday, October 22, 2016

Eastside Property: Flippers reap nearly $1 million mark up on Silver Lake home sale

Silver Lake, homes, real estate

1817 Micheltorena | Redfin.com

SILVER LAKE — How do you increase the value of a home by nearly $1 million in less than six months? In the case of 1817 Micheltorena Street, the buyers who paid $760,000 last November wasted no time updating the three-bedroom home, which now boasts the Carrera marble counters,  stainless steel appliances and de rigueur horizontal fencing.  These and other improvements awaited potential buyers when the 1940 house returned to the market in mid-March with an asking price of $1.688 million, according to Redfin.  Increasing a home’s price tag by $928,000 in only about four months would seem rather aggressive.  But apparently not in this real estate market, not for Silver Lake.  The house change hands this week at $1.725 million, according to Redfin. That adds up to a $965,000 increase in less than six months.

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  1. Ted The Socialist

    God help the working class and middle class!

    Revolution now!

  2. One person’s greed is anothers’ market price.

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