Tuesday, February 19, 2008

Flipping over Laurelhurst - 3215 Ne Couch St

One of our readers points out this house for sale in Laurelhurst:

"Purchased for $250K on 02/12/2002, some permits pulled, looks like some updating, added room and bathroom in basement, I think he's fudging on the square footage.

Here's the kicker: asking price $650K!!!


The seller is a real estate agent, for what it's worth. Let's see how fast it sells. That's 21.1% annual appreciation (not including renovation costs) for those curious.


Patient Renter said...

Denial is a powerful thing.

Anonymous said...

Some houses "appreciated" that much without the updating. Scary!

Anonymous said...

The address of that property is 3125 NE Couch St., which was last sold in 1993 (for $110,000). Not sure where the wires got crossed..

Craigslist listing is gone, but according to PortlandMaps the sq. footage is
1 Main 3P 1,298
2 Unfinished Basement 3P 1,118
3 Concrete 3P 200
4 Built-in Garage 3P 180
5 Covered Patio 3P 132

..on a 5000 sq. ft. lot.

PDXOutsider said...

looks like a few numbers were transposed, it's listed on the RMLS as 3125 NE Couch, listing no 8011270

PDXOutsider said...

"Some houses "appreciated" that much without the updating. Scary!"

true, sometimes i wonder why people invested in repairs, when you could get big returns just by buying, holding for a year or two and selling. then i guess they would just be speculating, not flipping.