A successful flip?

What defines a successful flip?

A reader made this comment on one of the earlier posts:

"I was poking around in NE this weekend and found a couple interesting recent high end flips that appeared to have worked.

1928 NE 26th. Paid $375K on 4/25/2008. Pending sale at $765K.

2028 NE Alameda. Paid $875K on 2/14/2007. Pending at $1,495,000.

3117 NE 32nd. Paid $270,000 on 4/2/2007 and closed for $785K on 2/19/2009.

These do seem to be the exception rather than the rule though. They are all well located (no busy streets, etc.) and the rehabs appear to be well done."

The house on 32nd was especially interesting. Take a look at the before photo:

And then the after photo:


Yes it's the same house, but it looks like 80% of it is new. They added up as well as out. Unfortunately I don't know who did the work.

On the surface it loks like a nice remodel, but something about the details stuck me as odd.

The kitchen is nice, if a little generic. I guess for 3/4 of a million I would expect a bit more.


But then I saw this room (I assume it's the dining room). The room just strikes me as odd. Personally one of my favorite features of old craftsman homes are these cabinets and columns that seperate the living and dining rooms. But seriously, what were the "architects" thinking here? Did someone screw up?

First off, why are the cabinets so small? They're perfect for showing off your fine china to your toddler. And the built in's in the back of the dining room? Not really built in, they look like generic home depot cabinets smacked on a wall. But the kicker is the columns. They don't reach the ceiling! That looks like a major goof to me, and I'm pretty sure the base cabinets were supposed to be a little bit bigger. Oops.

All in all, I'd expect a lot more for $785k. For the builder I think it was a successful flip, if not a slam dunk after all their costs. But for the buyer? I'd take the house at 3311 Tillamook over this one, and pocket the $200k difference. At least you're getting a real vintage craftsman foursquare with more pleasing proportions, old growth wood trim, a bigger house and a bigger lot.


These are real built-ins.

Update - 5421 NE 25th down from $319k to $289k

This little bungalow was just re-listed with new photos (see the post here). The price is now down to $289k.

Dante asked if anyone wanted to make a prediction as to where it would sell, I'll jump in and say $249k, in April.

Anybody else?

Update - 5421 NE 25th Back on Market, now $319k

Back in July this little gem was on the market for $129k. It sold for $165k to a couple from West Linn, who have re-muddled it and put it back on the market for $319k$304k. (RMLS# 8099354)

It was in pretty rough shape back in July, this info was provided by Ron Ares: "Approach w/ caution, unstable flooring. Property will not qualify for conventional financing. " Ouch.

It has also had an interesting sales history:

07/29/2008	SW(Bank Sale)	2008112745	$165,000.00
06/23/2008	TR(Foreclosure Auction)	2008095071	$182,628.00
08/29/2006	SH (?)	2006171253	$45,341.00
04/27/2006	WARRANTY DEED	2006078573	$251,000.00
12/17/2001	SW(bank sale)	2002014876	$18,100.00

Here's a photo of the house as it sits today:

A couple things I noticed looking at the distorted photos (come on folks, don't you have someone in the office that can upload these things so they don't look like you're in looking in a funhouse mirror?) First, they put the new electrical service right smack dab on the front of the house. Would it have cost much more to keep it on the side as it was originally, so it's not sitting like a pimple on the house's face?

Second, check out that door opening? I'm all for open floor plans, but couldn't they do it without a big pillar in the opening? That just screams poor planning.

I'm also pretty sure those are not the "original hardwood floors" as advertised. I could be wrong, but when I see them stained that dark I assume they're trying to hide something. These look new to me based on the width.

To their credit the work was actually permitted.

At the current asking price that's a steep $282k per square foot. Pretty steep in this market, at that location. Good luck!

Thanks to Will for the update! Please keep them coming folks, if you're in the market or just see an interesting house, bad remuddle, outrageous flips, etc. send me the info and I'd be glad to feature it here.

A Stuning Remodel! 720 N Holland St.

This one actually made me laugh out loud. Good thing I wasn't drinking coffee! They're asking $350k for this gem.

Check out the stunning, vintage wood paneling? Looks like someone threw a new coat of varnish on it! And I gotta assume there are wood floors under the new carpet, they must be in horrible shape as they're not even mentioned.


And yet another example of Home Depot's finest cabinets.

Did they run out of money fixing the roof?

Definitely a re-muddle. Sigh.