Monday, March 26, 2007

Idaho flip


Here's a classic flip. For sale in 11/05 at $1,399K, this finally sold 4/4/06 for $1,335K. It's now on the market asking $2,395K, over a million dollars more! That's the original photo above, which hasn't changed much except the bushes are gone and new paint and roofing.

I recall it being a little '20s house on a tiny lot (4,750 square feet according to Zillow), next to an alley, across Idaho from the Franklin School playground. There was a '60s 2-story flat-roofed addition on the left-rear side, leaving little yard. It was truthfully described as "NEEDS FIXING & TLC ... SOLD in 'AS IS' condition".

It's still 3 bed 3 bath, now claiming "Completely remodeled with hardwood floors throughout, new custom baths, kitchen with stone and stainless appliances."

Ok, so someone redid the interior. But is that worth $1M in a flat market, for only 2,080 square feet of house on a tiny lot south of Montana?? I predict this one will sit for quite awhile at that price. What's financing plus property taxes on $1.5M costing this flipper per month?

7 comments:

Craig said...
This comment has been removed by the author.
cassiopeia said...

Well, just yesterday I was moaning about a McMansion in the corner of Olympic and Overland I checked in Zillow and it sold for over 2.3M. Some people are still paying...

Westside Bubble said...

Why would anyone want to live at the NOISY NOISY NOISY corner of Olympic and Overland?!

cassiopeia said...

Westsidebubble, don't ask me. I went to the open house and there was no escaping the sound of traffic, even on a Sunday. The backyard was like being inside a food processor. However, I would not find it so scary if it was a modest house priced accordingly to this handicap. It's a ginormous monster built for someone who has a lot of money. But if you had a lot of money, would you even think of buying a house on that corner? I know I wouldn't.
There's another house on the corner of Olympic and Selby. This one is a really nice Tudor, but it has the same noise problem and it has been sitting on the market for just under a million (which is really "cheap").

Craig said...

There is still no "for sale" sign anywhere on this property. Did it already get an offer or what??

Joey said...

asw: reyshuha

Westside - please keep this blog local to the wsola preferably sm. We already have Housing Panic,

Muchos Gracias,
Joe

Joey said...

dude, i am so high right now. shouts out from the corner of lincoln and pier