Beverlywood Real Estate Hot Property: Flipping Homes is Still Possible
This week on caravan we finally had the opportunity to preview 5 new homes currently in the Beverlywood real estate market. Two of these home are referred to in the business as “flip”.
Flipping homes was extremely popular before the housing market bubble burst and in the aftermath definitely fell off in popularity. As the market continues to experience this amazing recovery, flipping houses has picked up as well and is definitely a viable option for homeowners and investors looking to get involved in the Beverlywood real estate market and throughout Los Angeles.
The first flipped home I saw this week was a Spanish style home located at 9007 Larke Ellen Circle and is listed at $1,599,000. This home sold back in August of 2012 for $910,000. It was a large house (2100 square feet) for the price but the floor plan was not ideal for the majority of homeowners hence the low price (in my opinion). The new owner has extensively remodeled the home and changed the floor plan to be much more appealing to a larger audience. The question is will they buyers be willing to pay a much larger price for the renovated property?
The second home is located at 1524 Cardiff Avenue and is priced at $2,395,000. This home sold for $965,000 in April of 2012. It has since been knocked down and a 4100 square foot home has been built in its place. Without seeing this home in person, I thought the price point might be a little high for the neighborhood. Upon entering, I changed my mind. The floor plan is ideal and the craftsmanship of the cabinetry is stunning as is the choice of tile and other features and finishes throughout the home, which are all impressive. For a “Spec” home, I think the builder did a great job. Rumor has it that this home may be in escrow.
What do you think of these flips? Do you think the homeowner did a good job at transforming the properties? Please share your ideas and leave your comments below.
Beverlywood Real Estate Review
New Listings:
2269 Guthrie Drive | $2,149,000
2217 S. Canfield Avenue | $2,099,990
Recent Solds:
2314 Castle Heights Avenue | $1,910,000
9019 Monte Mar Drive | $1,075,000
1908 Durango Avenue | $985,000
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