Kailua House Flip Sold for $730K
Remember that flip in Coconut Grove I wrote about last month? If not, here’s a recap: A couple of investors picked up the run-down property this summer for $491,000, and spent three months completing a top-to-bottom rehab, which included new electrical and plumbing, a new roof, carport, kitchen and baths, plus the addition of a master suite. While the investors won’t confirm how much they spent on improvements, I’d estimate they dropped upwards of $100,000 to fix up the property.
Well, here’s the latest: The house closed this past week for $730,000, which is $1,000 more than asking. All told, the investors are likely walking away with about a $139,000 profit, proving that flipping can pay off in this economy if it’s done right. I hear the investors are looking for another property to flip, so stay tuned for updates.
Posted on Monday, December 20, 2010 in Permalink