January 3, 2013

Start work tomorrow in Los Gatos!

There are several types of housing awesomeness we cover.  There’s the high-priced crapshack, the WTF You’re Kidding, the completely overdone custom home, the adorable domicile with serious location fail such as an international airport.  Then there’s the tried and true House Flip.  We all love flips because they all use the same formula.

  1. Buy crappy house for cash
  2. ?????
  3. Profit!

Have a look at what Burbed reader nomadic found for us in the wilds of Los Gatos.

130102-benedict-redfin15588 BENEDICT Ln
Los Gatos, CA 95032
$950,000

3 Beds
2 Baths
1,456 Sq. Ft.
$652 / Sq. Ft.
Built: 1948
Lot Size: 9,625 Sq. Ft.
On Redfin: 34 days
Status: Active

Start work tomorrow! Rare opportunity and no waiting. Permit fees have been paid and plans are in hand for a complete remodel/addition of this cute 1500 SF. 3 Bedrooms, 2 Bath home with spacious kitchen/greatroom on a large (9625 SF), level lot with an existing garage. To help save even more time and money, the interior of the home has been stripped to the framing. Great location with L. G. schools

Have they left out Phase 2? Let’s hear from nomadic:

130102-benedict-frameA flipper bought this house in May, stripped the house down to the studs and put it up for sale in November.  He thinks those services (plus permits) are worth $175k.  Is the market really that crazy?  Maybe not, given that it’s still active after 30 days.

Ooh, the plot thickens: “Fixer Upper, Seller is Licensed Real Estate Agent”

The “Zestimate” is $945k.  Unfortunately, the prior listing isn’t available on Redfin so we can’t tell if the current seller did anything at all, other than buy at a favorable price – which actually probably wasn’t particularly good, given that this nearby house sold in July for $700k (larger but with Hwy 17 in the back yard) before being flipped – as a FINISHED house – for $999k.

To help save even more time and money, why not leave the flippers out of the entire transaction?  Which leaves a realtard out too!

Bunus: Check out the neighborhood. Great for teens!

130102-benedict-satellite

Comments (3) -- Posted by: madhaus @ 5:10 am

3 Responses to “Start work tomorrow in Los Gatos!”

  1. SEA Says:

    “To help save even more time and money, the interior of the home has been stripped to the framing.”

    The seller is thinking about saving you time and money, no matter how high this place is priced.

  2. nomadic Says:

    SEA, I think his point is “save my time and bring me your money.”

    I call this flippus interruptus.

  3. sfbubblebuyer Says:

    This is DEFINITELY a failed flip where the guy is trying to salvage something because he couldn’t come up with the money to do the flip or realized he’d be losing even MORE money if he finished the flip and tried to sell.


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