July 3, 2012

Secret Morse Code Message in San Carlos

Burbed_guest_bloggerWho doesn’t love flips?  Buy a house for cheap, fix it up for cheap, sell it quick for way more money.  Let’s take a look at a flip courtesy of Burbed reader NorthernAutumn.  Thanks very much for sending in this guest post.  And see all those dots in the listing copy?  That has got to be a secret message that says: Start your overbidding!

Please welcome NorthernAutumn to the front page as today’s Guest Blogger!

San Carlos, CA 94070


120702-alameda-concreteBEDS:  2
SQ. FT.:  890
$/SQ. FT.:  $763
LOT SIZE:  6,500 Sq. Ft.
PROPERTY TYPE: Detached Single Family
STYLE: Contemporary
VIEW: Neighborhood
COMMUNITY:  El Sereno Corte
COUNTY:  San Mateo
MLS#:  81221878
SOURCE:  MLSListings
STATUS: Active
ON REDFIN:  22 days

Complete interior remodel, new maple kitchen cabinents with granite counters. Remodeled bath. .. .New hardwood floor and new berber carpeting. .. .New Roof, all new windows and landscaping. .. extra large lot. .. property is set back from street. Open house Sunday July 1.. .. from 1-4

120702-alameda-livingroomI pass by this house frequently.
It was always interesting – it lacked a fenced front yard, it sits on small weirdly-shaped lot with lots of shade along Alameda (and only about half a block from the fire station).
It was one of those houses that you could look at and think ‘hey, mine’s not THAT bad’.

Then it got put up for sale earlier this year and (surprisingly, to me at least) sold relatively quickly.
I saw the new owners were doing some work but instead of living in the house – a new ‘for sale’ sign appeared and I thought ‘ok, so someone is flipping it’.
I decided to check out what they wanted for the house.
They are asking for $679K which is $179K more than what they bought it for.

120702-alameda-kitchenDid the remodel really cost that much?  I assume the investor wants a 50% return on their investment so that would give an estimate of $90K in remodelling costs?  Too high?  Too low?
Would Burbed readers pay this for the house?  I mean, you get good San Carlos schools, easy access to a few churches, the fire station nearby and walking distance to the annual ‘CandyCane Lane/Xmas lights extravaganza’ held on nearby Birch lane….but is that worth $679K?

It’s not quite the cheapest house in San Carlos but it’s almost (I found a 1/1 listed on redfin for $610K but it’s further away from downtown and the Xmas lights extravaganza (and I can’t testify to the availability of churches, fire stations and other amenities)….


Comments (33) -- Posted by: madhaus @ 5:08 am