Profile picture for mistersocks

"Needs renovation?' That is a bold flip.

"Historically significant home facing grant park. Reportedly built in 1876 for lemuel p. Grant's daughter. Home needs renovation but has incredible victorian detail including 12 foot ceilings, period light fixtures, hardwood floors and original woodwork. 2nd floor is later addition."

So this seller is planning to just buy and hold, make no renovations, and flip for and $88K profit in just 5 months?
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October 08 2008
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Answers (2)

Profile picture for Hotlantan
Yep, that was what the scheme was, I think.  I had my eye on that place for awhile and almost made an offer on it just as it had gone under contract. They bought it for $237K in May 2008 (source: public tax records) and then, without doing a thing to it, turned around and put it on the market for just under $290K. When it didn't sell at that price, I guess they found out pretty quick that things wouldn't be so easy in this down market, so they decided to renovate it and bumped the price up accordingly. Good luck selling.
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March 05 2010
The home has been completely renovated. There was a new description when the finished pictures were posted. The price reflects the completed renovation. Seller's tried to sell at a substantially lower price, advertising it as a flip,  with no success before following through with renovation .
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December 10 2009
 
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