Tuesday, January 17, 2006
Flippers Exiting in Baltimore
Patterson Park is a gentrifying neighborhood located a few miles east of downtown Baltimore. This part of the neighborhood has just begun gentrifying. It has been a hotspot for flippers, rehabbers and speculators.
131 South Curley is available for sale for 229K.
The current owner just recently bought the property for 170K on 10/28/2005.
The posting on Craigslist states "The home still needs someone to finish the rehab. My estimates are of 20-23k to finish the job. The 2 upstairs baths have just been completed and boast jacuzzi tub and porcelin tile. This house is a large 2 bedroom 3 full bath home w/ central air, recessed lights, exposed brick, new windows, high cielings, columns, deck off guest room, and a partially finished basement. The sheet rock is new but needs to be taped and spackled, the kitchen needs new counters and cabinets and the carpet/ hardwood needs to be installed. Comps here are now pushing 400k amd w/ the spring pop 400k is achievable. This is a great opportunity at 229k to turn a nice 50-70k profit or more"
If there is so much profit potential then why is the seller selling?
According to the seller, I can buy the property at 229K and put in 23K which adds up to 251K. Then "w/ the spring pop 400k is achievable" even with commissions and holding costs a profit potential of 130K is realistic.
So why is the seller selling now?
Maybe the seller is really afraid of a different kind of spring 'pop.' A negative appreciation type of pop. Its all very popilicious.
Posted by David at 10:56 AM