We're not always going to be in a market where reselling shortly after buying a house will get you out whole.
It's not always like that.
But in a rising market, people keep pulling it off.
The little remodel at 3612 Poinsettia (2b1/1ba, 865 sq. ft.) was purchased only last year for $935K (June 2013).
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We're not always going to be in a market where reselling shortly after buying a house will get you out whole.
It's not always like that.
But in a rising market, people keep pulling it off.
The little remodel at 3612 Poinsettia (2b1/1ba, 865 sq. ft.) was purchased only last year for $935K (June 2013).
The resale now: $1.170M.
Neither is a big number for Manhattan Beach real estate, but the net jump in market value is 25% year-over-year. We'd guess that the sellers walked away with $180K (pre-tax).
This year was different for the property. It ran just 3 weeks before a buyer knocked.
Last year, the same house in the same condition had accumulated nearly 100 DOM before someone wrote an offer.
The notion of profit from a sale on this little, largely original home near Rosecrans is also new.
The sellers last year probably didn't make much money on the deal.
They had acquired the home 5 years earlier (July 2008) in rental-caliber condition for $849K.
They're the ones who put in the work to gussy up the kitchen and baths, ripped up the carpet and restored the hardwood floors. But when they resold for $935K, we'd hazard that they just about broke even, given the costs of the remodel and the costs of sale.
Had they held on for a year, they'd have been positioned for a nice windfall.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of July 19th, 2024 at 4:15am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.