This is actually the second price reduction in the last four weeks ($30,000 lopped off so far). Will it be enough to for this flipper to make money on his lipstick-on-a-pig makeover?
Well, considering the census bureau reported that homes for sale are currently the lowest they've been since 1967 (yes, you read that correctly), they might find an impatient, frustrated buyer willing to overpay.
For this kind of scratch I think a buyer can do way better, but in this inventory-free environment nothing really surprises me anymore.
ADDRESS: 4512 East VERMONT St, Long Beach, CA 90814
ASKING PRICE: $699,900
SQ. FT.: 1,500
$/SQ. FT.: $467
LOT SIZE: 4,735 Sq. Ft.
YEAR BUILT: 1948
COMMUNITY: Belmont Heights/Alamitos Heights
ON REDFIN: 4 days
DOWN PAYMENT: $140,000
INCOME REQUIREMENT (3.5x): $160,000
MONTHLY NUT: $3,700
DESCRIPTION: Remodeled 3 bedroom 2 3/4 bath Home with Contemporary Open Floor Plan and New Laminate Floors throughout. Light & Bright Living Room w/ Venetian Plaster Fireplace opens to Formal Dining Room. New Kitchen w/ Granite Counters, Pantry, & Stainless Steel Appliances including Gas Cooktop, Oven, Dishwasher, & Breakfast Bar opens to Dining Area and to spacious Family room which overlooks NEW Wooden deck with view of the Private Peaceful Backyard. Spacious Master Suite with a New Bathroom with custom flooring, Skylight tube, Vanity & oversized shower w/ seamless shower doors. 2 other custom remodeled bathrooms. There are many other NEW features such as Roof, Copper Plumbing, Tankless Water Heater, Ceiling Insulation, 2 Separate Heating systems, Doors, Paint, Top of the line Designer Sinks & Fixtures, Sod, Sprinklers, Drip System, and some Windows. Opportunity Knocks, Don't miss this Gorgeous Belmont Heights Home!!
Our featured property was purchased last April for $405,000, and now this flipper is trying to get his mitts on the $294,900 in profits he so richly deserves.
So, since the garage is detached, and these two rooms are off the detached garage, does that mean these rooms are detached from the main house?
The reason I ask is because the public records (and the 2010 listing) clearly indicate this house is a 1-bedroom/1-bath spanning only 888 square feet, but the flipper's new listing is a 3/2.75 clocking in at 1,500. How did this house magically sprout an extra 612 squares?
It appears this dude is trying to include the two rooms off the garage in the total square footage. It's worth noting that if you calculated the price per square foot according to legally confirmed figures in the county assessor's records, the current (and relatively palatable) $467 per square foot would jump to a whopping $788! Motive, anyone?
That seems really fishy. If you're thinking of plunking down nearly three-quarters of a million dollars for this place (HAHAHAHAHA), definitely do your homework and ask the right questions.
Assuming the 1,500 square feet is somehow legitimate, I think a minor price reduction will garner a sale. It's on a relatively big lot in a prime area, has a wealth of upgrades (allegedly), and I think a working couple, forced to wait five years for this massive housing bubble to deflate and return prices to reasonable levels, will look around at the dearth of quality Long Beach inventory and simply bite the bullet and overpay for this flip job.
UPDATE: Listing photos finally added.