In today's Real Estate section of the Washington Post:
Taking Advantage of 'As-Is'"Is selling" -- is it on the market for that amount, or is it in escrow already?
The neighbors wanted to have the house condemned.
But Jackie Braitman knew the home in Takoma Park had potential. When it came on the market, listed for sale "as-is," she pounced, picking it up for about $550,000. Three years -- and a complete renovation -- later she is selling the house for more than twice that.
May sales statistics:
Takoma Park, MD 2007, 2006
Total Sold Dollar Volume: $8,806,650 $5,998,500 +46.81%
Median Sold Price: $445,000 $462,500 -3.78%
Total Units Sold: 19, 13 +46.15%
Active Listings: 86
Of the 19 sold last month, 19 were priced between $200,000 and $799,999.
None were sold over $800,000.
Sure, renovating and flipping a fixer for a profit is possible in this market, but the article would have been more "fair and balanced" if it had interviewed some other rehab jobs that have been reduced in price and are still sitting on the market in Takoma Park.
3 comments:
When I was a graduate student at UMD, College Park, about a decade back, I knew the area well. It had a large Hispanic community and looked like very crowded.
I didn't think professionals would want to buy a home there.
The rise of prices in Prince George's county as a whole, including places like Fort Washington, MD, has been mind-boggling. Some people say that prices are holding up well there.
PG can hardly compare with Fairfax County when it comes to the schools, corporate presence or median household income. That PG prices are holding up even as Fairfax county prices are falling, is ample proof that mania and easy lending caused this bubble. It is only a question of WHEN the inevitable fall in prices will come.
Here's her MLS#: MC6408379
Now listed at $899k and listed as of 14 May 2007.
http://sdatcert3.resiusa.org/rp_rewrite/detail.asp?accountnumber=13+01057160&county=16&intMenu=2&SearchType=Account
She actually paid $565K as is... quite stupid if you ask me and she had $15K in closing costs. LOL.
http://tinyurl.com/3ct32p
Under Contract.
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