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.