Condo flipping Los Angeles – Miraleste Canyon Estates
Hello fellow friends and Neighbors!
Welcome to online Edition of Miraleste Times – a longest lasting real estate publication about sales in the Miraleste Canyon estates in San Pedro, California!
Today I’d like to draw your attention to 2 recent listings in MCE, both are PROBATE sales and good candidates for Condo flipping – a quick remodeling and resale.
First unit – 386 S. Miraleste drv #470, San Pedro, CA 90273 was listed at $225,000, way below LAST YEAR comps. Lest see how it stand out when it was listed:
As you can see maximum closed sales price at the moment was $298,000 and there were several other sales at $295,000 which shows us that this listing has about $70,000 in equity IF it was sold for $225,000.
Now lets calculate remodeling and holding costs for this unit (keep in mind that at this time maximum sales price was $300,000):
|Buyers Agent Commissions 2.5%||$7,500|
|Escrow and Title||$1,500|
Lets not forget about the Short Term capitals Gains Taxes.
To answer your question about what was the final sales price of the unit – $245,000. My Investor client submitted an offer but was outbid by $5000.
Next Flipping Candidate – 340 Miraleste #270 San Pedro CA listed again at $225,000 by the same listing company (I guess they have lots of probate attorney friends). Now the prices in Los Angeles and San Pedro have moved considerably since the last Probate flipper in Miraleste, lets see how today’s picture looks like! My client investor submitted an offer for $250,000 on this proparty and she was a 4th LOWEST offer. Property is still in Escrow so we dont know of the actual closing price yet.