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Fancy Finishes Facilitate Fruitful Flip

Address: 332 E Country Club Blvd,Big Bear City, CA 92314

Link: https://www.redfin.com/CA/Big-Bear-City/332-E-Country-Club-Blvd-92314/home/3517229

Beds/Baths: 2 beds, 2 baths, 1,104 squares

Purchase Price (4/2024): $408,000

Asking Price: $599,000

Difference: +$191,999

Commission (3%): -$18,000

Total Gain: +$173,999

Today we’re going to find out what it’s like for flippers in 2025.

In April 2024 our seller plunked down $408,000 for a pretty rough cabin in an undesirable area. After they worked their magic they turned it into a really nice cabin…still in an undesirable area.

In the listing description they brag about the “Central Location,” but that’s a nice way of saying it’s equally far away from civilization and the boonies.

Worse yet, it’s practically right on top of Rim of the World, an especially busy road used by everyone coming and going to Big Bear via the backway.

The middling location, combined with an, um, optimistic pricing strategy, explains why they’re starting to get aggressive with the price cuts.

I give them credit: They went all out on this place. Brand new kitchen, floors, bathrooms, $liding glass door$, paint, hot tub, EV charger, hardscaping, furniture (which they are including) and appliances (dishwasher, fridge, oven/stovetop, microwave, washer, dryer). They even relocated the freaking fireplace!

They spent MONEY.

Here are some before and after photos:

They made this place is sick. So why hasn’t it sold? Because even with this recent price cut it’s just too expensive for the neighborhood. Sure, it’s the nicest by a country mile, but that’s like putting custom HRE wheels and a Gucci interior in your Kia Sportage – it’s still a Kia.

I have no idea what these renovations cost, but let’s just assume they spent $100,000. Plus a year of carrying costs, call it another $25,000. If that’s the case then they can still walk with like $50,000. Not too shabby.

But I have a feeling more cuts are on the way, which will significantly eat into their profit margins.

Anyhow, assuming someone comes along and pays full boat, what does their payment look like?

Purchase price: $599,000
Down payment: $120,000
Monthly nut: $3,978/mo (@7%)

Yeah, that seems a bit steep for 1,100 square feet in a so-so neighborhood but what do I know? I’m not a hotshot investing genius like this guy.

#architecture #art #bigBear #flip #gain #housing #housingMarket #investing #politics #realEstate #realEstateInvesting #realEstateInvestment #realtor #technology #wordpress

# contentMap.en
Fancy Finishes Facilitate Fruitful Flip

Address: 332 E Country Club Blvd,Big Bear City, CA 92314

Link: https://www.redfin.com/CA/Big-Bear-City/332-E-Country-Club-Blvd-92314/home/3517229

Beds/Baths: 2 beds, 2 baths, 1,104 squares

Purchase Price (4/2024): $408,000

Asking Price: $599,000

Difference: +$191,999

Commission (3%): -$18,000

Total Gain: +$173,999

Today we’re going to find out what it’s like for flippers in 2025.

In April 2024 our seller plunked down $408,000 for a pretty rough cabin in an undesirable area. After they worked their magic they turned it into a really nice cabin…still in an undesirable area.

In the listing description they brag about the “Central Location,” but that’s a nice way of saying it’s equally far away from civilization and the boonies.

Worse yet, it’s practically right on top of Rim of the World, an especially busy road used by everyone coming and going to Big Bear via the backway.

The middling location, combined with an, um, optimistic pricing strategy, explains why they’re starting to get aggressive with the price cuts.

I give them credit: They went all out on this place. Brand new kitchen, floors, bathrooms, $liding glass door$, paint, hot tub, EV charger, hardscaping, furniture (which they are including) and appliances (dishwasher, fridge, oven/stovetop, microwave, washer, dryer). They even relocated the freaking fireplace!

They spent MONEY.

Here are some before and after photos:

They made this place is sick. So why hasn’t it sold? Because even with this recent price cut it’s just too expensive for the neighborhood. Sure, it’s the nicest by a country mile, but that’s like putting custom HRE wheels and a Gucci interior in your Kia Sportage – it’s still a Kia.

I have no idea what these renovations cost, but let’s just assume they spent $100,000. Plus a year of carrying costs, call it another $25,000. If that’s the case then they can still walk with like $50,000. Not too shabby.

But I have a feeling more cuts are on the way, which will significantly eat into their profit margins.

Anyhow, assuming someone comes along and pays full boat, what does their payment look like?

Purchase price: $599,000
Down payment: $120,000
Monthly nut: $3,978/mo (@7%)

Yeah, that seems a bit steep for 1,100 square feet in a so-so neighborhood but what do I know? I’m not a hotshot investing genius like this guy.

#architecture #art #bigBear #flip #gain #housing #housingMarket #investing #politics #realEstate #realEstateInvesting #realEstateInvestment #realtor #technology #wordpress