Flip, flop, part 3
I wrote about this house a few months ago and here is the latest update on this flop. As was pointed out to me earlier today (hat tip to Mike Farmer from Savannah GA), Flipper was a smart dolphin who did smart helpful things.
The seller of this house is no Flipper, the dolphin, that is. More like a flopper, in this case, a shark; except that this shark has no teeth and instead of being a flipper turning a profit, this shark is now being eaten by some other sea creature called the Charleston real estate market. The house closed on November 6, went on the market with no improvements or upgrades other than a change of ownership on November 21 and I predicted a lack of risk/reward in this transaction and projected a loss to the seller immediately upon the house going on the market when I first wrote about it on November 27.
Current update:
April 29, a further reduction of another $6000 to $309,900 and it has been on the market for 150+ days. Flip, FLOP.
Flipping can be gratifying and financially rewarding to you and helpful to your community when you add value to a property. Taking possession of a property will not automatically increase its value. If you would like to discuss better ideas for making money with investing in the Charleston real estate market, please contact me.