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Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
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Old 12-31-2015, 06:27 AM
 
Location: Rockledge, FL
120 posts, read 155,490 times
Reputation: 82

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That's a beautiful house. House next door to our new place, did the same thing. People bought it for $150k, and the place was a dump. Completely gutted it, re-did everything and sold for $290k just a month ago. Which was sold after we bought ours, so we should get a little bit of a bump in appreciation. I'm also hearing rumors that housing prices will go up even more once the protest of the contract for Grumman ends (with the new long range bomber), and more engineers start moving down here. Again, that's all conjecture at this point.
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Old 12-31-2015, 04:33 PM
 
Location: Long Island
784 posts, read 771,476 times
Reputation: 539
Quote:
Originally Posted by 1insider View Post
The new price is probably justified. It was a total uninhabitable dump when it sold as a foreclosure for $82,500. It is now a showcase. Pretty much new everything, landscaping, fencing, roof, AC, pool, entire interior. The flipper did a killer job and spent a ton of money on the house. The price increase has less to do with market appreciation than it does with improvement in condition of the specific property.

I totally agree the price in today's market is justified. I bet that flipper spent no more than $35,000 (likely less if they were professional flippers) in materials and the rest in labor. The market has appreciated enough in the last three years to make $50,000-$100,000 in profit, depending on your sweat equity and or contractor work. This couldn't be done even two years ago to this extent. Most investors back then bought up on the cheap, did minimal repairs, fresh paint, basic appliances and then rented them out.
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Old 12-31-2015, 04:43 PM
 
Location: Long Island
784 posts, read 771,476 times
Reputation: 539
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Originally Posted by PacketHauler View Post
That's a beautiful house. House next door to our new place, did the same thing. People bought it for $150k, and the place was a dump. Completely gutted it, re-did everything and sold for $290k just a month ago. Which was sold after we bought ours, so we should get a little bit of a bump in appreciation. I'm also hearing rumors that housing prices will go up even more once the protest of the contract for Grumman ends (with the new long range bomber), and more engineers start moving down here. Again, that's all conjecture at this point.
Isn't great when someone takes an older home and gut renovates it? The entire block just became more valuable. Your hit may be slightly higher taxes as your value rises, but it is so worth it when time to sell (or refinance). I had two such renovations happen down the block from one of my properties. Each time they sold (for quite a bit more than previously purchased for), I saw a jump in comp value by about $25k. Nice .
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