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Monday, December 20, 2010

Kailua House Flip Sold for $730K

Kailua House Flip Sold for $730K

This house flip in Coconut Grove sold for $730,000 last week.

Remember that flip in Coconut Grove I wrote about last month? If not, here’s a recap: A couple of investors picked up the run-down property this summer for $491,000, and spent three months completing a top-to-bottom rehab, which included new electrical and plumbing, a new roof, carport, kitchen and baths, plus the addition of a master suite. While the investors won’t confirm how much they spent on improvements, I’d estimate they dropped upwards of $100,000 to fix up the property.

Well, here’s the latest: The house closed this past week for $730,000, which is $1,000 more than asking. All told, the investors are likely walking away with about a $139,000 profit, proving that flipping can pay off in this economy if it’s done right. I hear the investors are looking for another property to flip, so stay tuned for updates.

Posted on Monday, December 20, 2010 in Permalink

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Honolulu Real Estate focuses on the Hawaii housing market, condos and homes for sale, Hawaii rentals and general news about real estate in Hawaii. It also includes stories on apartment living, home decor and profiles.
 


Melissa Chang graduated from the University of Hawaii with a degree in journalism and has been blogging since 2007, mostly on food and travel. She works primarily in social media, so you can find her online @Melissa808 on Twitter and Instagram.


 


Jaymes Song is a real estate agent at Prudential Advantage Realty in Kahala. Jaymes is in the top 7 percent of Prudential agents nationwide. Previously, Jaymes was at The Orange County Register, Honolulu Star-Bulletin and rose through the ranks to overseeing news and operations for AP in Hawaii and the Pacific Rim. Jaymes lives in the Portlock area and loves his real full-time job of being dad to two curious kids.


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