Flipping real estate still happens … at least, in theory
From the Boston Condo Blog:
Not more than two months following the condo auction at Broadluxe in Boston’s Financial District, there are three resale units available for sale - all of which sold at the auction on June 21, 2008 to a single bidder …
These three Broadluxe flips have steep price increases from the prices paid at auction less than two months ago (unit number - price paid at auction / new list price):
* 5A - $482,500 / $688,500 ($635 per square foot)
* 7A - $375,000 / $750,000 ($739 per square foot)
* 8B - $595,000 / $1,075,000 ($809 per square foot)
The first unit is a pure flip - it’s being resold in the same condition as when it was bought at auction; the other two will be “built-out”, reducing what looks at first like a 100% gross profit.
More: Flip That Condo at Broadluxe - Boston Condo Blog
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