There is no question that the luxury flipped home market has slowed considerably in the past 6 months. With “fixers” being listed and sold at fairly unbelievable prices, the opportunities just are not often there for flippers. The most recent rehab properties to come out are generally fixer homes purchased at the beginning of the year or sooner. The recent flip at 647 24th Place in Hermosa Beach should be a good litmus test whether the market is still there for recently flipped homes.
Unlike most flips, with the focus being almost exclusively on the easy cosmetic upgrades, the home at 24th Place did some major work, and the results were fantastic. When we first saw this home back in November of 2014 it hit the market at $1,079,000. It sold quickly at $1,300,000. The home had great views, a good sized yard, and a nice location west of PCH, but boy did it require some imagination. Imagination they had….
The home has been reinvented and layout completely reconfigured. When we first saw the home the kitchen, living room and family room were on the first floor, while all of the bedrooms were on the second floor. This redesign went well beyond the norm and completely flipped (pun intended) the layout with the bedrooms now downstairs and living areas upstairs. What that’s done is to allow the more frequently used areas to have the best views in the house. In addition they extended the front living room ceiling and added an entirely new row of windows allowing for a much larger sense of space, great light, and spectacular views. The home is currently listed for $2,200,000 which is a very big number for a home this size in this neighborhood, but with the impressive new layout, high end finishes, and so little on the market….it just may be close. Click here to see details and photos of the home at 647 24th Street in Hermosa Beach.