Friday, April 04, 2008
And We Thought Flipping Was Over -- Not in Hollywood Hills
Here are two pictures of 2269 Canyon Dr., above Franklin in the Hollywood Hills. I listed the red brick one in June of 2006 for $1,299,900. As you can see, it's a pretty lovely Georgian with 2,578 sq. ft. (big for neighborhood), pool (rare for neighborhood) and it was splendidly maintained. Still, it took a long time to sell and finally closed in December of 2006 for $1,050,000.
Cut to now, a year and three months later. The house has had a re-do, the brick has been painted yellow, and it looks far more "New Orleans." It is back on the (declining) market at $1,399,000. Yes, the new owners did completely remodel the kitchen. From the pictures, it appears that the pool and deck were re-done. I'm sure there were other changes, but those are the major ones. No square footage was added. Yes, it has been nicely decorated, although it was nicely decorated before. But this is a price increase of $350,000 or over 30%! I wish the new sellers luck. I think they may need it.