Creative Destruction

by Glenn Kelman | 5 Comments

Only six month months ago, we compared photos of a home before & after foreclosure. Here are the shiny SUV, the boat, the second car, the crazy topiary, the pink flamingo, the Virgin Mary statue, circa 2008:

And here is how bare it looked like summer:

Now after an investor bought the house just six months ago, Redfin’s Tim Ellis noticed it’s being flipped at nearly twice the price:

Only in America!

Artur Ciesielski

“Only in America”

Hallelujah!
http://twitter.com/phonebanshee phonebanshee

Hopefully no bank will be stupid enough to finance this transaction.
- http://blog.redfin.com/ GlennKelman
  
  Banks often have trouble with flips, though the seller put plenty of dough into the place.
http://www.ware1914.com/ Will

Only six months? Well done!
DD Smith

This investor took a foreclosed on home and converted it to a great house for any buyer in that market. Some people should consider the fact that investors improve the value of the homes they purchase to invest in and the homes in the neighborhoods that they have invested in. They're willing to buy
ugly houses fix them up and sell them.