A Fab-Looking Flip on Poinsettia

You might question the timing of this flip at 521 N. Poinsettia Ave., in the Beverly Grove area, but you’d be hard-pressed to quibble with the result.  The house first surfaced in this post back in May.  It had been purchased for $838,000 in January 2008 and was back on the market just a few short months later with an asking price of $1,249,000.

At the time I called it a “daring 2008 flip.” Unfortunately for the flippers, the market had flopped, and the financials didn’t fly.  In September, the house came back on the market again, this time at $1,099,000.  The price has inched down since, to its current $1,060,000.

The house has four bedrooms, two bathrooms and 2,004 square feet, and although it’s not a teardown, every inch has been redone, according to Adrian Torres, who was manning the open house on Sunday.  Adrian said the property has received several offers, but the potential buyers have failed to secure financing –  a theme repeated at every open house I visited this weekend.

Photos:

Nearby sales:

503 N. Alta Vista Blvd.
Sold for $800,000 on 5/16/2008
3BR/2B/1,999 square feet

429 N. Poinsettia Place
Sold for $950,000 on 5/20/2008
3BR/2B/2,319 square feet

327 N. Formosa Ave.
Sold for $1,057,000 on 7/8/08
2BR/2B/2,261 square feet
Notes:  Once listed for $1,575,000!!