By Keith Kyle
Although we’ve seen quite a slowdown in luxury home flips in Manhattan Beach, they are still out there and are still alive and well. The reason for the slowdown is that the home prices for older, original condition homes has increased so much in the last two years that it’s been tougher for investors and flippers to find properties with a guaranteed return. 2014 and 2015 saw a number of luxury home flips in Manhattan Beach and many opportunities for rehabbing and often expanding these original beach bungalows and many investors did very well. While it’s slowed down the recent flip, listing and sale at 1641 23rd Street in East Manhattan Beach. Purchased for $1,260,000 in November 2015, the reinvented (and expanded by about 400 feet it appears) home came on the market as a luxury flip for $1,799,000 in July of 2016. While that price may have been a bit over valued, the recent price drop to $1,699,000 seems to have done it as it’s gone into escrow as of September 20th. The sales price hasn’t been released but these are still big numbers for homes in the Liberty Village neighborhood of East Manhattan.
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