Everyone freak the heck out: housing prices are nutso even in the up-and-comingest neighborhoods and investors are the only ones making any money. Today's very bonkers data point: This house in Elysian Heights, which sold to house flippers exactly a year ago, in May 2013, for $272,000 and sold again today for $1.03 million. [Video montage of heads exploding and people running around screaming.] All former listing photos seem to have been scrubbed from the internet, but the latest listing says the house "was painstakingly rebuilt from the ground up with the utmost attention to detail starting from the foundation to the hand selected finishes." It now has three bedrooms three bathrooms, a studio/office, and a mahogany deck. And even with all that, it was only asking $899,000. That sales price again: $1.03 million.
· 2148 Vestal Ave [Official Site]
· An Echo Park Flip Bought For $300k Just Sold For $922k [Curbed LA]