There are some very ballsy flippers out there in the Los Angeles real estate world—the private equity investor trying to squeeze $8.5 million out of Madonna's old estate using the same listing from when he bought it, the 1901 Craftsman in Pasadena making all kinds of dubious claims to historic authenticity, the glassy Modern in Laurel Canyon that keeps returning to market with higher and higher asking prices and no other changes—but this one hangs with the ballsiest of them. The "completely remodeled Silver Lake Gem located in the Elysian Hills" sold on March 8 for $660,000 and, after what appears to be thorough Silver Laking, returned to market on April 10 asking $899,000. (The house incidentally is in Echo Park; Elysian Hills is not a place in Los Angeles.)
The listing, which previously noted the house's potential, now trumpets "New Quartz countertops throughout, new appliances, wood laminate floors, all new carpet, interior and exterior paint," plus a " brand new custom built redwood deck."
The Los Angeles Department of Building and Safety's website lists a permit for kitchen and bathroom remodels (but not the deck), along with a few notices of unpermitted construction that have been referred to the inspection bureau. Well, you don't flip this quick without breaking a few eggs, we guess. That asking price again is $899,000.
· 1961 Preston Ave [Redfin]
· 1961 Preston Avenue, Silver Lake, CA [Estately]