Swamplot Archives by Tag: Flipping

Monday, October 5, 2009

Les Alexander Tries the New York Penthouse Flip

October 5, 2009 – 10:29 am

Houston Rockets owner and real-estate power forward Les Alexander appears to be doing his single-handed best to boost the upper end of the New York City real estate market. Who’s gonna help him out? Last week, he finally closed on a 6,321-sq.-ft. empty penthouse atop a new Robert A.M. Stern waterfront condo building in the West Village — for $25 million in cash. After pausing to take a deep breath, Alexander then put the unit back on the market — for $39.5 million.

New York real estate blog Curbed says Alexander’s move “has to be the most audacious and downright crazy real estate move of 2009 (though there’s still time!):”

In a matter of hours, the penthouse has gone from selling for $3,955/sf to asking $6,249/sf. Talk about appreciation!

Didn’t the buzzer on that game already sound?

The bare-bones pad features 4 corner terraces, but just a single bathroom and small Kitchen — enough to meet city requirements. The condo building is named Superior Ink, in honor of the factory that was torn down to construct it.

Photo: Related Companies

10:29 am | 10 Comments | Read more about Buying and Selling
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Thursday, April 16, 2009

Wilshire Village Speculation: Demolish, then Flip?

April 16, 2009 – 11:11 am

The reader who provided this “tip” wouldn’t or couldn’t tell us where the information came from, so there’s no particular reason to take it seriously. But it raises a few interesting questions about the future of the 8-acre property at W. Alabama and Dunlavy that’s apparently soon to be the former site of the Wilshire Village apartments.

. . . So here it is:

The buzz in the air over the demolition of Wilshire Village is Mr. Dilick plans to try to sell the property soon after the demolition, word is he hasn’t the funding to develop this tract.

Photo: Swamplot inbox

11:11 am | 18 Comments | Read more about Apartments, Demolitions, Historic Preservation, Land Sales, Neighborhood Disputes, Neighborhoods: Lancaster Place, Real Estate Investing, Redevelopment
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Monday, November 3, 2008

Dressed Up, Only To Get Messed Up: Is There a Word for It?

November 3, 2008 – 1:26 pm

2524 McLendon St., Houston

Inspired by the not-so-unusual tale of the house at 2524 McLendon St. in Brentwood (which was apparently renovated, sold, and then demolished just last month), commenter Jimbo posted this challenge to Swamplot readers — which has so far gone unanswered:

Is there a suitable adjective for the activity of renovating a house to flip only to have the new owner demo it immediately?

An adjective? We’d settle for a noun.

It’s not Sisyphean because I’m sure they made money but there must be some fancy Greek mythology parallel for it.

Yeah, try Greek — or maybe Aztec . . . or some term from the mortuary business, or . . . Ayn Rand?

Photo of 2524 McClendon St.: HAR

1:26 pm | 3 Comments | Read more about Buying and Selling, Demolitions, Real Estate Marketing, Renovations
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Tuesday, February 26, 2008

Woodway Glen Fourplex Condos: Converted, but Still Not Sold on the Idea

February 26, 2008 – 11:49 am

6323 Deerwood Rd., Woodway Glen, Houston

Here’s the plan: Buy a fourplex on a cul-de-sac near the intersection of Woodway and Voss. Do some painting, replace the roof and repair the exterior, put in granite countertops and stainless-steel appliances in one of the units and new appliances and carpet in the rest. Then . . . convert the place to condos, and flip them one at a time!

Except . . . there are a heck of a lot of condos out there in the $150K-$230K range, and selling is tough.

Bummer. But there’s still a moneymaking way out: If you can’t make the condo flip yourself, that doesn’t mean you can’t sell someone else on the idea of doing it. And you’ve already done the conversion work!

Just listed on MLS: 6323 Deerwood. Four units built in 1975, totaling 7,564 square feet, on a 10,171-sq.-ft. lot. Apartments lease for $1200 and $1400. Asking $645,000:

Units have already been condo converted! Investor can sell units separately or keep as a fourplex.

Will consider seller financing!

After the jump: the renovated innards.

Continue Reading This Story >

11:49 am | Read more about Apartments, Buying and Selling, Condos, Neighborhoods: Briargrove, Neighborhoods: Woodway Glen, Real Estate Marketing
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Monday, July 30, 2007

Houston: A Nice Place To Visit and Flip Real Estate

July 30, 2007 – 9:44 pm

After some “research,” Forbes declares Houston the fourth-best place to flip a house. Meanwhile, Forbes Traveler says Houston is the ninth-most-visited city in the U.S.

Coincidence? Or has Forbes simply stumbled upon the awful truth about our city: visitors, upset by a lack of tourist attractions, have turned to quick real-estate thrills instead.

Maybe that explains the Tremont Tower train wreck.

9:44 pm | Read more about Houston Data, Tourism
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