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Old 09-24-2022, 04:06 PM
 
2,352 posts, read 1,779,566 times
Reputation: 700

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https://www.redfin.com/MA/Auburndale...home/179951876

Got another teardown turned into a 2fam. Course it's in Auburndale so they are asking for 1.7 million. Yikes. It looks nice at least. They did manage to sell the other unit but this one is up to 99 DOM.

Bonus: Looking up the documents the builder went to the trouble to create a Condo Association for these two units. Which is a little strange. Feel like it'd be a little scary that you'd end up with a nightmare co-tenant in your shiny million dollar property.
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Old 09-24-2022, 05:38 PM
 
9,880 posts, read 7,209,711 times
Reputation: 11472
Setting up a condo association is the only way it could be done.
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Old 09-25-2022, 09:02 AM
 
88 posts, read 52,578 times
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https://www.zillow.com/homedetails/4...5882598_zpid/?

No idea what's going on with this one in Arlington?!!!
It was sold in August for 765, and put back on the market the next day for 850k?!!!
Now, it's listed for 799k!!! As a first-time buyer,,, if this is listed for 599K,,, I would not buy!!!
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Old 09-25-2022, 09:48 AM
 
2,352 posts, read 1,779,566 times
Reputation: 700
Quote:
Originally Posted by Moh1988 View Post
https://www.zillow.com/homedetails/4...5882598_zpid/?

No idea what's going on with this one in Arlington?!!!
It was sold in August for 765, and put back on the market the next day for 850k?!!!
Now, it's listed for 799k!!! As a first-time buyer,,, if this is listed for 599K,,, I would not buy!!!
Kind of interesting, Seller was the Salvation Army. Buyer looks like a Flipper. Flipper probably thought they could make a quick 100 grand by buying and then relisting. Doesn't always work out that way.
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Old 09-25-2022, 10:15 AM
 
2,066 posts, read 1,073,200 times
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Quote:
Originally Posted by yesmaybe View Post
Kind of interesting, Seller was the Salvation Army. Buyer looks like a Flipper. Flipper probably thought they could make a quick 100 grand by buying and then relisting. Doesn't always work out that way.
The way fed has been jacking the rates he'll be lucky to end up less than 100K in the red.
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Old 09-25-2022, 10:26 AM
 
88 posts, read 52,578 times
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Quote:
Originally Posted by yesmaybe View Post
Kind of interesting, Seller was the Salvation Army. Buyer looks like a Flipper. Flipper probably thought they could make a quick 100 grand by buying and then relisting. Doesn't always work out that way.
I just don't get it! Why in the world did they think they could make 100k profit just by putting it back?
They better start some renovations, or this thing is not selling!!!
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Old 09-25-2022, 12:31 PM
 
2,710 posts, read 1,733,872 times
Reputation: 1319
Quote:
Originally Posted by Moh1988 View Post
I just don't get it! Why in the world did they think they could make 100k profit just by putting it back?
They better start some renovations, or this thing is not selling!!!
Maybe they can rent it out?
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Old 09-25-2022, 12:35 PM
 
9,880 posts, read 7,209,711 times
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The flipper is one of the biggest developers and contractors in the Woburn, Winchester, Lexington, Arlington area and does both commercial and residential work throughout New England.

I'm guessing they bought the property and decided it wasn't worth their time or effort and if they could make a quick $100K on it, might as well try. I'm sure the owner doesn't like to lose money but the carrying costs on that property for them isn't going to hurt the company.
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Old 09-26-2022, 12:53 PM
 
Location: North of Boston
3,689 posts, read 7,429,804 times
Reputation: 3668
I'm more interested in knowing what the Salvation Army was doing with that house since 1960, when they acquired it. Maybe interim housing for disadvantaged people? The kitchen appears to have been remodeled at least once since it was built in 1951 but it otherwise looks pretty original. My house was built in 1953 and has some similar features.
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Old 09-26-2022, 04:51 PM
 
3,620 posts, read 1,840,863 times
Reputation: 1508
Quote:
Originally Posted by gf2020 View Post
I'm more interested in knowing what the Salvation Army was doing with that house since 1960, when they acquired it. Maybe interim housing for disadvantaged people? The kitchen appears to have been remodeled at least once since it was built in 1951 but it otherwise looks pretty original. My house was built in 1953 and has some similar features.
Old article, but explains the Salvation Army's involvement with owning lots of real estate. https://www.latimes.com/archives/la-...r14-story.html
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