More Flipping Tales
This one comes from Mandi Collins, a broker in Los Angeles. "And how hot is the market right now?" she asks before telling the tale of 2215 Scott, a home in LA's trendy Silver Lake neighborhood. It's now on the market for the third time in fourteen months, according to Collins. It was first purchased in April of 2004 for $423,000, with no money down. It resold for $470,000 this May, thanks to another no money down loan. At the new price of $726,000 the buyer's asking $900 a square foot. "Will it sell at this price? I have no idea," Mandi asks and answers. Her one clear conclusion: "It's a GREAT time to sell."
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