San Carlos “New Listing of the Week” — 2630 Howard Avenue

New is Good.

With the way inventory looks right now in San Carlos, it’s becoming newsworthy when  any new listing comes on the market.   But regardless of what the market conditions happen to be, it’s always worth noting when a newly-built home becomes available in San Carlos, because brand-new construction is a relative rarity here.   Since there’s virtually no uncommitted land available on which to build new homes,  new homes usually appear where an older home once stood.   Such is the case with this nice home – or in this case, two homes.

2630 Howard Avenue.

The huge, older Spanish-style home that once stood on the 11,300 square foot lot at 2622 Howard Avenue has been transformed into two brand-new custom homes.  The first of these to come on the market is the one at 2630 Howard Avenue, which is being offered at $1,695,000 by Anna Wong of Alain Pinel Realtors.   This 4 bedroom/3 bathroom home has over 3,000 square feet of living space, and sits on a nicely landscaped 5,650 square foot lot.

Smart Design.

One of the great things about new construction is that it gives the architect and builder a clean slate to work with, instead of partial-remodels where they’re constrained by the existing structure.  As such, you’d expect a very intelligent layout with a brand new home — and this home delivers.   The upstairs bedrooms are spacious and well appointed, with the gorgeous master suite located at the rear of the home for maximum quiet and privacy.    But the real showpiece of this home is the kitchen/family room area.  Since most people now tend to entertain in their kitchen and family room area, it’s essential to many home buyers that these two rooms flow together in a “great room” configuration.   The great room in this home is one of the best that I’ve seen.

Check it out..

If you’re in the market for new construction in San Carlos, put this home on your list.  It will be open this Saturday and Sunday from 1:30 – 4:30PM.   For more details and pictures of this great home, click here –> 2630 Howard Avenue, San Carlos.

New Listing of the Week in San Carlos: 1241 Crestview Drive

Sometimes the criteria varies when I decide on a “New Listing of the Week.”   It may be the nicest home to hit the market that week, or perhaps it’s in a noteworthy location.  Other times I’ll highlight one because it appears to be an exceptional value.   This week’s winner at 1241 Crestview Drive has a little bit of all of these.  This home has 3-bedrooms, 2.5-baths, with 2,300 square foot of living space on a big 9,380 square foot lot.  It’s being offered at $1,099,000 by John Herrmann of RE/MAX Today.

This home is priced very well for its size — at 2,300 square feet, that calculates out to about $478/square foot, which is a great deal in San Carlos, regardless of the condition of the home.  And this home has a ton of good things going for it.   The layout is very spacious, with a lofty entry that features some big arches.  There’s hardwood and carpet on both levels, which is a nice touch.   The kitchen is pretty much original, but it wouldn’t take much to spruce it up.

The lot has been recently landscaped, and the back yard is very pleasant and private.   The home is near the top of the the first hill on Crestview (close to the intersection of La Mesa) which is nice for a couple of reasons:  the grade starts to flatten out, so it’s not as steep as some homes further down the hill.  And it’s up high enough to get some good views.

Crestview has always been an ideal location for folks who use Highway 280 for commute access, so this is a big plus.   The final big plus?  Check out that 3-car garage….nice.

If you’re looking in San Carlos this week, definitely put this one on your list.   For more details (no photos yet) click here –>  1241 Crestview Drive.

What Sold, and What’s New in San Carlos — Week of 4/27/08

New listings once again out-paced closed escrows this week, giving a boost to the available inventory. It’s now up to about 60 active single family listings, which it hasn’t been at for quite some time. As far as home sales are concerned, it was an interesting week — three of the “centurions” (homes that were on the market for 100 days or more) coincidentally closed escrow this week. It’s a little odd seeing numbers like these in San Carlos, but it’s normal in many other communities around the Bay Area. We have been riding a hot market for quite a while.

Check out the details — click on the property address for more info and photos…

Home Sales

• 1148 Elm St: (Pictured above) Sale Price: $1,415,000. Original List Price: $1,399,888. Difference: $15,112 over asking. DOM: 8 Days. I’m not surprised this one sold as quickly as it did — it’s a sleeper from the outside, which belies the fantastic remodel on the inside. MLS #785769, listed by Steve Eldridge of RE/MAX Today (nice job, Steve.)
• 1548 Howard Ave: Sale Price: $918,000. Original List Price: $988,000. Difference: $80,000 below asking. DOM: 202 Days. MLS #750606, listed by Antonia Katila of RE/MAX Dolphin.
• 1509 Belmont Ave: Sale Price: $855,000. Original List Price: $839,000. Difference: $16,000 over asking. DOM: 9 Days. MLS #786393, listed by Justine Ford of RE/MAX Today
• 3 Plymouth Ave: Sale Price: $819,000. Original List Price: $849,000. Difference: $30,000 below asking. DOM: 166 Days. MLS #760010, listed by Mike Leyte-Vidal of LV Associates.
• 360 Ridge Rd: Sale Price: $605,000. Original List Price: $775,000. Difference: $170,000 below asking. DOM: 176 Days. MLS #754895, listed by Carrie and Grant DuBois of Coldwell Banker.

New Listings:

• 125 Coventry Ct: $1,899,000 — 3BR/2.5BA, 2,860 sq ft on a 10,004 square foot lot. This is a very nice little neighborhood at the very top of Crestview — it’s on a block with Kent Avenue and Normandy Court, it comprises one of the few flat neighborhoods that far up in the hills. You get the best of both worlds — killer views and a flat yard. That’s why you don’t these go up for sale very often. MLS #805946, listed by Kathleen Areias of Cashin Company.
• 1083 Hewitt Dr: $1,199,998 — 3BR/2BA, 1,470 sq ft on a 12,740 square foot lot — another BIG lot by San Carlos standards. This one is described as “needing some work” in the MLS, so it will be interesting to see how much it needs. Stay tuned.. MLS #806341, listed by Julie Geyer of Carlmont Associates.
• 211 Lemoore Dr: $1,098,000 — 3BR/2BA, 1,740 sq ft on a 7,592 square foot lot. MLS #806003, listed by Cheri Cerna of Coldwell Banker.
• 12 Chilton Ave: $995,000 — 4BR/2BA, 1,910 sq ft on a 6,956 square foot lot. MLS #805671, listed by Joan La Macchia of RE/MAX Dolphin.
• 2630 Debbie Pl: $989,000 — 2BR/2BA, 1,550 sq ft on a 5,200 square foot lot. MLS #806101, listed by John Shroyer of RE/MAX Today.
• 65 Chestnut St: $929,000 — 3BR/2BA, 1,530 sq ft on a 9,296 square foot lot. (That’s a big lot for San Carlos.) MLS #805686, listed by Alex Lehr of Lehr Real Estate.
• 812 Cordilleras Ave: $899,950 — 2BR/1BA, 1,530 sq ft on a 6,670 square foot lot. MLS #804965, listed by Warren Hohn of Prudential California Realty. Getting a case of deja vu on this one? You should be… it just sold a few months ago and it’s back on the market again.
• 578 Cedar St: $879,950 — 2BR/2BA, 1,590 sq ft on a 6,500 square foot lot. MLS #805063, listed by John Reese of Intero Real Estate Services. Some interesting pictures on this one…
• 48 Bayport Ct: $879,000 — 3BR/2.5BA, 1,660 sq ft on a 5,400 square foot lot. MLS #805612, listed by Tony Gabb of RE/MAX Star Properties. No need to rush out and see this one — it’s already “Sale Pending.”
• 30 Arundel Rd: (Pictured above.) $824,985 — 2BR/1BA, 980 sq ft on a 5,472 square foot lot. MLS #805991, listed by Bob Bredel of RE/MAX Today.
• 2716 San Carlos Ave: $724,900 — 1BR/1BA, 780 sq ft on a 5,160 square foot lot. MLS #804812, listed by Bob Bredel of RE/MAX Today.

What Sold, and What’s New in San Carlos — Week of 4/20/08

Not a terribly busy week in San Carlos real estate, but things are still moving. As of this writing, there are 53 active single-family residence listings in San Carlos. Here’s the activity for the week… be sure to click on the address for more information and additional photos..

Home Sales

• 25 Cedar St: (Pictured above.) Sale Price: $1,105,000. Original List Price: $1,050,000. Difference: $55,000 above list. DOM: 3 Days. MLS #786069, listed by Gail Aknin of Cashin Company.
• 1306 Alameda: Sale Price: $880,000. Original List Price: $879,888. Difference: $112 above list. DOM: 25 Days. MLS #782799, listed by Carmen Miranda of Alain Pinel Realtors.
• 43 Roslyn Ave: Sale Price: $797,000. Original List Price: $848,000. Difference: $51,000 below list. DOM: 83 Days. MLS #771073, listed by A. Treneva of First Option Realty.

New Listings:

• 521 Vista Ave: (Pictured above.) $1,299,000 — 3BR/2BA, 2,406 sq ft on a 6,451 square foot lot. MLS #804401, listed by Geoffrey Nelson of Cashin Company.
• 119 Brook St: $929,000 — 3BR/1.5BA, 1,290 sq ft on a 7,540 square foot lot. This is a great opportunity — Brook is a quiet “extended cul-de-sac” just off Brittan. This side of Brook backs up to the creek, so it’s very scenic in the back. And with a 7,500 square foot lot, there are many expansion possibilities. MLS #803101, listed by Randy Offenbach of Intero Real Estate Services.
• 1842 San Carlos Ave: $789,000 — 3BR/2BA, 1,500 sq ft on a 6,118 square foot lot. MLS #804610, listed by Mary Harris of Intero Real Estate Services.

What Sold, and What’s New in San Carlos — Week of 4/13/08

The pace sure dropped off from last week, which shouldn’t be a surprise. The frenzied rate of new listings and home sales that hit San Carlos last week was certainly above average, and not a sustainable pace for a town the size of San Carlos. This week’s results are more typical. Note that new listings once again outnumbered closed sales, which results in a higher inventory. As of this writing, the number of active listings in San Carlos now stands at 59, which I believe is the highest level so far this year.

Here are the details. Click on the address for more photos and property info…

Home Sales

• 134 Sunnydale Ave: (Pictured above.) Sale Price: $1,815,000. Original List Price: $1,699,000. Difference: $116,000 above list. DOM: 7 Days. MLS #778434, listed by Justine Ford of RE/MAX Today. Nicely remodeled home right in the heart of White Oaks.
• 369 Clifton Ave: Sale Price: $1,412,000. Original List Price: $1,399,000. Difference: $13,000 above list. DOM: 21 Days. MLS #780188, listed by Justine Ford of RE/MAX Today.
• 265 Edgehill Dr: Sale Price: $1,115,000. Original List Price: $1,125,000. Difference: $10,000 below list. DOM: 16 Days. MLS #782825, listed by Bob Bredel of RE/MAX Today.
• 333 Old County Rd: Sale Price: $549,000. Original List Price: $549,000. Difference: $0 above list. DOM: 10 Days. MLS #779947, listed by Maria Neal of Alain Pinel Realtors.

New Listings

• 1 Coleman Ct: (Pictured above.) $1,849,000 — 3BR/3BA. 3,090 sq ft on a 10,800 square foot lot. MLS #802718, listed by Bob Bredel of RE/MAX Today.
• 329 Elm St: $1,399,000 — 4BR/3BA. 1,700 sq ft on a 6,120 square foot lot. MLS #802791, listed by Helen Greve of Coldwell Banker.
• 1088 Hewitt Dr: $1,298,888 (what, no zeroes?) — 4BR/3BA. 2,750 sq ft on a 7,850 square foot lot. MLS #801600, listed by Lisa Susnow of Coldwell Banker.
• 201 Molton Ave: $1,185,000 — 3BR/2BA. 1,700 sq ft on a 6,120 square foot lot. MLS #801603, listed by Jerrylee Vandenhurst of Lyon Real Estate.
• 1161 Woodland Ave: $949,000 — 3BR/1BA. 1,330 sq ft on a 4,880 square foot lot. MLS #801573, listed by Joyce & Tatum of Intero Real Estate Services.
• 1029 Cherry St: $799,000 — 3BR/3BA. 1,720 sq ft on a 5,000 square foot lot. Sorry, no pictures on this one yet. MLS #802949, listed by Don Chareonchitswad or RE/MAX Dolphin.

What Sold, and What’s New in San Carlos — Week of 4/6/08

Somebody opened the floodgates for new listings this week. Inventory shot back up to normal levels, with the number of new listings far exceeding the number of homes sold. I’m pretty sure this is biggest week for new listings so far this year — as of the time of this post, there are 55 active listings in San Carlos. That’s good news for buyers, and for the health of the real estate market in general. Here are the details — click on the address for more details and photos.

Home Sales

• 1006 Orange Ave: Sale Price: $1,530,000. Original List Price: $1,499,000. Difference: $31,000 above list. DOM: 15 Days. MLS #782875, listed by Jim Arbeed of Coldwell Banker. Pictured above, this is one of the most asked about listings in San Carlos (second only to 2100 Greenwood) and consequently one of the most closely watched.
• 275 Coronado Ave: Sale Price: $1,525,000. Original List Price: $1,848,000. Difference: $323,000 below list. DOM: 85 Days. MLS #768394, listed by Joan Wachter of Coldwell Banker
• 140 Sunnydale Ave: Sale Price: $890,570. Original List Price: $839,000. Difference: $51,570 above list. DOM: 9 Days. MLS #781701. Sunnydale has been a busy street lately, with side-by-side listings during the same week. This one was listed by the Justine Ford of RE/MAX Today.
• 1365 Geneva Ave: Sale Price: $1,050,000. Original List Price: $998,000. Difference: $52,000 above list. DOM: 19 Days. This home had very good curb appeal, and is in a great location on Geneva. MLS #778498, listed by Tom Hilligoss of Coldwell Banker.
• 948 Sunset Dr: Sale Price: $1,015,000. Original List Price: $1,225,000. Difference: $210,000 below list. DOM: 22 Days. MLS #780933, listed by David Young of Coldwell Banker.
• 148 Colton Ave: Sale Price: $910,000. Original List Price: $998,000. Difference: $88,000 below list. DOM: 38 Days. MLS #776811, listed by Sarah Hillhouse of Coldwell Banker.
• 1627 Saint Francis Way: Sale Price: $920,000. Original List Price: $839,000. Difference: $81,000 above list (10%). I commented in the blog when this property first listed that $839k was a very aggressive price for 2/2 on Saint Francis Way– looks like that turned out to be true. DOM: 9 Days. MLS #786284, listed by David Young of Coldwell Banker.

New Listings

Super-size me! There are some big homes on big lots that hit the market this week. If you’re looking for a larger than average home in San Carlos, you have a good selection to choose from this week. Check out all these new listings….

• 1322 Central Ave: $1,789,000 — 4BR/3BA. 2,880 sq ft on a 8,000 square foot lot. Pictured above, this is a very spacious home on an unusually large lot for White Oaks. Nice touches throughout this one. MLS #789569, listed by Justine Ford of RE/MAX Today.
• 227 Rockridge Rd: $1,795,000 — 4BR/3BA. 2,630 sq ft on a 14,000 square foot lot. Great views from this home. MLS #789538, listed by Bernadette Casey of Coldwell Banker.
• 295 Hyde Park: $1,578,800 — 5BR/2.5BA. 2,890 sq ft on a 10,018 square foot lot. MLS #801151, listed by Regina Pio Roda of Redfin.
• 1800 Arroyo Ave: $1,525,000 — 4BR/2.5BA. 2,600 sq ft on a 7,749 square foot lot. MLS #801169, listed by David Young of Coldwell Banker.
• 400 Devonshire Blvd: $1,500,000 — 3BR/2.5BA. 2,350 sq ft on a 8,100 square foot lot. There are actually three total parcels as part of this sale, totaling over 19,000 square feet. MLS #801174, listed by Mary Yeargain of RE/MAX Today.
• 232 Exeter Ave: $1,333,000 — 3BR/4+BA. 3,000 sq ft on a 7,400 square foot lot. MLS #800822, listed by Nancy Palmer of Alain Pinel Realtors.
• 3120 Melendy Dr: $1,298,000 — 3BR/3.5BA. 2,910 sq ft on a 8,000 square foot lot. MLS #789784, listed by Paymon Ghafouri of Alain Pinel Realtors.
• 177 Barford Ave: $1,198,000 — 4BR/2BA. 2,470 sq ft on a 7,344 square foot lot. MLS #800747, listed by Paymon Ghafouri of Alain Pinel Realtors.
• 315 De Anza Ave: $969,950 — 3BR/2BA. 1,790 sq ft on a 8,050 square foot lot. MLS #801237, listed by Michelle Dumas of Dumas & Company.
• 2855 Roland Ave: $969,000 — 2BR/2BA. 1,590 sq ft on a 6,710 square foot lot. Corner lot on Roland. MLS #789497, listed by Elizabeth Whitehead of Intero Real Estate Services.
• 2660 San Carlos Ave: $779,000 — 3BR/3BA. 1,240 sq ft on a 7,176 square foot lot. MLS #789619, listed by Bob Hintz of RE/MAX Today.
• 2452 San Carlos Ave: $769,000 — 3BR/1BA. 1,210 sq ft on a 8,320 square foot lot. MLS #801134, listed by David Young of Coldwell Banker.
• 1277 Greenwood Ave: $725,000 — 2BR/1BA. 850 sq ft on a 5,200 square foot lot. MLS #801249, listed by Patricia Peterson of Coldwell Banker.
• 365 Old County Rd: $650,000 — 3BR/1BA. 1,090 sq ft on a 5,000 square foot lot. MLS #800775, listed by Jeffrey DeJesus of RE/MAX Westlake.
• 327 Fairfield Dr: $624,000 — 2BR/1BA. 820 sq ft on a 5,000 square foot lot. OK, so maybe this isn’t a super-size, but lots of expansion possibilities on a 5k square foot lot. MLS #800578, listed by Eric Berggren of Intero Real Estate Services.

While we’re at it, a couple of listings are back on the market for a second (or more) round:

• 142 Oakview Dr: $995,000 — 3BR/2BA. 1,530 sq ft on a 4,000 square foot lot (both stats according to the seller.) MLS #789576, listed by Ulli Sharma of Omni Square Real Estate.
• 45 Maple Way: $929,000 — 3BR/2BA. 1,250 sq ft on a 5,000 square foot lot. Flat lot on a great street in San Carlos, even though it feeds RWC school district — but Clifford is a great school. MLS #800630, listed by Justine Ford of RE/MAX Today.

What Sold, and What’s New in San Carlos — Week of 3/24/08

The pace of sales and new listings certainly kicked up a notch last week. For the second week in a row, more homes sold below asking than above. Of the eight homes that closed escrow this past week, two got above asking price, one sold at list, and five sold below. That’s an interesting trend — we’ll have to see if it continues. As always, click on the address for more details:

Homes Sold

• 1912 Saint Francis Way: Sale Price: $1,400,000. Original List Price: $1,499,000. Difference: -$99,000 below list. Any home that goes on the market on Saint Francis Way draws lots of attention, and this was no exception. Saint Francis runs right through center of White Oaks, and is one of the most desirable streets in all of San Carlos. This is an unusually large, 2,430 square feet home on a lot that’s nearly 7,300 square feet. Days on Market (DOM) — 28 Days. MLS #800103, listed by Justine Ford of RE/MAX Today.
• 742 Crestivew Dr: Sale Price: $2,450,000. Original List Price: $3,200,000. Difference: -$735,000 below list. This is a huge home on the canyon side of Crestview with impressive views of the mountains. DOM: 281 Days. MLS #731758 , listed by Sam Anagnostou of Anagnostou Properties.
• 130 Lynton Ave: Sale Price: $2,000,000. Original List Price: $2,195,000. Difference: -$195,000 below list. This is a BIG custom home up in Devonshire Canyon. Great views, and nicely finished. DOM: 27 Days. MLS #774701 , listed by Geoffrey Nelson of Cashin Company.
• 2884 Roland Ave: Sale Price: $1,665,000. Original List Price: $1,650,000. Difference: +$15,000 above list. A nicely remodeled home at the very top of Roland Ave, this one is on a huge 10k+ square foot lot that feels like a park in the back. DOM: 7 Days. MLS #779880 , listed by Melanie Smith of Coldwell Banker.
• 1021 Elm St: Sale Price: $1,325,000. Original List Price: $1,325,000. Sold at list price. DOM: 10 Days. MLS #780193 , listed by David Young of Coldwell Banker.
• 151 Wildwood Ave: Sale Price: $1,250,000. Original List Price: $1,189,000. Difference: +61,000 above list. DOM: 8 Days. MLS #780969 , listed by Joyce and Tatum, Intero Real Estate Services.
• 2540 Howard Ave: Sale Price: $810,000. Original List Price: $849,000. Difference: -$39,000 below list. DOM: 120 Days. MLS #754619 , listed by Claire Earley of Coldwell Banker.
• 1009 Walnut St: Sale Price: $829,000. Original List Price: $839,000. Difference: -$10,000 below list. DOM: 124 Days. MLS #777406 , listed by Genelia of Alain Pinel Realtors.

New Listings

Here are the “new” listings that hit the market this week in San Carlos. There are a couple of second-rounders back on the market (33 Pine, and 328 De Anza) that are not included in this list.

• 1509 Belmont Ave: $839,000 — 2BR/1BA. 1110 sq ft on a 4,600 square foot lot. Pictured above, this home is also in a great White Oaks location. A big plus is the full-sized 2 car garage, which is a rarity with 2BR/1BA homes. MLS #786393, listed by Justine Ford of RE/MAX Today.
• 2912 Brittan Ave: $1,298,000 — 4BR/3.5BA. 2,150 sq ft on a large 9,600 square foot lot. MLS #786979, listed by John Shroyer of RE/MAX Today.
• 249 Garnet Ave: $1,259,000 — 3BR/2BA. 1,690 sq ft on a 5,720 square foot lot. Garnet is a great side-street in White Oaks. MLS #786369, listed by Peter Vece of Dumas & Company.
• 345 Dartmouth Ave: $1,189,000 — 4BR/3BA. 2,460 sq ft on a 6,720 square foot lot. MLS #787656, listed by Chris Frangos of Coldwell Banker.
• 2000 Howard Ave: $875,000 — 3BR/2BA. 1,480 sq ft on a 4,560 square foot lot. Great starter home potential for those who need that third bedroom. MLS #786373, listed by Vincent Cardinale of Intero.
• 2136 Greenwood Ave: $918,000 — 3BR/1BA. 1,220 sq ft on a 5,250 square foot lot. MLS #787443, listed by Cynthia Moscaret of Prudential California Realty.
• 1301 Cordilleras Ave: $879,000 — 3BR/1BA. 1,250 sq ft on a 4,850 square foot lot. MLS #787552, listed by Mark Scafine of SC Properties.

325 Pearl Avenue — the Analysis of a Flip.

Flipping homes is a numbers game — you either make a profit, or you don’t. It’s that simple. When contractors decide to remodel a house and flip it, they must have a firm grasp on what numbers are required to make the effort financially worthwhile.

So when I saw that a much different version of 325 Pearl Avenue in the White Oaks neighborhood came back on the market after just 7 months after its last sale, my interest was definitely piqued. (The current sale of 325 Pearl Ave is being offered by Greg Celotti of Alain Pinel Realtors)

First, a quick history on this home: It sold in July 2007 for $1,070,000, which was a whopping $191,000 premium over the asking price of $879,000. I heard that the winning offer competed with 9 or 10 others that were submitted. When I reviewed the original house, I referred to it as a “BYOB” … which stands for Bring Your Own Bulldozer. Truly the only redeeming value of this listing was the lot — a prime 7,500 square foot lot on a great White Oaks Street. Every inch of the house desperately needed some degree of upgrading. Here’s the specs on the original:

325 PEARL AV, SAN CARLOS 94070 (San Carlos) $1,070,000 Beds: 3 bed(s) Baths: 2 bath(s) 1,730 square feet

Property Overview 325 PEARL AV

Fast forward 7 months later to today, and here’s the new version of 325 Pearl Ave. By comparing the specs, it appears that they added a bedroom and a bathroom, and increased the square footage from 1,730 sq ft to 2,188 sq feet. Here’s the specs on the “new” place:

325 PEARL AV, San Carlos 94070 (San Carlos) $1,298,000 Beds: 4 bed(s) Baths: 3 bath(s) 2,188sq ft Property Overview 325 PEARL AV

For a photos of the before and after, take a look at the two links:

• 325 Pearl Ave (Before)
• 325 Pearl Ave (After)

Clearly, this remodel was much more than just a coat of paint and some new carpets. The builder did a marvelous job updating this home. The difference is stunning — it looks completely different from the original place. So what’s my point?

Well, let’s take a closer look at the numbers. It’s currently listed for $1,298,000 — a difference of only $228,000 from what it was purchased for. Assume for this exercise that it eventually sells for the asking price minus a 5% cost of sale, and an assorted $500 in additional fees. That takes a bite of $65,400 out of that difference, which would leaves only approximately $162,600 to work with.

The remaining profit of ~ $162,600 must now fund the cost of carrying the mortgage for 7 months, and the material cost and labor of the remodel (and landscaping.) How much is this? I wouldn’t even venture a guess. But considering that most contractors want to see a profit of $100k (or more) on a 7 month project to make it worthwhile, you’re really left with three possible conclusions:

1. The builder is banking on getting significantly more than list price, or
2. They’re going to have to be happy with a current margin on this flip.
3. My analysis is completely off-base

Thoughts?