Santa Monica Flipper: Flippin’ and Floppin’

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Maybe I spoke too soon, saying LA doesn’t yet have a lot of these ‘flippers in trouble’ blogs, because here’s a little ‘flipper in trouble in Santa Monica’ post from Westside Bubble:

‘This sweet house on 22nd north of Wilshire (down the block from Frank Gehry’s house) is the new third place in the Ancient Listings of Santa Monica. A lot and a half (75’ wide), 2 bed 1.25 bath, the master bedroom has hinged windows that go nearly to the floor and bring in the feel of this spacious rustic lot. Add on with a new kitchen and a third bedroom and it could be very nice.

‘Our flipper had bigger ideas. He bought it on 6/14/05 for $1,780K, got plans (boring image below) and permits, but then cold feet. Put it on the market 2/22/06, touting its plans and permits, asking $2,099K - over $300K for his trouble! Nothing happened. Reduced to $1,949K in 5/06. Still nothing. Took it off the market in July. Decided to build after all? Guess not. Back on the market 11/06. Couldn’t sell it for $1.95M before, but listed at $2.2M. Dropped to $2.0M 1/07. Off the market. Now back on the market for $1,799K. Flip-flop, flip-flop, flipper is flopping.’