Here's a related fix N flip story:
We have a nice Brad Wolff Eichler-style home listed for $330,000. It's 1600 sqft with 3 beds and 2 baths; and has classic MCM details like vaulted open beam ceilings, glass walls, courtyard, mahogany paneling...etc. However, the home suffers from dated kitchen and baths. Click here to see photos: http://www.milehimodern.com/1314sEudora.htm

When we listed the property, we priced the home $50K below what updated or remodeled homes in the neighborhood have been selling. We have been on the market for 90 days and have had 50 showings but no offers. All of our similar but updated or remodeled homes in the area have sold for higher prices.

Feedback from our clients as well as those of other Realtors suggests that when given a choice between a remodeled property or a dated property, Buyers will choose the remodeled one - even if the price is higher and the remodel doesn't fit the architecture. Most Buyers seem to be afraid of the hidden costs of taking on a remodel themselves. And in today's market in Denver, professional fix-N-flippers can only purchase properties that are way under valued - which this one is not.

Therefore the Seller has decided to take the property off the market and redo the kitchen and baths. We are trying to help him choose appropriate materials and finishes but at this point we don't know how it will turn out. Regardless, when the project is finished, the property will go back on the market at a new price that will be 2x what the remodel cost - probably something around $360K. So, if you want to save some money and put your personal remodeling touches on this property, contact me as soon as possible!

Craig Mayer, Mile Hi Modern
Distinctive Properties Ltd.
303-316-2161
craig@milehimodern.com