BOOMERS have discovered the joy of fixing up their homes and flipping homes for maximum profit,
After mom-in-law got moved to assisted living (dementia care), we remodeled her home in SF and sold it. Probably worth $900,000 in it’s run-down condition, after remodeling we put it up for sale at $1.2 million, and it sold for $1.45 million after multiple bids, this was several years ago as techie yuppies were moving into the neighborhood. Now a bunch of homes were fixed up and sold. One a block away sold, was fixed up and resold for $1.7m; then the same home was remodeled and listed for $5.3m and sold this month. We’re in shock that a formerly blue-collar neighborhood with $20,000 homes in the 1960’s where my wife grew up is now seeing prices in the $5million range.