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Big Richmond Flip Can't Find a Buyer, Drops Price $246K

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After changing hands several times over the past few years, 367 17th Avenue was sold to flippers back in 2013 for $850,000. They quickly set about gutting the place, which appeared to be a bit of an overgrown mess. The renovations added a new garage and an extra bedroom and transformed the property into a modern, shiny gray house. It then went back on the market for $2.495 million, a sizable price gain of $1.645 million in a year and three months. However, the property hasn't snagged a buyer at that price, and the ask was recently dropped down to $2.249 million, a $246K decrease. The house is quite large, at 3,293 square feet, and has has 4 bedrooms and 3.5 bathrooms. This is the second big flip in as many weeks that has lowered its price. So what's going on? Are the sellers getting over ambitious? Is the lack of character in the remodeled homes putting off potential buyers? · 367 17th Avenue [Redfin]
· Sought-After Fixer Upper Can't Find a Buyer After Remodel [Curbed SF]