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Buyers Not Fooled by Forest Hill Flip with No Real Upgrades

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In one of the more audacious attempted flips that we've seen, this five-bedroom Forest Hill home hit the market in late June asking $3.195M. That was a whopping increase of $595K in just over six months. See, these sneaky flippers had just bought the property in December 2013 for $2.6M, and proceeded to overhaul it with laughably light cosmetic upgrades. They seemed to be counting on the market's overall rise to justify the new price, but apparently the market is not that crazy and buyers are not desperate enough to support such a big increase. This week, the house slid back below $3M, with a new ask of $2.998M. That's still almost $400K more for, well, next to nothing, except some fresh cream-colored paint. But at least it's not $595K more?

· 279 Castenada Avenue [Redfin]
· Forest Hill Home Adds $595K and Fresh Paint in Six Months [Curbed SF]