From $1.05 to $1.495 in short time is likely a 100-125% markup on the cost of the renovations. Here's the thing. They didn't do so much, but it still could have cost a bundle depending on the contractor. My guess is that they put in $150 (on the very low end) to $200 (not implausible) and marked it up. The signs:

Kitchen is basic white shaker. Cost depends on the quality of the cabinets and appliances more than anything. It's not uncommon to see quotes for cabinets at $45K (which is criminal given the underlying cost). Then add all the fixtures, finishes, labor, plumbing and electric and you can easily get close to $100K if you're not careful.

Landscaping. Hopefully they hired a cheap team.

Bathrooms - the vanities and fixtures are all very cheap looking

Paint - this is max $40 inside and out.

Flooring - depends on the contractor and state of the subfloor.

Anyway, without going into more detail, YES, they are just flipping to make fast profit on someone who wants a move-in-ready house.

New roof - it's not a huge house, but depending on the roofer would somewhere in the neighbor

Anonymous wrote:Bought for $1.05M in December. Full refresh, including kitchen and windows and at least one bathroom. Now listed for $1.495 (down from $1.75 in case anyone wondered whether the market was shifting).

https://www.redfin.com/VA/Alexandria/1901-Belle-Haven-Rd-22307/home/9762219

There's clearly a premium on someone else having done the renovations, but nearly 500K feels like too much.

(Also what is on the floor in photo 14??)

You absolutely can't use this listing to determine if the market is shifting. We live nearby so know the location/house well. This is a truly horrific location - on an incredibly busy corner. The traffic backs up on fort hunt road multiple times/day. On top of that, this is truly the cheapest/saddest flip I've seen in a long time. The cabinets are off the shelf, the light fixtures are big box, cheap. It's really bad. For the location, I think they overpaid in december. I'm not sure what it's worth b/c no one I know who is looking in the neighborhood would even look at something in that location.

Anonymous wrote:The location is awful.

Yeah if I have $1.5 million to spend why would I choose to live directly on a loud intersection?

The location is awful.

Terrible location.

Anonymous wrote:Bought for $1.05M in December. Full refresh, including kitchen and windows and at least one bathroom. Now listed for $1.495 (down from $1.75 in case anyone wondered whether the market was shifting).

https://www.redfin.com/VA/Alexandria/1901-Belle-Haven-Rd-22307/home/9762219

There's clearly a premium on someone else having done the renovations, but nearly 500K feels like too much.

(Also what is on the floor in photo 14??)

Hard to say without knowing the condition of the home before the renovations... but we have friends that live in Belle Haven and that neighborhood can command a surprisingly high cost. But this is a terribly lot, right on Belle Haven Road - and that will have a huge impact on the market value.

We looked at this when it was on the market pre-reno. The lot is on a super busy corner and the driveway is basically the back yard (and accessed via the busy road). It’s a great house but this price feels high for the specific lot location.

Bought for $1.05M in December. Full refresh, including kitchen and windows and at least one bathroom. Now listed for $1.495 (down from $1.75 in case anyone wondered whether the market was shifting).

https://www.redfin.com/VA/Alexandria/1901-Belle-Haven-Rd-22307/home/9762219

There's clearly a premium on someone else having done the renovations, but nearly 500K feels like too much.

(Also what is on the floor in photo 14??)