Then vs. Now - A Look at Recently Resold RS Fund Projects

Every now and then, a home we flipped years ago will pop back up on the market for sale, which always makes for an interesting trip down memory lane. Given market conditions over the past several years, these homes have usually appreciated considerably, without the new owners having to make any significant improvements. Below is a home we bought and flipped over 5 years ago, which just sold again this June - it’s a great snapshot of how drastically home values have grown in such a short period of time.

We purchased this 3BD/2BA Mt. Carmel home back in August 2012 for just $585,000. After rehabbing the kitchen, bathrooms, landscaping, and making other miscellaneous improvements, we sold for $813,000 - a healthy return for the times. Now, just over 5 years later, the home has resold at $1,440,000 - a 77% increase in value with no major improvements made. While this may seem like a gaudy number, it’s remarkably in lockstep with city-wide price growth over that same period of time. In 2013, the average sales price for a single-family home in Redwood City was $1,050,074. Year to date in 2018, the number increased to $1,844,518. That’s a nearly 76% price increase, virtually identical to the growth Ruby saw over that same period of time. It’s been a wild 5 years in RWC real estate to say the least...