In 2021, the United States experienced an unprecedented real estate boom, and nowhere was it more evident than in the vibrant market of South Florida. Today, we delve into the significance of timing in real estate and share a remarkable success story – that of our journey through the highs and lows of the longest fix-and-flip deal in the up-and-coming neighborhood of Shenandoah, Miami.
In 2019, we snagged a fixer-upper in Shenandoah, for a steal at $542,000. The initial plan was to flip it quickly, as we secured a buyer willing to pay $720,000. However, fearing they might be overpaying, they backed out.
Instead of flipping it right away, we decided to renovate. COVID-19 hit, and we thought we were in trouble. Turns out, the real estate market had other plans. Prices started going up in 2020, giving us the green light to make our property even more attractive.
We went all in, adding a 50 feet long lap pool, thinking we could sell for a million bucks. Then, 2021 happened. The market went crazy. So, when we listed the house in May 2021, we boldly asked for $2,275,000.
Subsequently, each time we successfully obtained a buyer and entered into a contract, the deal collapsed. This typically occurred because the buyers sensed they were paying too much. In response, when relisting the property, we adopted a rather cunning approach. Instead of reducing the price, we actually raised it. This approach seemed logical at the time due to the frenzied market conditions and the scarcity of available inventory.
By March 2022, we were listing at $2,750,000. It took a few tries, but we finally sold it. And get this—it set a record for the highest sale ever in Shenandoah! We sold it at the peak of the real estate frenzy, and it might stay a record for years.
Our story is a simple reminder that in real estate, timing is everything. Delays, unexpected twists, and a bit of luck can turn a headache into a huge payday. It's not always about the plan; sometimes, it's about rolling with the punches and making the most of the market's ups and downs.