Edwards property flipped

That I understand is jargon for rapidly reselling realestate in a speculative transaction; no 'ownership', habitation, or maintenance ever occurs. 544 E. Jefferson, one of 4 on that block owned by Edwards as knockdown houses was recently resold.

Edwards bought the property in March 06 for $185,000 and sold it to Monte and Shannon Herring June 16, 06 for $265,000. Considering that since the place has been stripped and allowed to run down it must be only considered as a knockdown by its new owners. That's a hell of a proffit to pay. The Herrings must be smarting some right now. They presently own a house at 316 McCullough, on the west side of Kirkwood. It is one of the two car garage in front beasts on which the garage constitutes 45% (20 of 44 feet) of the frontage and projects 18 feet in front of the porch and 24 feet beyond the front door.



An alternative viewpoint of the 544 sale is that the market price is determined by the actual price someone will pay, and therefore it is worth exactly $265,000 for a 64 by 120 foot lot that requires $20,000 of demolition yet to clear it of the old house. The real person smarting in this transaction is the former owner who sold the place to Edwards in March. Apparently they left $80,000 on the table, having failed to obtain the best price the market would willingly pay.