Not long ago you could buy a tired old house, do a quick update and flip it for a tidy profit. Not now. This ranch was purchased for $1.2 million in October ’07, just as the air was leaking out of our market. The new owners added central a/c, a new kitchen, redid the baths and refinished the floors and perhaps added on 800 feet (can’t be positive from the listing). They put it back up for sale in April ’08 at $1.795 an aggressively high price, in my opinion, for the market that then existed, and couldn’t sell it. Today it’s come down to $1.395. If it keeps dropping, all of that work will have been for naught. Of course, that original $1.2 million purchase is probably worth something like $750,000 now so a loss was coming one way or the other, but the owners put in a lot of time and expense redoing this house without, it seems, getting much back for their effort.