One of our eagle-eyed readers happened to be browsing Corcoran when he noticed an unusual caveat in the description of a 3-story house listed in the South Slope for $999,000 by Nick Arnold: “Listing broker is a co-owner.” His interest piqued, he hopped over Property Shark to dig a little deeper. Imagine his surprise when he discovered that the seller, 330 10th Street LLC, had just closed on the property in early March for $749,000. A 25% 33% price hike in less than two months? Maybe it’s not quite as egregious as it sounds, since the $749,000 price was probably locked in several months before the close. But still, a look at the title history suggests that the LLC partners had to put down $172,270 in equity, so if they get their asking price, they would make a return of almost 150% on their cash over six months or so. Nice work if you can get it.
330 10th Street [Corcoran]