65 Prospect Park West Flips!
It’s been quite a ride for 65 Prospect Park West! Despite its park views and private parking, the three-story house was in rough enough shape when it hit the market in early 2009 that it only ended up fetching $1,400,000. Then, it seems, the new buyer fixed the place up and handed it off to…
It’s been quite a ride for 65 Prospect Park West! Despite its park views and private parking, the three-story house was in rough enough shape when it hit the market in early 2009 that it only ended up fetching $1,400,000. Then, it seems, the new buyer fixed the place up and handed it off to Corcoran who listed it for $3,400,000 at the beginning of the summer. After a modest price decrease in July, though, the listing went into contract in early August and then closed quickly three weeks later for $2,837,550. Sounds like someone probably put a few bucks in his or her pocket on that one! Look for this baby to show up on next week’s list of Biggest Sales. GMAP
“location, location, location.”
Exactly. I wonder how much they invested in the renovation.
Why did this flip work so well? Repeat after me, “location, location, location.”
Good flip. How come these aren’t commonplace anymore? Oh…
“where are you perma bears? i know i know: falling knife and the buyer’s gonna get sliced up. blah blah blah”
Present! Kill Bill style (banquet hall).
***Bid half off peak comps***
this one serves a few purposes.
1. asks are sometimes totally divorced from reality and therefore NOT useful in gauging the state of the market.
2. risk takers are still out there and can still be rewarded (if they buy well).
3. the market has not declined by more than 20%. This house never would’ve fetch $3.5.
4. there is still a lot of money in the world and some folks will rather invest in their home than bonds.
where are you perma bears? i know i know: falling knife and the buyer’s gonna get sliced up. blah blah blah.
The renovation pictures were really nice. I don’t think any pre-renovation pictures were posted though.