House of the Day: 110 Lefferts Place
The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business. The current owner paid $950,000 for the five-story brownstone (which is “not in move-in condition,” according to the listing) last August, suggesting he probably went into contract in May or June. He put the house back on the market in January…
The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business. The current owner paid $950,000 for the five-story brownstone (which is “not in move-in condition,” according to the listing) last August, suggesting he probably went into contract in May or June. He put the house back on the market in January for $1,100,000, which would have been enough to earn a good return on his equity given that he had managed to finance more than $900,000 of the original purchase. Just last week however, the price was cut to $950,000, meaning that with the broker’s fee, his equity will be wiped out. This stuff always sounds good on the way up.
110 Lefferts Place [Corcoran] GMAP P*Shark
Dumps in CG are 1.8 minimum 2:39. Not including the snacks.
Sad, but also really stupid, to keep quoting sections of other people’s posts and then putting one inane word after them.
“Yawn” indeed.
“all we said was this this “exemplifies why house-flipping can be a tricky business”
YOU actually said.
“The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business”
Dont paraprase yourself BS
You said the the owner of 110 Lefferts Place is a Flipper.
You’re your own troll
Sad, but really stupid to pay that much for a dump in such a fringe neighborhood. You could get a dump (maybe a little smaller) for the same amount in Carroll Gardens.
“At the risk of sounding like Bill Clinton, all we said was this this “exemplifies why house-flipping can be a tricky business” and never said that this guy was one; we’d have to agree with Brooklynnative, though, that a flipper is defined by his actions not what’s in his heart.”
Whatever. Yawn…..
The What
Someday this war is gonna end…
This person isn’t a flipper… they are acting rationally. They’ll ‘only’ lose their downpayment and the 12 months of carrying costs.
Sure beats the 100s of thousand they stand to lose if they wait any longer.
At the risk of sounding like Bill Clinton, all we said was this this “exemplifies why house-flipping can be a tricky business” and never said that this guy was one; we’d have to agree with Brooklynnative, though, that a flipper is defined by his actions not what’s in his heart.
In defense of Mr. B. Buy a property and sell a property in a short time frame looks like a flip. Yes, there could have been other circumstances that contributed to the sale as a job loss but I repeat back on the market in a short time frame at a higher price, looks like a flip.
Maybe it’s not just appreciation. Maybe the house was untouched, but the interim owner did something timeconsuming and possibly expensive like get rid of tenants. People may have been living there regardless of whether it is actually in move-in condition or not.