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
The owner is more than wiped out, they’re taking an outright loss. Including carrying costs they’re under water.
Is it just me or is it possible that The What is becoming even less coherent than before?
But you are a douchebag and nobody gives a sh*t what you think.
“Brownstoner your are lucky this isn’t my house. I would call my Lawyer right now. How in the fuck can you post “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” Wow!
The What”
It’s appreciation, Mrs. Limestone. As long as housing costs go up, the same house bought last year and left untouched will sell for more this year. It’s the same reason the Mona Lisa is worth more today than when Da Vinci first painted it. Not that I’m trying to compare this home to a masterpiece, mind you.
Mr. B is allowed to speculate and it’s hardly slander to call someone who buys and a home and sells it shortly thereafter a “flipper.” I’d warn the What that suing over this one would be a waste of tim but it would appear What has more than ample time to waste. Moreover, even if the person did lose their job or whatever, if you buy a house and try to sell it shortly thereafter for a profit, aren’t you “flipping” the house?
Was the house on 1st street untouched from sale to sale? I don’t see how a house put on the open market fetches hundreds of thousands more without any additional work done. Was it better staging or marketing?
The house was first bought for $435K in Feb 2006 (according to Prop Shark one of the sellers was in an old-age home and was “incapacitated” and had a guardian). Then this owner paid more than double that one year later in August 2007.
Mr. B is a blogger not a journalist. This is what happens when people take Mr. B, who has no journalistic experience seriously. Mr. B, please do your research because as you can some people take your words and opinion as gold. Also think of what ramifications your posts may have on others.
Mrs Limestone:
The Park Slope 1st Street house sold last year for 3.2 million and was FLIPPED this year for 3.6 million.
It just shows that certain areas hold up better than others.
Clearly.