Friday, August 17, 2012

Bed-Stuy Flip (Again): 221 Jefferson Avenue

We told you this week how a rehab company picked up this Bed-Stuy 4-Family last month at 221 Jefferson Avenue for $500K.  Now they're looking to flip it for $1.169M.  Doubling your money in Brooklyn real estate...

Is this price a surprise?  Maybe you missed how quickly 106 Hancock Street got a contract with a list price of $1.1M.

No interior pics here on Jefferson, but you get "updated mechanicals", a "two story extension", and we're told, "Some details remain."  For a place looking to more than double their money, they sure are short, sweet, and to the point with their write-up.  They even say it "does needs [sic] an updated cosmetic touch".  

Was $1.1M+ for a fixer-upper not what you had in mind for Bed-Stuy?  Where are the next-best 4,000 sqft townhomes, then, for $1.1M?  This isn't the first flip we've seen this month in Bed-Stuy.  This side of Atlantic Avenue has seen a few flips like this.  If it really does need(s) just cosmetic touches, this could be another one of a handful of $1M+ moves the big brokers and others are bringing to this neighborhood.  The supply & demand story continues to push higher pricepoints further east.

Pro's:  location, 20' x 50', "updated mechanicals"?

Con's:  somebody else's flip, no interior pics yet, what kind of work have they done?

Ideally:  Platinum Members are scoping out another estate sale on these blocks with the kind of upside for a flip, and even greater potential for a user

1 comment:

  1. Corcoran has taken this listing down. As the owner told us, they "never had an agreement" with him to list it in the first place. Big REBNY no-no? We'd say.