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
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.
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