An excellent way to make a profit on a piece of real estate is to get a great deal on it the first time around, and that strategy might be paying off for the owner of townhouse 4 at 40 Bond Street. The townhouse hit the market in summer 2011 asking $7.5 million and sold for just $4.5 million at auction. (There was all kinds of drama, including a lien of more than $6.8 million and a citation in a lawsuit by musician Sly Stone.) The new owner, an LLC, clearly saw room for profit, relisting the place just a month after purchase for $6.75 million. Even with a subsequent PriceChop to $6.25 million, our investor stands to make a profit. The place is now in contract, so we'll soon see how he or she did.
This time around, the staging was cleaner and sleeker than in the earlier, more troubled attempt at a sale. Here's what the place looked like in that 2011 listing:
· 40 Bond St. #TH4 [StreetEasy]
· $7.5 Million 40 Bond Townhouse Sells for Just $4.5 Million [Curbed]
· 40 Bond coverage [Curbed]