A southeast Bushwick townhouse that sold in September 2013 for $245,000 is back on the market for $1.2 million; not as egregious an ask as other flipped properties of late considering the townhouse has, in the meantime, undergone a gut renovation. The 3,000-square-foot townhouse consists of two apartments: a garden level two-bedroom, and an owners duplex with three bedrooms and two-and-a-half bathrooms. The renovation saw the reconfiguring of four bedrooms to three bedrooms in the duplex, and the installation of a new kitchen with stainless steel appliances and Caesarstone countertops, central HVAC and new bathrooms. The home's vinyl siding has been replaced with "a slate gray material that seems to be Bushwick's answer to brownstone," jests Brick Underground.
But is this pad in a less-desirable section of Bushwick, 12 stops on the L from Manhattan worth the 390-percent mark-up? Brick Underground notes that with fixer-uppers and renovated homes in Williamsburgoften thought of as the gateway to Bushwick, or maybe vice-versa these daysgoing for $600 and $1,000 a square foot, respectively, it "starts to make a lot of sense" that a move-in ready townhouse a few stops further into Brooklyn on the L would cost $400 a square foot. The Bushwick market presents an "entirely different stratosphere of housing."
· Bushwick Townhouse Flippers Aim For Nearly 4 Times What They Paid. Will They Get It? [BU]
· Listing: 33 Aberdeen Street [Corcoran]