In one of the most audacious flip attempts we've seen in recent memory, a multi-family townhouse at 101 Douglass Street is on the market for $2.5 million after selling for $900,000 last August. The catch: the new owners have made no moves to renovate the 2,100-square-foot house, and it's still in the decidedly pre-conversion shape that it was in at the time of purchase (h/t Brick Underground]. "Bring your contractor and architect [and $2.5 million] to create your ideal home [and a huge profit for us] on a great Brownstone Brooklyn block," the listing advises. Amazingly, the house was asking even more — $2.9 million — when it was listed two weeks ago. The ask was reduced by $210,000 after the first week and again by another $190,000 after the second week.
The flip attempt that this is most reminiscent of is the dilapidated Harlem townhouse that was purchased last July for $956,000 and re-listed the following month for $3.5 million. That place ended up getting an offer in the "high $2 millions," so it seems like anything is possible here.
· Listing: 101 Douglass Street [Corcoran]
· Would you pay $2.5 million to gut a Boerum Hill house that sold for $900,000 in August [Brick Underground]