Friday, December 29, 2006

Update on Red Bank House Flip

Redbankgreen has been watching an attempted house flip in Red Bank for the past few months. An update is provided.

"Remember that attempt to flip a house on Madison Avenue we told you about in June?

Well, the house remains unsold 18 months after an investor bought it, at the top of the market, for $475,000. Sara Swanson, the New York woman who oversaw its renovation—and lived amid the disarray of construction—is moving on. And the investor who bankrolled the project has decided to keep the house for himself, we're told." Full story...

I did a little bit of research on my own and noticed that a construction lien was filed with the county clerk for a total claim of $17,720.00 against this property. Also of interest, the contractor that filed the lien claimed he did $72,800.00 worth of work on the property. Therefore, the total out of pocket cost so far is about $547,800 assuming the total amount of the lien is paid off, and not including interest on the $360,000 mortgage (5.50% - 5 year ARM) and property taxes, insurance, etc.


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