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Redfin Partner Agent
Adam-la
Posts: 1,898
Registered: ‎03-15-2011
0

Want to see a potentially profitable flip?

Copied from the realestallker. 

 

$40M markup in 4 years?  Not too shabby.

 

 

 

http://realestalker.blogspot.com/2011/11/friday-floor-plan-porn-sanford-sandy.html

 

YOUR MAMAS NOTES: Today we offer the children a mouth-watering snippet of New York City floor plan porn courtesy of Josh Barbanel who yesterday presented a juicy real estate report in The Wall Street Journal about the filthy rich former chairman and chief executive of Citigroup Sanford "Sandy" Weill who has officially listed his full-floor penthouse spread at the swish and swank 15 Central Park West building with a bone rattling asking price of–are y'all sitting down?–$88,000,000.

Mister Weill and his wife Joan shelled out $43,687,750–or $42,405,000 depending on where one looks–for the the deluxe 6,744 square foot penthouse back in August 2007. At the time it was one of the highest amounts paid per square foot for a private residence in Manhattan. The single-level, mansion-sized penthouse carries, according to listing information we peeped, monthly maintenance fees and taxes that total $13,824.

Silver Trusted Contributor
Pasta
Posts: 1,091
Registered: ‎10-25-2009
0

Re: Want to see a potentially profitable flip?

It's only profitable if it sells...

Silver Trusted Contributor
Goran_K
Posts: 1,085
Registered: ‎06-07-2011
0

Re: Want to see a potentially profitable flip?

Comps are all that matter.

Redfin Partner Agent
Adam-la
Posts: 1,898
Registered: ‎03-15-2011
0

Re: Want to see a potentially profitable flip?

Glad you two seem to be understanding the Starchy School of Real Estate Mantras. 

 

Personally, I don't have any experience with this level of the 1% so I am amazed at the number of 0's involved. 

Super Contributor
Artiste
Posts: 226
Registered: ‎05-02-2009
0

Re: Want to see a potentially profitable flip?


Goran_K wrote:

Comps are all that matter.


^^^^ Imitation is the sincerest form of flattery.

Regular Contributor
lareguy2012
Posts: 108
Registered: ‎02-19-2008
0

Re: Want to see a potentially profitable flip?

That's insane that someone would pay that much "even" the 40million or whatever for an apartment! and the HOA is over $13,000 a MONTH? I guess when money is no object!

Regular Contributor
WinaltHome2011
Posts: 107
Registered: ‎12-27-2011
0

Re: Want to see a potentially profitable flip?

Profitability of it will only depend on how was it flipped, or how was it offered and the condition of it when it was then flipped and decided to sell it.

Only if you are committed to your work will you definitely succeed.
Self-Discipline will also be the standing point.