A flip that worked

As renovated

34 Montgomery Lane, asking $1.575 million, is under contract.

Built in 1965, it was originally listed as land for $1.150 million in 2019 and sold to a builder that May for $985,000. You can see that listing, with photos, here.

The builders completely renovated it: new roof, windows, mechanicals, kitchen, baths, paint, etc. and put it back up for sale last December at $1.575. They stuck to that price for 327 days and depending on its final sale price, it appears that their patience paid off. If they’re getting anything close to their asking price, then allowing for 7% transaction costs (commissions, taxes, lawyers, and such) then they had about $480,000 to play with, after deducting the purchase cost of the original structure. The improvements were substantial, but the builders set the price, so they must have known what they needed to get to make an acceptable profit, and it seems that they have. Good for them; it’s a nicely done project.

2019 edition