A man's reach should exceed his grasp or what's a Cognewaugh for?

297 Cognewaugh Road, a flip-project I’ve written about twice before, has a contract. Priced now at $1.995 million, the builder paid $1.399 for it this past January, outbidding others, one presumes, because list was $1.395, and put it back on the market in August for $2.495, a number which proved to be unpopular.

The listing touts a paint job and a new septic system as the “renovations” performed during this speculator’s brief ownership, but paint’s cheap, and buyers expect a working septic system and won’t pay extra for one, so they can be forgiven for not seeing $1.1 million in added value.

But, after deducting transaction costs, the seller will probably gross around $350,000 - $400,000 on this deal, which still isn’t bad for few month’s work.

Pre-paint job and Home Depot shrubbery planting

It’s possible that the builder didn’t pay over ask because of other bidders, and was instead just overwhelmed with enthusiasm for The Zebra.