Is flipping back?

16 Binney Lane (as proposed)

16 Binney Lane (as proposed)

16 Binney Lane came back on the market today at $3.995 million after selling for $2.250 million last August and undergoing renovations since then. I’ll be curious to see it – its builder does good work, and $4 million is certainly not an unheard of price on Binney, but it’s doubtful that whatever renovations have been done cost anywhere close to $2 million, so if they pull this off, expect to see a hell of a lot more of such flips as the year progresses. Happy days (may be) here again.

And before you get worked up into a lather about a builder making a quick buck, remember that what someone paid for a property has nothing to do with its current market value. Buyers enjoyed one side of this rule in the past years as they picked up brand new houses well below the builders’ costs; it may the builders’ turn now.


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8 responses to “Is flipping back?

  1. Binney Builder

    Who is the builder CPP?

  2. Gary cunningham

    Core Properties. We have several projects going on and are focused on Old Greenwich and Riverside. To Chris’s point many people have no idea how much work is involved in terms of both time and money bringing projects to market. We took a risk last year buying some properties and are working extremely hard to bring them to fruition. We hope to build a reputation for quality single family homes that combine traditional with a modern twist that appeal to a wide audience who appreciate the area in which we live.

  3. Anonymous

    Just selling if you possibly can is the new flipping.

  4. Chief Scrotum

    A house is only worth what the next person is willing to pay for it (as many banks have learned.)

  5. Cos Cob

    CF, I see the spec house at 32 Loughlin ave for 1.795m is under contract in Cos Cob and it’s only a foundation at this point. And 6 Indian Pass, a modest spec house for 1.5m with Greenwich zip and Cos Cob schools is also under contract now after a bit of a wait.

  6. Bobby

    classy response from the builder…..& I hope his integrity is rewarded by the market.

  7. Anonymous

    Wow. I have spent the last two weeks trying to convince my wife that we should sell our house ASAP and rent. We bought land in late 2009-early 2010 and built a house that we can make money on now. Time to sell and book profits. Things are going to end badly. I had been putting money into BDCs (high yield) but am contemplating liquidating everything and going cash for now. Things are frothy in real estate and elsewhere in my view.

  8. Anonymous

    Cos cob,

    Cedar lane is also set for the dumpster. I’d expect to see a house there soon.