Flip or Flop?

Flip or Flop Update: Bushwick townhouse now $201,000 cheaper, but is it a good deal yet?

By Leigh Kamping-Carder  | May 14, 2014 - 2:59PM
A couple of weeks ago, we examined a townhouse in Bushwick that had undergone a gut renovation--with a gutsy price tag to match--as part of our Flip or Flop? series. The owner, a Flushing, N.Y.-based developer called Cadillac Homes, had listed the 3,000-square-foot house at 33 Aberdeen Street for $1.2 million, or almost four times its sale price of $245,000 in September.
Suffice it to say, a buyer did not leap at the chance to get this place. Yesterday, about three weeks after putting it up for sale, the owner cut the price by 16.75 percent, to $999,000
The home is made up of an owner’s duplex with three bedrooms, plus a two-bedroom rental, and has a few things going for it: a walk-out deck, central air, a period staircase, crown moldings and mantels, and a gray exterior that replaced less attractive vinyl siding. Now that it's under $1 million, will a buyer snap it up?
But the home is still far more expensive than other offerings in the neighborhood. The average price of a one- to three-family home was a mere $575,000 in the first three months of this year--still a fraction of the asking price for 33 Aberdeen, as appraiser Jonathan Miller told us earlier this month. And no number of price cuts will change the fact that this is not prime Bushwick. It's far away from the area's hot spots and 12 stops from Manhattan. 
Either way, if you're interested, an open house is scheduled for Saturday. Listing broker Adam Sikorski of the Corcoran Group did not return a request for comment.
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