Tuesday, August 22, 2006

2005 Condo Flips: Cityline and Residences at Gallery Place

Here's sales data for condos flipped in 2005 at the Cityline at Tenleytown and Residences at Gallery Place. Five were flipped at Cityline and 10 at Residences. More may have been flipped through contract assignment prior to closing, but this is based on available public data.

The nominal profits were good except for the seller of Cityline #421, who flipped at a loss of $900; I have to imagine the net loss was much worse for that flipper once almost six months of carrying costs and the unit's closing costs are factored in. The average nominal profit at Cityline was $89,106; for Residences, it was $119,724. Average time to flip: 83 days for the former, 171 days for the latter. Cityline #535 wins the prize, flipping within 23 days for a profit of $124,543.

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