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| Photo: RedFin.com |
Several years ago a listing for a 900 sq ft two-bedroom in our neighborhood caught my eye. Back in September of that year the same unit on another floor sold for $230k. Why the giant price differential? The latter was a wreck, indeed, as these side-by-side photos show. Fast-forward a few years and a relisting caused a flurry of speculation in the real estate community of the Jackson Heights Life forum. Did someone "flip" that wreck? It brought up a good question: Can you even "flip" in New York? The answer is no, at least, not in the conventional sense.