And it went for....(UPDATE)
The battle of the Madison Avenue flips is over.
And the winner is....78 Madison Avenue!!!
In October, I posted a house at 82 Madison Avenue. It was a 4 bedroom, 7 bathroom flip on a 33.33 x 127 foot lot. It had a gym, a media room, a wine cellar, and an elevator.
It was priced at $4,300,000.
I wasn't a fan of the kitchen and I definitely wasn't a fan, especially at this price, of the fact that they didn't open the back of the first floor to the backyard. That room REALLY needs at least a window!
I thought it was way overpriced and I thought the final price would be closer to $3.79.
Well, just as I was posting it, the price dropped to $3,950,000 because, that same day, 78 Madison came on the market.
It was 4+1 bedrooms, 5 bathrooms and it sat on the exact same lot size. But this house was soooo much better. I loved the floors, the kitchen was MUCH better even though I am not a fan of the tile/wood thing happening on the floor, and the interior design just showed much better.
It too was overpriced at $3,795,000.
After several price drops, this house ended up being listed at $3,195,000. Three days later, 82 Madison dropped its price....to $3,150,000.
This is what 78 Madison was thinking....
And this is what 78 Madison is thinking now.....
Because it just sold....
For $3,150,000.
Now, when is 80 Madison getting flipped!?!
UPDATE: Thanks to the current owner of 78 Madison for sending in an email about this house.
Not only is he the designer, owner and occupant of this house but this is not his first project. The owner, Gareth Seltzer, also restored the house at 66 Lowther, 77 Admiral Road and 534 Huron among a few others.
And I think the Globe and Mail article about Seltzer and the house at 534 Huron explains part of the reason why this house sold first (beyond the fact that it was better).
'As he updates houses now, he makes them more suitable for family living by opening up the back with a large kitchen and a swathe of glass.'
For me, that was a big error at 82 Madison to not open up the back.
And though Seltzer is very happy with his sale, I don't think he is being Lucille Bluth about it.
But in my mind, he should pick up a martini because his restoration was the clear winner!
