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Flip Fail: Sea Cliff Home Sans Upgrades Takes $305K Price Chop

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In March 2013, a lovely four-bedroom home sold for $3.08 million in the exclusive and venerable Sea Cliff neighborhood. Sea Cliff isn't known for quick flips, but just over a year later the house was back on the market looking for $3.499 million. That ask is still well below the median Sea Cliff price, but the $491K gain (with no renovations or upgrades) seemed like a big leap, even in these heady times. After languishing on the market all summer, the home has come back down to Earth with a big $305K price chop that leaves it at $3.195 million, just a tad above its 2013 price.
That seems a bit more realistic. The house itself combines period details like wood paneling with shiny upgrades to the floors, kitchen, and bathrooms (made by a prior owner, that is). There's a grassy lawn, four bedrooms, three bathrooms, and parking for two cars. Now that it's given up its greediness, we imagine this home will have no trouble finding a buyer.

· 2800 Lake Street [Redfin]