A little over three years ago, 748 Treat Avenue was a big old fixer with an antiquated kitchen, an exposed pipe running through the middle of the bathroom, and a dirt and cement backyard. After a 2011 foreclosure, the three-bedroom listed for just $570,000, an unthinkably small sum these days, and sold for $735,000. It's not surprising that flippers picked it up and spiffed it up, but what is surprising how much they were able to add to the price. The home is now on the market as a set of three condos and is looking for $5.9 million. Yes, that's more than eight times its 2012 sales price. Of course, what's now on the market is dramatically different from the rundown foreclosure that sold in 2012. The property is broken up into a bi-level four-bedroom penthouse with two huge patios on top, a middle full-floor flat with three bedrooms and deeded ownership of the backyard, and a garden flat with two bedrooms. The exterior is now a very trendy shade of gray, and the interiors are as sleek and modern as you'd expect. The penthouse is stunning, with a big glass staircase moving through the middle, loft-style high ceilings, and a rather adorable yellow oven adding a touch of color to the kitchen.
The listing suggests that the new buyers can either turn the place into a "family compound" or live in the penthouse and hold onto the other units for income.
· 748 Treat Avenue [Redfin]
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