Flip or Fancy Footwork?

128 Porchuck Road, which closed in April this year for $4.2,  came back on the market yesterday for $550K more. It looks to the naked eye to be a flip, but it more than likely is a move from one LLC to another – perhaps the same players or some of them reorganizing with others?- creative accounting. PRCT LLC to 128 Porchuck LLC…
With one crappy photograph and no indication that it’s been improved. The realtor who sold the property in May is representing the seller for the current listing.

TO SEE THE FULL LISTING CLICK HERE 

128 PORCHUCK RD – JULY 2015 – $4,750,000
128 PORCHUCK RD – APRIL 2015 – CLOSED @ $4.2M
It was built in 2000, and sold for $4.3M.
PRCT LLC bought it for $5.2 on a list price of $5,395,000. It was initially listed for $5,675,000 140 days prior.
In 2009 PRCT LLC rented it for $12K. They then tried selling it in 2010 for $6.5M and it expired after 344 days. They then switched realtors, and re-listed for $5.5M and it expired once again at $4,950,000 after 364 days. Switching realtors again, they rented it for $15K for a couple of years. Doesn’t look like the rent covered the carrying costs, let alone if they had to repair anything along the way.
6 bedrooms, 7.2 baths, 8000SF+, 4.38 acres – pool and a tennis court that could use some love…most renters just don’t pony up to maintain these little luxuries.

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