Boston Real Estate Blog

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Developer makes $2M profit on Back Bay renovation-flip deal

We heard about this deal a few days ago. But not the actual numbers that allow you to figure out the true profit. From the BBJ:

A 4,600-square-foot brownstone in Boston’s Back Bay that was gutted and restored, sold at list price in 22 days for $5.5 million.

Koby Kempel, CEO of Pegasus Luxury Homes in Boston, bought the 9-room, single-family home at 315 Marlborough St. in 2012 for $2.75 million and spent $675,000 in renovations, according to public records. He sold the home Jan. 7.

At about $2 million, that’s not a bad profit for a few years work.

File under: Envy, pure and simple