House flippers can

[Hum]

It seems that a couple of house flippers bought a New York castle back in 2005, thinking they could make a quick buck. (Actually, the plan was to live there for two years, make a million dollars and buy a brownstone.) It had worked for them before, the New York Times reports: Susan and Manfred Phemister "had been flipping real estate in zip-zip fashion since the mid-1990s, and had made a killing each time."

So in 2005, they picked up a 36,000-square-foot castle in Amsterdam, N.Y., for $800,000.

Two years and $400,000 in renovations later, they put it on the market for $2 million.

And they haven't unloaded it yet.

It's now listed at $895,000. (Click here to go to the listing on Yahoo! Homes. You can also check out the Sotheby's real estate listing at UpstateCastle.com.)

The Phemister family includes three children, ages 12, 11 and 9, who have friends over to play dodge ball ... in the 10,000-square-foot gym.

There's a locker room, too. And two turrets, and two kitchens, and two bed-and-breakfast suites. (The Phemisters bring in $60,000 a year from the Amsterdam Castle B&B, they tell the Times.)

The home, built in 1894 as a National Guard armory, is listed on the National Register of Historic Places.

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[Growled Member]

It's still a buyer's market. House prices are still real low. I doubt they'll get what they have in it unless they wait for the prices to rise, which may be a while.

[fusi0n]

Hopefully they can sell it.. but like Growled said.. it is a buyers market still

[Atomic Wanderer Chicken]

Only $895,000??? That seems like a bargin, but the location is terrible (location, location, location), and it looks like municiple building (which it was)! If it was in a rural area near mountains, then it would have brought in millions and sold quickly! I dont like the hardwood flooring that much either. Its huge castle, luxurious, and a good price for its vastness, but the utilities and taxes will be astronomically high!

[Hum]

Maybe it would better to conduct tours for a fee, while waiting until a good offer comes along.

[Growled Member]

They should just turn it into a bed and breakfast or something.

[+SOOPRcow MVC]

It's still a buyer's market. House prices are still real low. I doubt they'll get what they have in it unless they wait for the prices to rise, which may be a while.

I dunno, maybe it depends on where you are but it is totally a sellers market right now here in San Diego. Low rates causing high demand and there is very very low supply. Most places are going at least 20k over asking price and you're competing with all cash offers and bidding with out an appraisal continence. I just lost on a 1000sq/ft condo that was listed for 299K, I bid 312k and lost to a 322k offer. It's really making me consider leaving the buying market right now actually. Feels like another bubble building.

[Hum]

They should just turn it into a bed and breakfast or something.

Have a few people die there, then claim it is a haunted house. :shifty: