New Silver Flip Highlight: Westport, Connecticut
It’s not every day that a fix and flip investor finds a gem like this property located in Westport, Connecticut. With incredible views, classic features and based in a popular coastal neighborhood, this older home showed great potential. New Silver recently financed this property and the fix and flip project, and here are the results.
Westport, CT is a small town with a population of just under 30,000. The median price of real estate in this affluent town is $1.1mm, because the town is less then an hour commute from the busy financial hub of Manhattan. Investor’s dream is a 3,850 sq. ft property, which was built during the 1980s and had fallen into some disrepair. The contemporary building has waterfront views of the Saugatuck Shores and boasts three bedrooms, three full bathrooms and a number of other rooms like a sunroom, office and more. The home also features some sought-after classics like hardwood flooring, built-in closets and a deck area.
A subsequent inspection of the property found that repairs were needed to windows, that the pool would have to be redone and that landscaping and deck refinishing would be needed. Prior to purchasing the property, investor’s biggest challenge was finding reliable funding fast enough to close the deal first. Property renovations were successfully completed, mostly concerned with cosmetic changes and repairs, rather than major structural changes. Following this project, investor plans to pursue further residential flipping projects in 2020.
Address 36 Harbor Road, Westport Connecticut
Strategy Fix and Flip
Loan Amount $1,144,000
Terms 12 months
LTV (Loan To Value) 56%
ARV (After Repair Value) $2,225,000