#21609654
19 Racing Beach Avenue, Falmouth
$1,600,000

THIS is the proverbial real estate chocolate in a sea of vanilla (although truth be told, I prefer vanilla to chocolate, so there goes the snappy cliche)! This listing is a dream, and actually fairly priced, considering it includes a buildable lot, which is probably worth at least $500,000. Both the home and the lot have water views.

The house is dated, and has low ceilings, which you can’t really do much about unless you just blow the house apart and start over. But I would work with what’s there, and capitalize on the vintage charm. I think it could be enchanting! With a first floor owners’ suite, and 5 more bedrooms upstairs (and 3 bathrooms), the space is nicely arranged. There’s a separate garage, with space above that as well.

And then there’s that buildable lot…a rare, rare opportunity. If I had the money – or a partner with the money – this would be an outstanding opportunity to build a fabulous home in a gorgeous setting, and to finance most of it with the “flip” after doing some limited work to the existing house and then selling it. The immediate $$ upside would be most unusual. The new house, probably costing $1,000,000 – $1,500,000 (including land), would be immediately worth $2,500,000 – $3,000,000. That’s a profit of at least a million dollars. I don’t know where else that kind of return is available.