FLIP HOUSE UPDATE

Here’s the latest on the Sara Swanson flip story we told you about in June: the Madison Avenue house Swanson’s been rehabbing for over a year is finally on the market.

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The four-bedroom, twoTHREE-bath house is listed at $699,000.

Will the market, which is at its softest point in years, support that price? We’ll see. Robert Crayhon, Swanson’s deep-pocket partner on the project, bought the house at the peak of the market in June 2005 for $450,000. The idea was to spruce it up and sell it for a quick, tidy gain. But Swanson, who’s been overseeing the renovations and living in its midst, ran into nightmarish delays—largely, she says, because of a guy she refers to only as “the bad contractor.”

Now, only finishing touches remain, and Swanson is confident that the fall buying season that starts in a few weeks will be her salvation.

Meanwhile, she’s planning the first of a series of open houses this Sunday from 1 to 4p. Individual appointments at other times may be made by calling 917-853-9449.

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