Can a flip with high end finishes be sold at a premium?

[Benny Cash]

Newbie to investing and real estate  here, so sorry in advance if the answer to this is painfully obvious to experienced investors.

I'm trying to educate myself on the possibility of flipping houses in the greater Boston area, an area from what I gather is generally very difficult and competitive to find a good deal in, and an area generally with very high acquisition costs (e.g., high risk, high reward). 

There are many, many properties that are in tired or rough shape that are being sold to owner occupants with little room (in terms of resale value) for spending money on rehabbing. 

What I wonder is if there is a small niche market of folks who would pay a premium (I.e., significantly above comps) for very high end finishes, particularly in a town that is known for historic preservation. And by high end, I mean rehab money spent on architectural details that are in keeping with the historic charm of the surrounding neighborhood. 

I ask this because I recently saw a small 1500 sq ft 1950's cape bought for $630k and sold for $940k after a very well known architect had his fun with it. Not only did it sell for $940k but is was gone after the first open house.

Just trying to wrap my head around how much "over rehabbing" is more of a liability than an asset in markets like these.

Any thoughts or experiences are more than welcome!