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Not as I understand it.
Once you spend money to enhance an item (such as, for example, enhancing a +1 longsword to a +1 frost longsword), there's no way to back out the additional enhancement. You can't "sell back" the frost enhancement, returning it to a "vanilla" +1 weapon. You're stuck with either (a) adding additional enhancements on top of what's already on the weapon (and, yes, having to deal with the higher cost of adding those enhancements), or (b) selling the entire item at 50% of cost, and starting over.