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Old 03-04-2009, 12:30 PM
 
1,989 posts, read 3,855,738 times
Reputation: 1384

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Bump.

This is just an update on a few apparent flipper purchases in my area that are now taking price reductions that will lead to a loss. Current sale to ask around here is about 90%:

1135 Green Bay Rd, HIGHLAND PARK, IL 60035 | MLS# 07068483

261 Woodland Rd, HIGHLAND PARK, IL 60035 | MLS# 07075657

I'm hoping this is the beginning of a trend. I don't think prices can normalize until the nouveau flippers are out of the market and the pool of buyers is back to being people who intend to live in the house or have spent a lifetime repairing homes for resale or rent. In the meantime, lots of homes have fallen victim to flipper rot-- unheated, unguarded-- destroyed through neglect.
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Old 03-04-2009, 04:22 PM
 
935 posts, read 1,951,939 times
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Quote:
Originally Posted by cohdane View Post
Bump.

This is just an update on a few apparent flipper purchases in my area that are now taking price reductions that will lead to a loss. Current sale to ask around here is about 90%:

1135 Green Bay Rd, HIGHLAND PARK, IL 60035 | MLS# 07068483

261 Woodland Rd, HIGHLAND PARK, IL 60035 | MLS# 07075657

I'm hoping this is the beginning of a trend. I don't think prices can normalize until the nouveau flippers are out of the market and the pool of buyers is back to being people who intend to live in the house or have spent a lifetime repairing homes for resale or rent. In the meantime, lots of homes have fallen victim to flipper rot-- unheated, unguarded-- destroyed through neglect.
Hey cohdane-

Just to let you know, the second listing is not a flipper. It may/may not be overpriced, but I know the people that own the home and they didn't buy to flip.

I hope you find something!

Last edited by Paige65; 03-04-2009 at 04:24 PM.. Reason: error - supposed to be second house isn't a flip
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Old 03-04-2009, 04:59 PM
 
1,989 posts, read 3,855,738 times
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Quote:
Originally Posted by Paige65 View Post
Hey cohdane-

Just to let you know, the second listing is not a flipper. It may/may not be overpriced, but I know the people that own the home and they didn't buy to flip.

I hope you find something!
Paige65--

Thanks for letting me know.

Oddly enough, it makes a difference to me: 1. In gauging what's going on in the local market. 2. If we liked the property enough to make an offer, I'd prefer the money be going to a family who loved their home and not someone who was playing the odds in the neighborhood.

I'll send them good karma. We were fortunate enough to sell our home in Boston and my heart goes out to anyone who's participating in this market as a seller of their family home.

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Old 03-04-2009, 08:17 PM
 
48,519 posts, read 81,474,308 times
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With Obama anounced plan to reduce home mortagae reduction for homeowners I'd wait until we see what will happen. Right now even some democrats are speaking against this but worth waiting.Too many uncertainites to do anyhting on anythign really.
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