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Exactly. It, though, probably over for the fly-by-night quick flip guys. You know, the ones you used to see on TV who were looking at bankruptcy if the new roof took two weeks to put on instead of one week. There'll always be opportunities for the people who can afford to have a little breathing room and do the job right.
Yep. You really have to know where the deals are, and have a feel for what the neighborhood is doing. And you really have to have the patience to bargain hunt, while looking at potential of a home, rather than its present condition.
Good point. There are plenty of markets where the real estate wasn't priced to insane levels.
What's more, I think a factor nobody takes into account is the increasing gentrification of inner city neighborhoods, particularly by younger professionals who just aren't intimidated living cheek-to-jowl with minorities. That's a movement that's really getting underway in this country, propelled by the cost of gas and the lifestyle issues associated with commuting two hours a day. In places like that, it's a very viable thing to buy a house with architectural character, give it some TLC, and make a tidy profit.
I live in a historic district in East Dallas close to downtown and I can tell you when a great Craftsman or Tudor Bungalow goes on the market for a good price - it's a great investment for someone to redo. One less bad house generates even more demand. The gentrification is now extending to the schools and as the schools get even better, the more people want to live here..so it starts snowballing.
I live in a historic district in East Dallas close to downtown and I can tell you when a great Craftsman or Tudor Bungalow goes on the market for a good price - it's a great investment for someone to redo. One less bad house generates even more demand. The gentrification is now extending to the schools and as the schools get even better, the more people want to live here..so it starts snowballing.
On all the housing shows on cable television, Dallas always seems to have some of the cheapest real estate, a good bit more affordable than here in Atlanta.
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There'll always be opportunities for the people who can afford to have a little breathing room and do the job right.
