My Beef With Flippers (Pittsburgh, Dormont: hardwood floor, buying a home, live)

[RogersParkTransplant]

Originally Posted by Twenty Years in the Burgh

Even after buying my house, I've never lost interest in perusing the real estate listings. I've noticed that flipping is definitely beginning to make its way through my area slowly but surely--one gray tile at a time. I'm just hoping that they don't make their way to my favorite neighbor's small house after she dies as it's nearly fully intact (built 1910), functional and beautifully cared for.

If it's functional and in great shape, it should sell for a good price to someone who wants it. I have seen great listings for old homes come up on the Northside, and sell for good prices, esp in Brighton Heights. The flippers are coming after homes in pretty poor shape -- at least the ones that I see are taking houses that are unlivable without a gut rehab. So...a flipper may or may not be considered a jerk for putting their own tastes or their profit margin over historic preservation, and I can see both sides of the argument. But at the end of the day, an old home *in good condition* will already sell for a good price, so whoever sells it would just have to look for the right buyer/realtor to make sure it stays intact.

Come to think of it, when we bought our house the owners had multiple offers, and I wrote them a letter explaining that we understood the history of the neighborhood and would keep the house intact, and that affected their decision to accept our offer.

[Goodjules]

Originally Posted by Twenty Years in the Burgh

As a younger Gen-Xer who bought a home a little over three years ago, finding a house that had not been flipped or HGTV-ed was still fairly easy in the area in which I was house hunting. (West View, Bellevue, Avalon, Emsworth, Ben Avon, Brighton Heights). I'm not sure why the northern neighborhoods seemed to have escaped the flip fever of earlier years other than most were priced above what the average flipper was willing to pay for a property. Even after buying my house, I've never lost interest in perusing the real estate listings. I've noticed that flipping is definitely beginning to make its way through my area slowly but surely--one gray tile at a time. I'm just hoping that they don't make their way to my favorite neighbor's small house after she dies as it's nearly fully intact (built 1910), functional and beautifully cared for.

"One grey tile at a time." Well said, I love that.

[Kamms]

Originally Posted by guy2073

I know, the banks don't care because they are going to sell the loans. I have been getting offers for no doc loans like before also.

No Doc Loans are back? We have trouble ahead then.

Homes are like stocks now; manic run-ups followed by a long and slow crash with major long-term collateral economic damage.

[guy2073]

Originally Posted by Kamms

No Doc Loans are back? We have trouble ahead then.

Homes are like stocks now; manic run-ups followed by a long and slow crash with major long-term collateral economic damage.

I don't know if they are back but I get emails for them.

[Twenty Years in the Burgh]

Rogers, I hope that you're right about her house remaining intact or being thoughtfully brought into even more modern standards. (The current homeowner did redo the mechanicals and seamlessly added a few modern amenities to the nearly intact galley kitchen after she'd bought it such as adding a dishwasher and a bit more cupboard space that matched the existing cabinetry.) I'd be tempted to buy it myself when the time comes, but I love living in the house that I'm now in. I agree with you that it's not a bad thing when flippers purchase a house that needs more renovations and updates that the average homeowner is willing or able to do (*looks at falling apart bank-owed house on my street*), but a few of the houses that I looked at three years ago have since been flipped--and they were purchased for well above the typical price point for such houses. One in particular definitely needed cosmetic attention as it had been "re-muddled" at some point in the seventies, but I was surprised when I saw it re-listed about six months after I closed on my house for over three times the purchase price.

[RogersParkTransplant]

Originally Posted by Twenty Years in the Burgh

One in particular definitely needed cosmetic attention as it had been "re-muddled" at some point in the seventies, but I was surprised when I saw it re-listed about six months after I closed on my house for over three times the purchase price.

Wow, which neighborhood was this? I admit my thinking on this stuff is affected by my immediate area, where it's frankly hard to do a flip with *just* cosmetic changes and make much money, but of course some areas are "hotter" and a new coat of paint or new kitchen appliances will make a bigger difference.

[Twenty Years in the Burgh]

The house was a frame "high side" 3/2 in Emsworth with a two car parking pad behind and slightly above the house that was accessed via an alley. Even with Avonworth school district's good reputation, the resale price was high for such a property, IMO.

[RogersParkTransplant]

Originally Posted by Twenty Years in the Burgh

The house was a frame "high side" 3/2 in Emsworth with a two car parking pad behind and slightly above the house that was accessed via an alley. Even with Avonworth school district's good reputation, the resale price was high for such a property, IMO.

Wow, interesting. I still think a good realtor will find a buyer who appreciates a well-kept-up older home for what it is, but I admit anything can happen when a housing market gets "hot".

[PghYinzer]

Originally Posted by RogersParkTransplant

If it's functional and in great shape, it should sell for a good price to someone who wants it. I have seen great listings for old homes come up on the Northside, and sell for good prices, esp in Brighton Heights. The flippers are coming after homes in pretty poor shape -- at least the ones that I see are taking houses that are unlivable without a gut rehab. So...a flipper may or may not be considered a jerk for putting their own tastes or their profit margin over historic preservation, and I can see both sides of the argument. But at the end of the day, an old home *in good condition* will already sell for a good price, so whoever sells it would just have to look for the right buyer/realtor to make sure it stays intact.

Come to think of it, when we bought our house the owners had multiple offers, and I wrote them a letter explaining that we understood the history of the neighborhood and would keep the house intact, and that affected their decision to accept our offer.

I will end up doing the same thing when I sell my house someday. The thought of someone coming in and removing/painting the never touched mint condition built ins, mantle, and fireplace tile would be enough to keep me from selling the house to them. I have though painted a majority of my house gray, although I have no gray tile. I have modernized around the character, making it part of it of the simple look I have going on inside. The outside, although I have removed the slate roof that was beyond salvageable, I have removed lower aluminum siding to expose original wood details on the porch and installed a wooden storm door to make the porch look like it would have in 1920. It is easy to keep character and modernize a home, you just have to keep it simple.


I think I heard that the woman from Rehab Addict sells her house with convents in the deeds saying that they cannot be turned back into multi-family or the work she did cannot be undone. Although my house is not of historical significance I think I would be very open to that idea.

[Twenty Years in the Burgh]

Rogers, the house ended up going for far less than the asking price, but I was still surprised at what it went for. The already stable housing market seems to be rising in my area slowly, but surely. I'm not sure if it's due to what's happening in the Pittsburgh housing market in general or if people are realizing that the northern inner ring suburbs are one of the easiest areas from which to commute if you're a downtown worker or need to commute further north/west. Even with the relatively high property taxes, most houses for sale don't seem to linger long on the market here--whether it be for a rehabber's special or a move-in ready home.