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Old 07-30-2019, 11:06 AM
 
Location: Polish Hill, Pittsburgh, PA
30,411 posts, read 67,721,232 times
Reputation: 16099

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A property can't be "overpriced" if there's a willing buyer.

I mean I think it's ridiculous how much some people ask for homes in Polish Hill these days, but if people are willing to PAY $300,000+ for them, then they aren't truly overpriced.
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Old 08-05-2019, 09:00 AM
 
Location: Pittsburgh PA
55 posts, read 21,357 times
Reputation: 162
A house is worth what someone is willing to pay for it. Ethical investors deserve to make as much profit as they can. It is a sellers market at present, so more power to them.
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Old 08-22-2019, 10:07 AM
 
Location: Ben Avon/Kilbuck
623 posts, read 229,030 times
Reputation: 239
Here we are a month later and it is still for sale. People can price something, the market will tell them if they have it right. Was $325k, dropped to $310k about 2 weeks ago. Still a nice house but they might have just done a little too much for the area.
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Old 08-22-2019, 11:17 AM
 
Location: Great White North Hills
11,420 posts, read 14,329,572 times
Reputation: 9079
Quote:
Originally Posted by justjagginyinz View Post
A house is worth what someone is willing to pay for it. Ethical investors deserve to make as much profit as they can. It is a sellers market at present, so more power to them.
As long as they pay cash.
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Old 08-22-2019, 11:19 AM
 
Location: Ben Avon/Kilbuck
623 posts, read 229,030 times
Reputation: 239
Quote:
Originally Posted by Copanut View Post
As long as they pay cash.

Or a portion if it doesnt appraise. I mean if it appraised for $290k they would only need to make up the difference if you couldnt negotiate it.
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Old 08-22-2019, 11:52 AM
 
Location: Lebanon Heights
189 posts, read 290,482 times
Reputation: 121
I'm generally of the "let the market decide" school -- but I guess I could be persuaded that a municipality should, at least, consider licensing property rehabbers and/or picking their pocket a bit, er, I mean taxing them a bit more heavily -- at least based on the John Dillinger theory of taxation ("Why do we tax rehabbers more heavily, because that's where the money is").

As a demonstrative, this property here, which is already under contract, may be an example of when flipping goes wrong:

https://www.howardhanna.com/Property...stpenn/1399358

The former owner may be the fellow who is mentioned in this article as using ill-gotten gains to finance his property flipping:

https://www.post-gazette.com/news/ov...s/201708300173
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Old 08-22-2019, 12:01 PM
 
Location: Ben Avon/Kilbuck
623 posts, read 229,030 times
Reputation: 239
I don't agree. Aside from the various costs/issues with any municipality setting up a licensing program or tax (a city transfer tax if under so many months of ownership??). I think there would be a great deal of issues trying to do this and in the end they might just cause flippers/rehabbers to look elsewhere thus not getting the revenue AND not improving the area.
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Old 08-22-2019, 01:02 PM
 
Location: Downtown Cranberry Twp.
8,952 posts, read 5,547,309 times
Reputation: 2080
Quote:
Originally Posted by Knepper3 View Post
I don't agree. Aside from the various costs/issues with any municipality setting up a licensing program or tax (a city transfer tax if under so many months of ownership??). I think there would be a great deal of issues trying to do this and in the end they might just cause flippers/rehabbers to look elsewhere thus not getting the revenue AND not improving the area.
Bingo

A license/tax would be ridiculous
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Old 08-22-2019, 01:07 PM
 
Location: Great White North Hills
11,420 posts, read 14,329,572 times
Reputation: 9079
Quote:
Originally Posted by Knepper3 View Post
Or a portion if it doesnt appraise. I mean if it appraised for $290k they would only need to make up the difference if you couldnt negotiate it.
A person would have to be really stupid to do that. Like my sister in law who did exactly that.
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Old 08-22-2019, 01:09 PM
 
Location: Great White North Hills
11,420 posts, read 14,329,572 times
Reputation: 9079
As to the OP, what's wrong with making a profit? I'm amazed by the prices in LarryLand. 16 foot wide townhouses for +300K. No thanks. But, apparently there is a market for that.
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