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Old 03-03-2016, 06:46 AM
 
Location: Florida
4,103 posts, read 5,408,535 times
Reputation: 10105

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Have any of you noticed in your area that housing prices are being forced back to 2007 bubble prices? Searching around on zillow/realtor I see things like Sale 1995 150k, Sale 2005 695k, Sale 2008 450k, Listed 700k. Not just listings either but closings as well. My neighbors house just sold for 265k, I bought my comparable house in 2013 for 233k.
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Old 03-03-2016, 07:13 AM
 
Location: Great State of Texas
86,052 posts, read 84,321,515 times
Reputation: 27718
Flipping homes are back to 2007 levels. Another RE bubble forming ?

Home Flipping Increases in 75 Percent of U.S. Markets in 2015
Number of Active Home Flippers in 2015 Highest Since 2007; Share of Homes Flipped Rises Above 2005 Levels in 11 Percent of Markets; Average Gross Profit of $55,000 on Homes Flipped in 2015, a 10-Year High
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Old 03-03-2016, 07:28 AM
 
12,016 posts, read 12,693,063 times
Reputation: 13420
Depends on the market. My father's neighborhood in NJ has not gone up. The foreclosed home to the right of his was bought fixed up and rented and the home on the other side was told down and they built a 2 family home with a studio and garage on the ground floor, so things should improve I hope, but prices are still low, and taxes are ridiculously high.
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Old 03-03-2016, 08:17 AM
 
5,075 posts, read 11,039,449 times
Reputation: 4664
No. Prices are way above 2007 levels. Prices shot past the previous bubble high reached in July 2007 close to 2 years ago depending on the neighborhood. There was no "creep back up" instead we had several years of back to back double digit gains. Those of us that bought at the bottom of the market in 2011/2012 have seen 40%+ gains. It all happened very quickly.

It's most apparent on homes that were newly built around the bubble pop. Those homes are now 8-10 years old are typically selling for at minimum 20% above the bubble peak without any updates. Often substantially more.

+24%
https://www.redfin.com/WA/Seattle/83.../home/22070611
+35%
https://www.redfin.com/WA/Seattle/67.../home/18659404
+54%!!!
https://www.redfin.com/WA/Seattle/16.../home/18657488

Last edited by mkarch; 03-03-2016 at 08:30 AM..
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Old 03-03-2016, 09:08 AM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,331 posts, read 80,658,912 times
Reputation: 57341
Quote:
Originally Posted by mkarch View Post
No. Prices are way above 2007 levels. Prices shot past the previous bubble high reached in July 2007 close to 2 years ago depending on the neighborhood. There was no "creep back up" instead we had several years of back to back double digit gains. Those of us that bought at the bottom of the market in 2011/2012 have seen 40%+ gains. It all happened very quickly.

It's most apparent on homes that were newly built around the bubble pop. Those homes are now 8-10 years old are typically selling for at minimum 20% above the bubble peak without any updates. Often substantially more.

+24%
https://www.redfin.com/WA/Seattle/83.../home/22070611
+35%
https://www.redfin.com/WA/Seattle/67.../home/18659404
+54%!!!
https://www.redfin.com/WA/Seattle/16.../home/18657488
And they are still selling with multiple offers above asking within a few days, often to cash buyers.

http://www.bizjournals.com/seattle/b...8-percent.html
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Old 03-03-2016, 09:16 AM
 
Location: Salem, OR
15,539 posts, read 40,308,808 times
Reputation: 17422
It feels bubbleish in my area. We have a lot of relocation buyers here so what happens in my market depends on how other markets do.
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Old 03-03-2016, 09:49 AM
 
425 posts, read 389,906 times
Reputation: 430
The property I am in contract to sell now, went up almost 100% from what I purchased in 2011. This is in NYC.

The majority of this gain was over the past 9 months, it was crazy. Cashing out as I don't think I will see that rate of return moving forward for awhile.
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Old 03-03-2016, 09:52 AM
 
8,005 posts, read 7,168,712 times
Reputation: 18165
Central East Coast Florida not even close to 2005-2006 prices yet.
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Old 03-03-2016, 10:11 AM
 
9,837 posts, read 4,618,730 times
Reputation: 7292
Quote:
Originally Posted by mkarch View Post
No. Prices are way above 2007 levels. Prices shot past the previous bubble high reached in July 2007 close to 2 years ago depending on the neighborhood. There was no "creep back up" instead we had several years of back to back double digit gains. Those of us that bought at the bottom of the market in 2011/2012 have seen 40%+ gains. It all happened very quickly.

It's most apparent on homes that were newly built around the bubble pop. Those homes are now 8-10 years old are typically selling for at minimum 20% above the bubble peak without any updates. Often substantially more.

+24%
https://www.redfin.com/WA/Seattle/83.../home/22070611
+35%
https://www.redfin.com/WA/Seattle/67.../home/18659404
+54%!!!
https://www.redfin.com/WA/Seattle/16.../home/18657488

completely agree.

Prices are insanely high and it currently looks like it is not going to slow down for a while.

Seattle's eastside is well beyond the last bubble.
consumers and flippers are bidding up homes to insane levels. Meanwhile developers are buying up any and all land they think they can squeeze out a profit from.


It is painful to see it all happening again, and it is so hard resist jumping in and trying to make a quick 50-100k on a 3 month flip.
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Old 03-03-2016, 10:43 AM
 
1,289 posts, read 934,327 times
Reputation: 1940
And then some. (California.) It's pretty dizzying.
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