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Old 02-21-2019, 02:15 PM
 
290 posts, read 71,817 times
Reputation: 704

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Quote:
Originally Posted by JimG2 View Post
So it makes it the most expensive house in the subdivision by at least 40% at the price they are asking. This town is not what one in the area calls "desirable". Don't get me wrong, the neighborhood isn't all that bad, but it doesn't get the money being asked. Connecticut is one of the few states losing population. With the new governor and new proposed taxes, new proposed highway tolls, the outward migration is going to increase.
So?
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Old 02-21-2019, 02:38 PM
 
5,483 posts, read 2,482,378 times
Reputation: 13941
Best way to improve a division...is to get the ball rolling. It's the keeping up with the jones'. AND it works.
How else do you justify some of these old neighborhoods suddenly becoming the IN place to invest.

I don't really care for the 'what the market determines'. If it's in my budget and has the space and upgrades..I'll bite. Unless it's in a drug or gun toting neighborhood. Then all bets are off.
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Old 02-21-2019, 02:42 PM
 
Location: Cary, NC
32,447 posts, read 56,712,456 times
Reputation: 31191
Quote:
Originally Posted by Nov3 View Post
Best way to improve a division...is to get the ball rolling. It's the keeping up with the jones'. AND it works.
How else do you justify some of these old neighborhoods suddenly becoming the IN place to invest.

I don't really care for the 'what the market determines'. If it's in my budget and has the space and upgrades..I'll bite. Unless it's in a drug or gun toting neighborhood. Then all bets are off.
It's easy to see the pioneers.
They are the ones face down in the dirt with arrows in their backs.

There often is little reward for being first.
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Old 02-21-2019, 04:26 PM
 
2,653 posts, read 3,184,990 times
Reputation: 5158
I have seen this numerous times locally as well. I can't stand to watch those flip shows on HGTV. They are a joke. Rarely can you buy a house and spend that kind of money doing all those expensive renovations like the do and flip it and turn a profit. You typically have to keep the budget low, know who your market is and do only what is necessary. One of the absolute dumbest things you can do in a low to medium price range market is spend the money doing all that trendy stuff like the current trend on ship lap and the skinny glass tile with shades of green or blue. Another big mistake people make is they do what they would like as if they are doing a custom home for themselves instead of doing what will appeal to the biggest potential market. I have heard of quite a few local people that watched HGTV for a while and woke up one morning thinking they were house flippers and then proceeded to lose a big chunk of money.
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Old 02-21-2019, 06:03 PM
 
Location: The Berk in Denver, CO USA
13,673 posts, read 19,516,028 times
Reputation: 21859
Quote:
Originally Posted by Okey Dokie View Post
A few months ago there was a poster here with that overpriced flip house in Indianapolis. Did it ever sell?
Probably not for what they were asking.
The ZIP code is 46203.
This one https://www.zillow.com/homes/for_sal.../1105544_zpid/ has been on the market for 6 months.
Oops.
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Old 02-21-2019, 07:11 PM
 
Location: Washington state
5,018 posts, read 2,526,586 times
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Quote:
Originally Posted by JimG2 View Post
I found it interesting seeing the thread from the woman in Southern CA who is in a panic because her home has been on the market for all of a week and has not sold yet.....


So check this out. I take care of my 88yo dad at his house that he bought new in 1959. The entire subdivision was built in the late 50's early 60's. I was born in '63 and have no recollection of any houses being built when I was a kid, it was all done by then. Most of the neighborhood has flipped over 1-2 times. On my street my dad is one of I think only 3 of the original owners left. Most have died, or moved and died. The majority of the houses are 980sf ranches with full basements, 3 smaller bedrooms, and a 5ft by 7ft bathroom. There are also some even smaller 2br ranches and some scattered cape cods. Typical post war cookie cutter subdivision. Lots are 1/4 acre or smaller.



The city demographic is a population of about 72,000 with a median income of $41,000. The statewide median income is $73,000, so about 60% of the state median income. Not too many deep pockets in this town. Call it white flight if you want to, but the city is now 43% Hispanic and 41% white. When I got out of school in the 80's we all mostly left to adjacent towns or farther out. And the major manufacturing companies all left and the middle class left with them.


So now you know the back story for my home town.



So just off of the end of my dad's street, one of the 980ft 3br ranches on a tiny 6000ft lot got sold in January 2018. It is now late February 2019. Like all of the houses that the original owners who held out, like my dad's house, there have been no major renovations/upgrades done in over 20 years, maybe 30 years. All last spring and summer, I'd see contractors come and go. There's been a realtor sign up for months and months. House is not listed on Zillow, so I'm guessing it's not on the MLS. So the other day I took a picture of the sign, found the realtor's website and got a good laugh. I've been back here long enough to know that the houses in the neighborhood usually don't sell for more than $130k, totally renovated. I see them get sold for under $100k, see contractor vehicles for a while, then they WERE going on the market for $150-$155k, finally dropping until somebody bites at under $130k.



So back to this house. The flipper went crazy on the renovations. Granite counters, new stainless appliances, wainscoting in the eat in kitchen and hallway, tile around the tub. Kinda high end renovations for a working family's house.



Flipper put it on the market for $175,000. And it sits for months. Oh, it looks like they bought it for $80k before renovating. Flipper must have access to some good weed. Will never get that in this neighborhood in this city.
Let me guess. It has white subway tile in the kitchen and a black and white tile scheme in the bathroom, which they probably decided to enlarge by taking out the tub and putting in a huge shower. And ugly dark brown wood (looks like it's painted) for all the floors.

*sigh* What I wouldn't give for some nice old tiled kitchen counters, an old sink with a faucet on the wall (that you can actually fit a pot under), and a 1950s style stove. But not a fridge that's not frost free. Been there, done that, never again, no thank you.

I saw an old house the other day with its original pink tile in the bathroom and I was in love. I could pair that off with turquoise towels and it would be just lovely.
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Old 02-21-2019, 07:22 PM
 
2,353 posts, read 1,298,394 times
Reputation: 4861
Wood is cheap, so a lot of that stuff, if they did the work themselves, likely made good money on the flip.

I redid our entire kitchen, flooring and wood work for less than 15k on our last house we sold. I did everything myself. They likely did the same thing.

Did you have some other point you wanted to make?

I'm not a fan of the white, white, white kitchen and some of the other things you see on HGTV. That said, home upgrades aren't expensive if you do the work yourself. If you hire a general contractor, then yes, you're getting porked. Flippers generally aren't doing that and if they are they are the GC.
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Old 02-21-2019, 08:30 PM
 
Location: Bloomington IN
6,232 posts, read 7,432,205 times
Reputation: 15142
Quote:
Originally Posted by davebarnes View Post
Probably not for what they were asking.
The ZIP code is 46203.
This one https://www.zillow.com/homes/for_sal.../1105544_zpid/ has been on the market for 6 months.
Oops.
Good find davebarnes.

Quote:
Originally Posted by Okey Dokie View Post
A few months ago there was a poster here with that overpriced flip house in Indianapolis. Did it ever sell?
Glad you asked, because I was just wondering about that house a few days ago. I couldn't find the post though.
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Old 02-21-2019, 10:19 PM
 
2,149 posts, read 1,433,246 times
Reputation: 2740
Is everyone flipping house now? Is it too late to get in real estate investment because its saturated and better to wait it out
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Old 02-22-2019, 01:01 AM
 
Location: North Phoenix/Moon Valley
990 posts, read 2,516,682 times
Reputation: 1323
Quote:
Originally Posted by rrah View Post
Glad you asked, because I was just wondering about that house a few days ago. I couldn't find the post though.
Is this the post?

Looking for feedback on house

Looks like it had several price drops over an 8 month period, the last of which was 1/31/19 at 45K less than the original list price and went pending status on 2/11/19.

https://www.realtor.com/realestatean...3_M30099-94034
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