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Old 02-22-2019, 07:39 PM
 
290 posts, read 71,817 times
Reputation: 704

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Quote:
Originally Posted by JimG2 View Post
If you knew the region this would make sense. No matter how much you spend making a house to West Hartford or Farmington standards (wealthier towns than New Britain and just adjacent), it's still New Britain.



Remember the demographic in my original post: NB median family income is $41k


Farmington, 2 miles from my house to cross the town line median family income is $91.7k
West Hartford, where my fiance works 15 minutes away to downtown WH, median family income is $93.7k.


You can't buy steak if you have chicken thighs and rice income, so sizzle doesn't factor in.
Again... so what? I’m waiting for one iota if impact to your life from this one potentially overpriced house.
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Old 02-22-2019, 08:27 PM
 
Location: Kansas City North
3,773 posts, read 7,012,891 times
Reputation: 5053
Quote:
Originally Posted by rrah View Post
Yes, that's it. Most people here told the OP it was overpriced. Looking at the sales history, this flipper won't make much given improvement, carrying costs for a year and a commission to the agents.
Yes this is the one I was thinking of. The one that Dave Barnes linked to was brought up mid thread for comparison.
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Old 02-23-2019, 01:02 AM
 
9,502 posts, read 6,023,878 times
Reputation: 7817
Quote:
Originally Posted by keraT View Post
Is everyone flipping house now? Is it too late to get in real estate investment because its saturated and better to wait it out
I've been out looking at houses for a couple of months now. In my area (north DFW), it seems like everyone is flipping. The four or five homes I've seen that are not getting a make over all had foundation issues. Sad too, because one of them I really liked. Anyway, I now hate Chip and Joanna Gaines and I detest gray. Don't get me started on all that ugly granite, yuck.
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Old 02-23-2019, 08:51 AM
 
3,424 posts, read 2,009,563 times
Reputation: 3770
Quote:
Originally Posted by elan View Post
Anyway, I now hate Chip and Joanna Gaines and I detest gray. Don't get me started on all that ugly granite, yuck.
Or that weird wood floor color that looks like the house flooded and no one fixed the floor after.
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Old 02-23-2019, 09:57 AM
 
19 posts, read 9,782 times
Reputation: 52
I was talking to a truck driver who said that he was hauling a load of wood that the trees had been under water for 40 years. Weathered flooring is trending-for now. People are sheep.
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Old 02-23-2019, 10:15 AM
 
10,729 posts, read 7,091,820 times
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The problem is flippers were doing well years ago while home prices were still down. Most flippers don't buy homes that need total renovation so just fixing and updating things won't net them a great profit anymore.
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Old 02-23-2019, 11:12 AM
 
Location: Delaware County, PA
2,470 posts, read 2,183,639 times
Reputation: 4123
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.
They must have gone to one of Than Merril's scaminars.
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Old Yesterday, 08:30 AM
 
2,653 posts, read 3,184,990 times
Reputation: 5158
Quote:
Originally Posted by anthonyforest View Post
I was talking to a truck driver who said that he was hauling a load of wood that the trees had been under water for 40 years. Weathered flooring is trending-for now. People are sheep.
That is not "weathered" wood. Sunken logs are preserved old growth trees. The wood inside is preserved just like it was cut down yesterday. The difference is it is old growth, large diameter, usually perfectly straight, excellent lumber that is hard to find these days.

The "weathered" grey looking flooring you see on tv and in flips now is usually cheap LVP vinyl flooring or some sort of cheap engineered flooring. I hate it too and it always looks cheap and most of it looks nothing like real wood.
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Old Yesterday, 08:47 AM
 
2,984 posts, read 716,626 times
Reputation: 2396
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.
Too bad. It's a cute house.

Quote:
Originally Posted by anthonyforest View Post
I was talking to a truck driver who said that he was hauling a load of wood that the trees had been under water for 40 years. Weathered flooring is trending-for now. People are sheep.
I am not a fan of Joanna's houses either. They ALL look the same. I remember going to a design luncheon about 10 years ago and they said everything is going to be gray. I worked with an interior decorator who hates it and says why on earth would you paint everything gray when you live in the Midwest and half the year it's gray skies?


This thread reminded me of the time I put my house on the market FSBO in Charlotte. I wasn't getting any bites but one night, all of a sudden, my phone started ringing off the hook. It turned out that they were all students of some OPM real estate seminar. NONE of them actually showed up to look at the house.
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Old Today, 06:19 PM
 
166 posts, read 66,779 times
Reputation: 314
Quote:
Originally Posted by Grlzrl View Post
I worked with an interior decorator who hates it and says why on earth would you paint everything gray when you live in the Midwest and half the year it's gray skies?

Interesting point. Not many gray skies here in South Carolina, and even fewer I guess in Waco TX. Unfortunate that the trend has taken over regions where it's less appropriate.
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