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Old Yesterday, 08:17 AM
 
Location: New Britain, CT
629 posts, read 212,988 times
Reputation: 838

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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.
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Old Yesterday, 08:38 AM
 
265 posts, read 61,739 times
Reputation: 631
cool story bro.
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Old Yesterday, 08:56 AM
 
Location: Cary, NC
32,422 posts, read 56,660,009 times
Reputation: 31154
It is common.
Not only do they watch HGTV, but they often PAY for scam "Get Rich Flipping Houses with Other Peoples' Money" seminars.
It really is sad to see gullible people taken so badly.
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Old Yesterday, 09:16 AM
 
4,372 posts, read 1,869,792 times
Reputation: 12181
Well, someone will get a house with expensive new stuff, for just a tiny bit above market value, eventually.
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Old Yesterday, 09:23 AM
 
Location: Raleigh
7,660 posts, read 5,640,799 times
Reputation: 10542
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.
Yeah, you have to know the buyer demographic. You don't want to be selling the best house in the neighborhood, so to speak.

Although, Granite and stainless aren't what I'd call super luxurious. The difference between that and laminate in a smaller kitchen could be less than a grand. And, despite what people say about how "The Older Generations knew how to invest in quality," Laminate doesn't hold up like Granite does.
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Old Yesterday, 10:37 AM
 
18 posts, read 9,154 times
Reputation: 45
My country town has a house on a 7,000 sq ft lot that sold for 32k in 2015, 3 bedroom with 1 bath that the flippers worked their magic on. The house now lists for 140k in the same neighborhood as other 40k houses. Seeing more of the same thing here lately.
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Old Yesterday, 12:47 PM
 
Location: New Britain, CT
629 posts, read 212,988 times
Reputation: 838
Quote:
Originally Posted by JONOV View Post
Yeah, you have to know the buyer demographic. You don't want to be selling the best house in the neighborhood, so to speak.

Although, Granite and stainless aren't what I'd call super luxurious. The difference between that and laminate in a smaller kitchen could be less than a grand. And, despite what people say about how "The Older Generations knew how to invest in quality," Laminate doesn't hold up like Granite does.
An extra grand here, an extra grand there. Next thing you know you spent an extra $10-$12,000 that didn't need to get spent and with the flipper markup on that it turns into $18,000 more onto the asking price.
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Old Yesterday, 12:50 PM
 
265 posts, read 61,739 times
Reputation: 631
Quote:
Originally Posted by JimG2 View Post
An extra grand here, an extra grand there. Next thing you know you spent an extra $10-$12,000 that didn't need to get spent and with the flipper markup on that it turns into $18,000 more onto the asking price.
So?
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Old Yesterday, 01:39 PM
 
Location: New Britain, CT
629 posts, read 212,988 times
Reputation: 838
Quote:
Originally Posted by CalTex Ranger View Post
So?
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.
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Old Yesterday, 01:56 PM
 
Location: Kansas City North
3,770 posts, read 7,002,921 times
Reputation: 5043
A few months ago there was a poster here with that overpriced flip house in Indianapolis. Did it ever sell?
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