PDA

View Full Version : Home flippers, flopping?


Steve
05-22-2006, 02:48 PM
Have you noticed a change in the real estate market this year versus last? Are there more homes for sale and less selling? How is this effecting business?

Home flippers' investments flop (http://www.miami.com/mld/miamiherald/14639289.htm) - Despite slashing his asking price by $55,000 to $285,000 and keeping vigil at sparsely attended open houses for six months, he still has no takers.

If he doesn't sell the four-bedroom home, he'll have to walk away from contracts on two other investment homes ** one in the new Port St. Lucie community where he lives and another in West Palm Beach. If he pulls out of those deals, he's down $80,000.

''I was never much of an investor before this wild craze began, and somehow I backed into it,'' Passarelli said.

kc2006
05-22-2006, 05:21 PM
The market is slowing down for homes, everyone is realizing it's easier and cheaper to hang on to their current home and just remodel to what they want.

That story reminds me of that show on A&E about the company that buys and "flips" homes. It's a pretty good show, I forget what it's called though.

Steve
05-22-2006, 05:56 PM
Oh that was a wild show. I do remember watching one where the people would constantly get in over their heads. Rip things out and then have no idea how to re-install or have the money to do it.

tiedeman
05-22-2006, 06:22 PM
I have seen ALOT of homes for sale here, but they are just not selling. People are also selling their homes dirt cheap to get away from taxes and move into apartments or condos.