SDR, in the South Bay, for a few mos. now, I am passing by the same streets every day in my local haunts and seeing many properties previously in foreclosure enveloped in chain link with a backhoe and porta-pottis on the premises. Seems these are mostly one-story SFR’s of 2000+ SF and 20,000+ SF lots, some with views. When I go home and check ARCC (I have a local APN index and many plat maps at my disposal [and a photographic memory of nearly every street in two zip codes]), I’m noticing that that particular property changed hands within the last 1-5 business days. These licensed contractors waste NO TIME in beginning rehabs on what were frequently nearly uninhabitable knock-downs. If they are not acquiring these properties thru trustees deeds, then they are paying CASH for an REO. I know for a fact that the local spec builders are paying cash because I have a friend with a substantial amount of cash looking for a heavy fixer in these two zips and he cannot compete with the overbidding going on. This friend began making all-cash offers about six weeks ago and has not scored ANYTHING yet.
