Not sure if they are individual flippers or companies but I have been increasingly seeing properties here in Orange County bought just a few months ago remodeled and re-listed for $50-100k more. This one is re-listed for $130,000 more in Santa Ana!!!!
Look at sale prices. Not list prices – anyone can list a property at what they like. Rental investors are unlikely to touch those properties. Retail buyers will likely buy with a mortgage, where they’ll run into an issue of comps, at least in the next ~12 months.
After that, who knows? Glad that I have an offer waiting for bank appv’l on a 1 bedroom rental at a “last spring” price.
Not commenting on the exact property above, but the appraisal is no longer going to determine sale price, but rather it will determine your loan. If you agree to a sale price, then be prepared to bring in the rest, especially when there are 30 buyers lined up to buy.
The last bubble was driven by easy/low-money-down loans. The second criterion won’t apply here, so we’re unlikely to see a duplication of the last bubble in the next 6-12 months at least.
In my part of the East Coast, there are still plenty of foreclosure listings and languishing shorts. Basically, since the foreclosure process takes about 1.5-2 years longer than in CA, we’re in the same position as San Diego was in early 2011. A *beautiful* thing in my book.
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