North park flips… relatistic prices?

[jpinpb]

[quote=pemeliza]” Me and DW basically bought the cheapest house on a great street that was original condition. We plan to do just as you suggest which is to make improvements (slowly over time!) and live in the home for the duration. I plan to be carried out in a pine box. [/quote]

That’s what I’m trying to do, too.

I just came across another one. 3331 Canon St. Info I have it sold 11/02/2009 for 469k. I can’t confirm it was back to bank or third party, but it listed shortly thereafter for about 610k and nothing done to improve the place. It just sold for 524k. Of course taking advantage of the 18k in credits.

[SD Realtor]

CAR and JP you forget I am a buyer as well. I get affected in the same way, the EXACT same way as you guys do. No point in going aroound the block anymore. The point is moot.

Also JP there is an REO in Baypark, I forgot the street. Bank totally remodelled it with stainless steel appliances as well.

[SD Realtor]

CAR and JP you forget I am a buyer as well. I get affected in the same way, the EXACT same way as you guys do. No point in going aroound the block anymore. The point is moot.

Also JP there is an REO in Baypark, I forgot the street. Bank totally remodelled it with stainless steel appliances as well.

[SD Realtor]

CAR and JP you forget I am a buyer as well. I get affected in the same way, the EXACT same way as you guys do. No point in going aroound the block anymore. The point is moot.

Also JP there is an REO in Baypark, I forgot the street. Bank totally remodelled it with stainless steel appliances as well.

[SD Realtor]

CAR and JP you forget I am a buyer as well. I get affected in the same way, the EXACT same way as you guys do. No point in going aroound the block anymore. The point is moot.

Also JP there is an REO in Baypark, I forgot the street. Bank totally remodelled it with stainless steel appliances as well.

[SD Realtor]

CAR and JP you forget I am a buyer as well. I get affected in the same way, the EXACT same way as you guys do. No point in going aroound the block anymore. The point is moot.

Also JP there is an REO in Baypark, I forgot the street. Bank totally remodelled it with stainless steel appliances as well.

[sdrealtor]

JP
I can tell you whatever you want to know about that house on Canon as I know the former owner very well (almost family) and know exactly what happened. First of, its a very busy street. It went back to the bank after they wouldnt accept the offers when it was a short sale. The bank wanted 555K and the house had so many plumbing, foundation and electrical issues no buyer would pay that after inspecting it. The offers were always 500 to 525K on it.

The house went back to the bank when the minimum offer on the courthouse steps was set at 469K and the flippers passed. It was listed as an REO at 610K by the lender (again no flipper involved) and surprise, surprise it sold on the market for $524,000.

Just another case of you getting all twisted up about a house that went on the market exactly how you wanted it to. The house went to auction, no flipper bid on it, the bank took it back and put it back on the market essantially as the former owner left it, they overpriced it and the market determined the FMV was exactly what all the offers came in at when it was a short sale several months earlier.

CAR thats just another perfect example JP gave me of how you can follow the market very closely but not really know whats going on.

[sdrealtor]

JP
I can tell you whatever you want to know about that house on Canon as I know the former owner very well (almost family) and know exactly what happened. First of, its a very busy street. It went back to the bank after they wouldnt accept the offers when it was a short sale. The bank wanted 555K and the house had so many plumbing, foundation and electrical issues no buyer would pay that after inspecting it. The offers were always 500 to 525K on it.

The house went back to the bank when the minimum offer on the courthouse steps was set at 469K and the flippers passed. It was listed as an REO at 610K by the lender (again no flipper involved) and surprise, surprise it sold on the market for $524,000.

Just another case of you getting all twisted up about a house that went on the market exactly how you wanted it to. The house went to auction, no flipper bid on it, the bank took it back and put it back on the market essantially as the former owner left it, they overpriced it and the market determined the FMV was exactly what all the offers came in at when it was a short sale several months earlier.

CAR thats just another perfect example JP gave me of how you can follow the market very closely but not really know whats going on.

[sdrealtor]

JP
I can tell you whatever you want to know about that house on Canon as I know the former owner very well (almost family) and know exactly what happened. First of, its a very busy street. It went back to the bank after they wouldnt accept the offers when it was a short sale. The bank wanted 555K and the house had so many plumbing, foundation and electrical issues no buyer would pay that after inspecting it. The offers were always 500 to 525K on it.

The house went back to the bank when the minimum offer on the courthouse steps was set at 469K and the flippers passed. It was listed as an REO at 610K by the lender (again no flipper involved) and surprise, surprise it sold on the market for $524,000.

Just another case of you getting all twisted up about a house that went on the market exactly how you wanted it to. The house went to auction, no flipper bid on it, the bank took it back and put it back on the market essantially as the former owner left it, they overpriced it and the market determined the FMV was exactly what all the offers came in at when it was a short sale several months earlier.

CAR thats just another perfect example JP gave me of how you can follow the market very closely but not really know whats going on.

[sdrealtor]

JP
I can tell you whatever you want to know about that house on Canon as I know the former owner very well (almost family) and know exactly what happened. First of, its a very busy street. It went back to the bank after they wouldnt accept the offers when it was a short sale. The bank wanted 555K and the house had so many plumbing, foundation and electrical issues no buyer would pay that after inspecting it. The offers were always 500 to 525K on it.

The house went back to the bank when the minimum offer on the courthouse steps was set at 469K and the flippers passed. It was listed as an REO at 610K by the lender (again no flipper involved) and surprise, surprise it sold on the market for $524,000.

Just another case of you getting all twisted up about a house that went on the market exactly how you wanted it to. The house went to auction, no flipper bid on it, the bank took it back and put it back on the market essantially as the former owner left it, they overpriced it and the market determined the FMV was exactly what all the offers came in at when it was a short sale several months earlier.

CAR thats just another perfect example JP gave me of how you can follow the market very closely but not really know whats going on.

[sdrealtor]

JP
I can tell you whatever you want to know about that house on Canon as I know the former owner very well (almost family) and know exactly what happened. First of, its a very busy street. It went back to the bank after they wouldnt accept the offers when it was a short sale. The bank wanted 555K and the house had so many plumbing, foundation and electrical issues no buyer would pay that after inspecting it. The offers were always 500 to 525K on it.

The house went back to the bank when the minimum offer on the courthouse steps was set at 469K and the flippers passed. It was listed as an REO at 610K by the lender (again no flipper involved) and surprise, surprise it sold on the market for $524,000.

Just another case of you getting all twisted up about a house that went on the market exactly how you wanted it to. The house went to auction, no flipper bid on it, the bank took it back and put it back on the market essantially as the former owner left it, they overpriced it and the market determined the FMV was exactly what all the offers came in at when it was a short sale several months earlier.

CAR thats just another perfect example JP gave me of how you can follow the market very closely but not really know whats going on.

[garysears]

I side emotionally with CAR and jpinpb. The low end zips I follow have significant numbers of “newly rehabbed” overpriced homes. There are fewer REOs compared to a year ago and it does seem easy to blame flippers for sucking up the supply. For one reason or another the REOs just aren’t making the MLS like they used to. This corresponds to the past year’s significant rise in prices. Mostly I see some short sales, a few REOs (which will probably have to end up cash only or 203k), and a lot of flips.

I am not against the wholesale market for homes but I would be totally out of my element among rehabbers and real estate pros at the auctions. So I sit on the sidelines waiting for the current manufactured demand spike to subside.

Since I am looking at the low end I can positively state the FHA buyer is absolutely who is targeted by the flippers. Again, it appears to be all cash or FHA at the low end and not a lot of middle ground for the significant down payment crowd. I see the issue as a 2 sided coin. FHA easy terms and the tax credit provide the access to money/demand. Flippers provide the supply. Most REOs won’t meet government lending guidelines so flippers don’t compete directly with the government money. For a short time before the government stepped in, and as lending was contracting, organic buyers could get REOs on the open market for much less than today.

Flippers need someone to flip to. At the low end most buyers don’t have any money unless government provides it. Absent government induced demand, organic 20% down buyers would be competing with rental investors.

[garysears]

I side emotionally with CAR and jpinpb. The low end zips I follow have significant numbers of “newly rehabbed” overpriced homes. There are fewer REOs compared to a year ago and it does seem easy to blame flippers for sucking up the supply. For one reason or another the REOs just aren’t making the MLS like they used to. This corresponds to the past year’s significant rise in prices. Mostly I see some short sales, a few REOs (which will probably have to end up cash only or 203k), and a lot of flips.

I am not against the wholesale market for homes but I would be totally out of my element among rehabbers and real estate pros at the auctions. So I sit on the sidelines waiting for the current manufactured demand spike to subside.

Since I am looking at the low end I can positively state the FHA buyer is absolutely who is targeted by the flippers. Again, it appears to be all cash or FHA at the low end and not a lot of middle ground for the significant down payment crowd. I see the issue as a 2 sided coin. FHA easy terms and the tax credit provide the access to money/demand. Flippers provide the supply. Most REOs won’t meet government lending guidelines so flippers don’t compete directly with the government money. For a short time before the government stepped in, and as lending was contracting, organic buyers could get REOs on the open market for much less than today.

Flippers need someone to flip to. At the low end most buyers don’t have any money unless government provides it. Absent government induced demand, organic 20% down buyers would be competing with rental investors.

[garysears]

I side emotionally with CAR and jpinpb. The low end zips I follow have significant numbers of “newly rehabbed” overpriced homes. There are fewer REOs compared to a year ago and it does seem easy to blame flippers for sucking up the supply. For one reason or another the REOs just aren’t making the MLS like they used to. This corresponds to the past year’s significant rise in prices. Mostly I see some short sales, a few REOs (which will probably have to end up cash only or 203k), and a lot of flips.

I am not against the wholesale market for homes but I would be totally out of my element among rehabbers and real estate pros at the auctions. So I sit on the sidelines waiting for the current manufactured demand spike to subside.

Since I am looking at the low end I can positively state the FHA buyer is absolutely who is targeted by the flippers. Again, it appears to be all cash or FHA at the low end and not a lot of middle ground for the significant down payment crowd. I see the issue as a 2 sided coin. FHA easy terms and the tax credit provide the access to money/demand. Flippers provide the supply. Most REOs won’t meet government lending guidelines so flippers don’t compete directly with the government money. For a short time before the government stepped in, and as lending was contracting, organic buyers could get REOs on the open market for much less than today.

Flippers need someone to flip to. At the low end most buyers don’t have any money unless government provides it. Absent government induced demand, organic 20% down buyers would be competing with rental investors.

[garysears]

I side emotionally with CAR and jpinpb. The low end zips I follow have significant numbers of “newly rehabbed” overpriced homes. There are fewer REOs compared to a year ago and it does seem easy to blame flippers for sucking up the supply. For one reason or another the REOs just aren’t making the MLS like they used to. This corresponds to the past year’s significant rise in prices. Mostly I see some short sales, a few REOs (which will probably have to end up cash only or 203k), and a lot of flips.

I am not against the wholesale market for homes but I would be totally out of my element among rehabbers and real estate pros at the auctions. So I sit on the sidelines waiting for the current manufactured demand spike to subside.

Since I am looking at the low end I can positively state the FHA buyer is absolutely who is targeted by the flippers. Again, it appears to be all cash or FHA at the low end and not a lot of middle ground for the significant down payment crowd. I see the issue as a 2 sided coin. FHA easy terms and the tax credit provide the access to money/demand. Flippers provide the supply. Most REOs won’t meet government lending guidelines so flippers don’t compete directly with the government money. For a short time before the government stepped in, and as lending was contracting, organic buyers could get REOs on the open market for much less than today.

Flippers need someone to flip to. At the low end most buyers don’t have any money unless government provides it. Absent government induced demand, organic 20% down buyers would be competing with rental investors.

[Author]

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