North park flips… relatistic prices?

[SD Realtor]

JP how are we defending the market? Come on now…I am defending the right for people to make money. Seriously look at all the cancellations and postponements and compare them to the sales you are upset about. We are talking stats that are 1 for 20 or 1 for 30. Look at how many people are allowed to live in a home without paying a mortgage and compare that to flips.

There is no defending the market. Defending the market would be someone saying you should go buy now. These guys asking 599k for Villa Terrace are crazy. You think they will get that. You spend paragraphs and paragraphs complaing but you spend one or two lines saying no I will not send someone down to trustee sale even though yes you would have bought the home.

Once again, it is one of those I can’t get what I want because other people are doing what they want. Even though with more work, time and effort maybe I can get what I want but I choose not to do that.

Well then wait. The market is manipulated and you be patient and let it come to you or you play hardball and work harder to go get what you want. The numbers that are on the manipulated side are so vast that it makes the flippers look like they have all the listings.

There are other people I have met that do this for a living and if it were up to you guys you would advocate taking their livelihood away. I just don’t think that is right. What the govt and banks are doing is wrong, more wrong then ever, but telling people no you cannot do this or that anymore is even more wrong.

[jpinpb]

I’m not sure what exactly it costs to pay someone to go down to the steps, but this last one has been postponed probably every month since Jan 2009. That probably adds up. Then to have it sell for 450k as a pocket listing. That just seems like a lot of wasted time, money and energy, no? Different for investors who are there every day on multiple different properties where one or two out of the multitude they are checking actually goes. As you say, it is their job and they make a living doing it. Unfortunately, they flip for very high prices, raising comps and making it more difficult for normal people to buy at a decent price. That’s just the way it is. And it sucks for people like me and CAR.

[jpinpb]

I’m not sure what exactly it costs to pay someone to go down to the steps, but this last one has been postponed probably every month since Jan 2009. That probably adds up. Then to have it sell for 450k as a pocket listing. That just seems like a lot of wasted time, money and energy, no? Different for investors who are there every day on multiple different properties where one or two out of the multitude they are checking actually goes. As you say, it is their job and they make a living doing it. Unfortunately, they flip for very high prices, raising comps and making it more difficult for normal people to buy at a decent price. That’s just the way it is. And it sucks for people like me and CAR.

[jpinpb]

I’m not sure what exactly it costs to pay someone to go down to the steps, but this last one has been postponed probably every month since Jan 2009. That probably adds up. Then to have it sell for 450k as a pocket listing. That just seems like a lot of wasted time, money and energy, no? Different for investors who are there every day on multiple different properties where one or two out of the multitude they are checking actually goes. As you say, it is their job and they make a living doing it. Unfortunately, they flip for very high prices, raising comps and making it more difficult for normal people to buy at a decent price. That’s just the way it is. And it sucks for people like me and CAR.

[jpinpb]

I’m not sure what exactly it costs to pay someone to go down to the steps, but this last one has been postponed probably every month since Jan 2009. That probably adds up. Then to have it sell for 450k as a pocket listing. That just seems like a lot of wasted time, money and energy, no? Different for investors who are there every day on multiple different properties where one or two out of the multitude they are checking actually goes. As you say, it is their job and they make a living doing it. Unfortunately, they flip for very high prices, raising comps and making it more difficult for normal people to buy at a decent price. That’s just the way it is. And it sucks for people like me and CAR.

[jpinpb]

I’m not sure what exactly it costs to pay someone to go down to the steps, but this last one has been postponed probably every month since Jan 2009. That probably adds up. Then to have it sell for 450k as a pocket listing. That just seems like a lot of wasted time, money and energy, no? Different for investors who are there every day on multiple different properties where one or two out of the multitude they are checking actually goes. As you say, it is their job and they make a living doing it. Unfortunately, they flip for very high prices, raising comps and making it more difficult for normal people to buy at a decent price. That’s just the way it is. And it sucks for people like me and CAR.

[sdrealtor]

Hate to rain on the parade again but I doubt you would have bought that one on Arizona. It had pretty major foundation issues and needed a new foundation. It was likely that it could not be financed in its prior condition and defintely not for an FHA buyer. After paying cash, the buyer pulled out over $115K to finance repairs. The 750K is a dream price but the buyer that took the risk on that one with their cash to buy, took a loan to rehab major issues and did a phenomenal rehab redoing the entire house deserves to earn a profit. That is not a paint n carpet flipper.

Just like SD R, I am not defending the market. It sucks and we know that better than you. We both wish you well and that you get a nice home you love sooner than later. However, we are trying to make sure thi8ngs are presented as they are not as they are perceived by armchair RE experts who dont have access to enough information to know what is really happening with homes they get frustrated over for all the wrong reasons.

[sdrealtor]

Hate to rain on the parade again but I doubt you would have bought that one on Arizona. It had pretty major foundation issues and needed a new foundation. It was likely that it could not be financed in its prior condition and defintely not for an FHA buyer. After paying cash, the buyer pulled out over $115K to finance repairs. The 750K is a dream price but the buyer that took the risk on that one with their cash to buy, took a loan to rehab major issues and did a phenomenal rehab redoing the entire house deserves to earn a profit. That is not a paint n carpet flipper.

Just like SD R, I am not defending the market. It sucks and we know that better than you. We both wish you well and that you get a nice home you love sooner than later. However, we are trying to make sure thi8ngs are presented as they are not as they are perceived by armchair RE experts who dont have access to enough information to know what is really happening with homes they get frustrated over for all the wrong reasons.

[sdrealtor]

Hate to rain on the parade again but I doubt you would have bought that one on Arizona. It had pretty major foundation issues and needed a new foundation. It was likely that it could not be financed in its prior condition and defintely not for an FHA buyer. After paying cash, the buyer pulled out over $115K to finance repairs. The 750K is a dream price but the buyer that took the risk on that one with their cash to buy, took a loan to rehab major issues and did a phenomenal rehab redoing the entire house deserves to earn a profit. That is not a paint n carpet flipper.

Just like SD R, I am not defending the market. It sucks and we know that better than you. We both wish you well and that you get a nice home you love sooner than later. However, we are trying to make sure thi8ngs are presented as they are not as they are perceived by armchair RE experts who dont have access to enough information to know what is really happening with homes they get frustrated over for all the wrong reasons.

[sdrealtor]

Hate to rain on the parade again but I doubt you would have bought that one on Arizona. It had pretty major foundation issues and needed a new foundation. It was likely that it could not be financed in its prior condition and defintely not for an FHA buyer. After paying cash, the buyer pulled out over $115K to finance repairs. The 750K is a dream price but the buyer that took the risk on that one with their cash to buy, took a loan to rehab major issues and did a phenomenal rehab redoing the entire house deserves to earn a profit. That is not a paint n carpet flipper.

Just like SD R, I am not defending the market. It sucks and we know that better than you. We both wish you well and that you get a nice home you love sooner than later. However, we are trying to make sure thi8ngs are presented as they are not as they are perceived by armchair RE experts who dont have access to enough information to know what is really happening with homes they get frustrated over for all the wrong reasons.

[sdrealtor]

Hate to rain on the parade again but I doubt you would have bought that one on Arizona. It had pretty major foundation issues and needed a new foundation. It was likely that it could not be financed in its prior condition and defintely not for an FHA buyer. After paying cash, the buyer pulled out over $115K to finance repairs. The 750K is a dream price but the buyer that took the risk on that one with their cash to buy, took a loan to rehab major issues and did a phenomenal rehab redoing the entire house deserves to earn a profit. That is not a paint n carpet flipper.

Just like SD R, I am not defending the market. It sucks and we know that better than you. We both wish you well and that you get a nice home you love sooner than later. However, we are trying to make sure thi8ngs are presented as they are not as they are perceived by armchair RE experts who dont have access to enough information to know what is really happening with homes they get frustrated over for all the wrong reasons.

[blahblahblah]

3670 Arizona is a fine deal at $750K. that is $362/sf with 2 garage spaces and a rentable 2/1 apartment with its own garage and laundry. Figure $1000 a month for the rent and heck I might have bought this one had it been available a year ago. It might sell for $700K rather than $750K and that would be a good deal.

In the listing it says they replaced:

* Kitchen
* Baths
* Floors
* Office
* Foundation

That is tens of thousands of dollars in work and a lot of hours. Do they deserve a $200K profit? Remember that it is taxable, also how many of these can they do in a year? It is a tough business and not all of their flips make money. Again, I respect the ones that can do it. Heck I can barely paint my house without ruining it, so hats off to anyone that can actually do these projects well.

[blahblahblah]

3670 Arizona is a fine deal at $750K. that is $362/sf with 2 garage spaces and a rentable 2/1 apartment with its own garage and laundry. Figure $1000 a month for the rent and heck I might have bought this one had it been available a year ago. It might sell for $700K rather than $750K and that would be a good deal.

In the listing it says they replaced:

* Kitchen
* Baths
* Floors
* Office
* Foundation

That is tens of thousands of dollars in work and a lot of hours. Do they deserve a $200K profit? Remember that it is taxable, also how many of these can they do in a year? It is a tough business and not all of their flips make money. Again, I respect the ones that can do it. Heck I can barely paint my house without ruining it, so hats off to anyone that can actually do these projects well.

[blahblahblah]

3670 Arizona is a fine deal at $750K. that is $362/sf with 2 garage spaces and a rentable 2/1 apartment with its own garage and laundry. Figure $1000 a month for the rent and heck I might have bought this one had it been available a year ago. It might sell for $700K rather than $750K and that would be a good deal.

In the listing it says they replaced:

* Kitchen
* Baths
* Floors
* Office
* Foundation

That is tens of thousands of dollars in work and a lot of hours. Do they deserve a $200K profit? Remember that it is taxable, also how many of these can they do in a year? It is a tough business and not all of their flips make money. Again, I respect the ones that can do it. Heck I can barely paint my house without ruining it, so hats off to anyone that can actually do these projects well.

[blahblahblah]

3670 Arizona is a fine deal at $750K. that is $362/sf with 2 garage spaces and a rentable 2/1 apartment with its own garage and laundry. Figure $1000 a month for the rent and heck I might have bought this one had it been available a year ago. It might sell for $700K rather than $750K and that would be a good deal.

In the listing it says they replaced:

* Kitchen
* Baths
* Floors
* Office
* Foundation

That is tens of thousands of dollars in work and a lot of hours. Do they deserve a $200K profit? Remember that it is taxable, also how many of these can they do in a year? It is a tough business and not all of their flips make money. Again, I respect the ones that can do it. Heck I can barely paint my house without ruining it, so hats off to anyone that can actually do these projects well.

[Author]

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