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SVTPerformance's Chain of Restaurants
Road Side Pub
Thoughts on Real Estate- bubble burst or not?
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<blockquote data-quote="Blown 89" data-source="post: 16706400" data-attributes="member: 45161"><p>At this very moment, 20% of all Phoenix home sales are investors turning rentals so yeah, I can blame them. That's not including the massive percentage of flippers and developers. The state says flipping is down however the state categorizes a flipper as someone that buys a house and relists it on the market in 30 days, most houses are being bought by developers that are ripping houses down and building massively overpriced rebuilds on them that extend past the 30 days. That doesn't include developers that are also subdividing the lots. I put a bid a few years ago for a house and lot at $365k. It sold for $578k cash. The house was then torn down, the lot divided into two, and two houses were build and sold for $1.45 and $1.42 million which drives the surrounding comps through the roof. Those two houses don't count as an investment rental or a flip. </p><p></p><p>There isn't an area of the valley that isn't overpriced. It can't continue like this.</p></blockquote><p></p>
[QUOTE="Blown 89, post: 16706400, member: 45161"] At this very moment, 20% of all Phoenix home sales are investors turning rentals so yeah, I can blame them. That's not including the massive percentage of flippers and developers. The state says flipping is down however the state categorizes a flipper as someone that buys a house and relists it on the market in 30 days, most houses are being bought by developers that are ripping houses down and building massively overpriced rebuilds on them that extend past the 30 days. That doesn't include developers that are also subdividing the lots. I put a bid a few years ago for a house and lot at $365k. It sold for $578k cash. The house was then torn down, the lot divided into two, and two houses were build and sold for $1.45 and $1.42 million which drives the surrounding comps through the roof. Those two houses don't count as an investment rental or a flip. There isn't an area of the valley that isn't overpriced. It can't continue like this. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Thoughts on Real Estate- bubble burst or not?
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