patrick.net

With all the foreclosures coming on market I predict they will crash and burn. Of course with government and Fed price support, most of it behind the scenes you never know. Around my area (San Bruno/Pacifica) there are lots of bank owned properties starting to show up, I can't imagine that San Jose is any different.

I'm actually seeing flipper lisiting getting into contracts , almost 250K more than what they paid.

Look at this one , sold for 530K to investor and then went pending again within 2 months at 688K.

Isn't it amazing ?

http://www.redfin.com/CA/San-Jose/1116-Maxey-Ct-95132/home/1442819

That's a big spike but I see the similar spike in Beginning 2010 also.
What remains to be seen is whether "sold price" follows this up-tick.

its just people who have no other ability in life. I think they will disappear once they lose enough money. Our here in Woodland Hills I know of a few flippers that have lost quite a good amount of money lately.

People like that destroy communities and really make profit without providing any benefit to the society. So if you see a lot of flippers in a community just avoid it. You'll otherwise end up in a place devoid of soul, where neighbors don't know or care to know each other (since they are only there for a few years to flip the place), everything gets run down overtime because they obviously won't care about long term, followed by crime. I see that pattern all too often.

would the news about future loan limits have anything to do with it??

ChrisLA says

So if you see a lot of flippers in a community just avoid it. You’ll otherwise end up in a place devoid of soul, where neighbors don’t know or care to know each other (since they are only there for a few years to flip the place), everything gets run down overtime because they obviously won’t care about long term, followed by crime. I see that pattern all too often.

My definition of a flipper must be different than yours. I understood them to be people buying run-down or cosmetically challenged homes and spending a month or two fixing them up before reselling them. No true flipper would live in their flip house. Or keep it for more than 2 months. The holding costs would eat up all their profits.

It is a just a bunch of GREATER FOOLS in the end, I say. They will (some will win, and most will lose) as prices coming down, and down for years to come.

E-man says

$688k is about fair market value for that home. Not sure why some of Patnet readers are still complaining about the housing market. People are making money out there. I’m putting together a team right now

Well please do check back in and tell us how you're killing it in 2011.

E-man says

cloud13 says

I’m actually seeing flipper lisiting getting into contracts , almost 250K more than what they paid.

Look at this one , sold for 530K to investor and then went pending again within 2 months at 688K.

Isn’t it amazing ?

http://www.redfin.com/CA/San-Jose/1116-Maxey-Ct-95132/home/1442819

$688k is about fair market value for that home. Not sure why some of Patnet readers are still complaining about the housing market. People are making money out there. I’m putting together a team right now

Good luck to you and your team! Invest wisely :)

Cvoc13 says

It is a just a bunch of GREATER FOOLS

Check out the surnames, I suspect they come from a part of the world where the portions of their incomes that go towards housing are bargains compared to where they came from, particularly to live in Fortress neighborhoods that they covet. Could be they see us as the FOOLS for not being open minded enough to see things their way. That said, I won't see it their way, I'd be more like the (former) locals and say, "F**k it, I am outa here". There's a whole lot more of the USA for housing than foreigner-coveted Fortress neighborhoods along the Coast.