? Manhattan Floats Skyward |
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July 01, 2005
More Flipping Tales
This one comes from Mandi Collins, a broker in Los Angeles. "And how hot is the market right now?" she asks before telling the tale of 2215 Scott, a home in LA's trendy Silver Lake neighborhood. It's now on the market for the third time in fourteen months, according to Collins. It was first purchased in April of 2004 for $423,000, with no money down. It resold for $470,000 this May, thanks to another no money down loan. At the new price of $726,000 the buyer's asking $900 a square foot. "Will it sell at this price? I have no idea," Mandi asks and answers. Her one clear conclusion: "It's a GREAT time to sell."
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I thought I would chime in here. All I can say is that I thought I was really smart a few years ago when I bought $3,000 of Yahoo and in a few short months it was worth $50,000. If I had been smart, I would have sold it at $50,000, but instead I rode it back down to $3,000! Hmm...and I am a fairly intelligent guy.
I was on the "Big Island" recently and I couldn't believe the feeding frenzy I was witnessing. We sincerely had a desire to own a piece of the Big Island, but prices where being driven to the stars. I recalled that uneasy feeling in my gut from years back and decided not to participate.
With all the fliping that was going on there, it was impossible to comp a property and find out what it is really worth.
Therefore, we decided to purchase another piece of property in Scottsdale. The market there is very good as well, but I didn't see all the sharks in the water.
In my humble opinion, it is very dangerous to purchase in these hot, hot markets. But we all know that once the herd is stampeding, it is near impossible to stop it.
Sellers rejoice! Buyers beware!
Posted by: David Porter at July 4, 2005 02:02 AM
I guess I better remember how to type my new URL. I messed it up on the post below.
Posted by: David Porter at July 8, 2005 05:35 PM