February 17, 2006

NFL? MLB? Nah - new US sport is "WFGS" - or "watch flippers get screwed"

Oh, boy, there's gonna be so many of these stories the next couple of years. Dot-condo nightmares...

Check out this underwater flipper from "aren't we supposed to be still booming" Las Vegas (thanks to bubbletracking):

Flipper in Trouble (update)

Originally Posted 1/4/06Update I 1/18/06Update II 2/15/06No, this is not an EF (Extreme Flipper).
This is just a run-of-the-mill flipper with 4 properties, 2 of which are listed on the MLS below. I'll assume one of the other two is the principle residence and the other is rented. Check out the listing description...6xx9 SWEET PECAN STLas Vegas - Lone Mountain, NV 89149Listing Date: 1/4/06Listing Price: $295,000Last Sales Date: 11/2004Last Sales Price: $305,000"This home is being sold short and we will entertain all qualified offers, this offer will need to be acceptable to the lender. Make us an offer???????"

(Update 1/18/06: first reduced to $290,000, now the price is back up to $318,000... which proves the motto: if you can't sell it, raise the price!!!)(Update 2/15/06: no longer on the MLS, however, we do see it as a pre-foreclosure on RealtyTrac. Check out the pure stupidity: our flipper in trouble purchased this gem for $305,000, guess how much the prior owner bought it for? $190,000 in 7/2004!!! This is a good example of a flipper screwing another flipper for a $100,000 profit in 4 month!)


Anonymous said...

I'll root for Las Vegas flippers to get screwed the most. Come on, it's my hometown, gotta root for my hometown team!

A flipper bought the house next door to a relative of mine for $280,000, and immediately tried to turn around and sell it for $350,000, I mean like the next day after closing!!! Of course, the house just sat there for months with no takers. Now the poor flipper wants to rent it. But he's asking like $1500/month for the $hitbox, when that'll get you a nice 4 bedroom house.

Only if I can watch this unfold live on TV...

AustinYankee said...

I moved from upstate New York to Austin last Fall with the idea of building on spec and flipping properties (after a sucessful cashout in NY.) Until November, it wasn't really clear (to me) that the bubble was a national phenomena. By December, it was real obvious and I have since invested very defensively.

Friends down here cannot understand why I haven't jumped in feet first. When I mention the bubble they are clueless (and I feel like a screwball even mentioning it.) AND somehow they are unaware (or forgot) that Austin had the biggest drop nationally (28%) in the late 1980s.

Folks, I would be having incontinence issues if I had a spec house under construction anywhere right now.

Anonymous said...

When are you and FB.com going to get it right?

PRINCIPAL means first in importance. It's also the part of the loan the flippers are getting screwed on.

PRINCIPLE is what these flippers should have had in the first place. They sacrificed their principles to avoid paying principal.

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