DC Condo Market Cooling
From washingpost.com, an article about the slow down in the DC Condo market caused by increased supply. From the article:
While the inventory of all housing for sale in the Washington area has risen over the past few months, the change in the formerly hot condo sector has been the most marked.Looks like the condo market has definitely peaked. Good for first time home buyers looking for a condo as a starter home. Bad for investors who've made a killing flipping units by buying pre-construction and selling pre-delivery.
posted by VA Real at 4:10 PM
5 Comments:
Is "Flipping" Real Estate really that Smart?
The temperature in Delray Beach, Florida hit 100 degrees last summer. But still, buyers lined up and waited outdoors for days. Many buyers would spend $350,000 for one-bedroom condo jut to resell the unit immediately.
"Flipping†is a real estate lingo that means buying and reselling properties quickly for bigger profits. There are even points were people bought and flipped contracts before they were built. This is very rampant in South Florida and in other popular real estate markets.
Miami's preconstruction market has seen high investor returns in the United States. More than 80% of condo units that were purchased were only speculative investments. People who bought them did not even have any plans of living in those units.
People go for this method since they see more than 400% investment returns. They are able to get back the money they spent in constructing the condo for a year four times bigger. It is for this reason desperation hit South Florida and other big real estate markets. However, the place is still where people buy units where they actually plan to live in.
By M. Sese
Miami Real Estate
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