Real estate rebounds, but caution urged on flipping Updated: Monday, April 29 2013, 11:47 PM EDT
CLIFTON PARK -- The start of spring is usually quickly followed by the home buying season. This year, realtors are seeing a lack of “move-in ready” homes. Recently several companies have used reality TV stars to pitch flipping homes as a way to fill the void and make money.
“I think it's a big waste of money because these people are coming in from out of the area and they have no knowledge of our market and our market is one of the strongest in the nation," said [local] Realtor Jennifer Vucetic with Better Homes and Garden Real Estate Tech Valley. “We don't have the short sales and foreclosures that other markets have had. Our market is very solid, it's very busy.We’re seeing multiple offers and it's just the good things are really flying.”
One flipping seminar’s website has a disclaimer “most students attend the training and do not make money.” Instead, Vucetic encouraged buyers to use a team of experts to make a decision of what properties to purchase and any investments that may be needed.
Others disagreed about the market for flipping. Loan originator Drew Aiello said while he is seeing fewer homes on the market, it could also mean opportunity for some buyers.
“For house flippers if you have the liquidity it’s probably a great investment because there’s a lot of buyers out there and obviously you need buyers. The only thing with flippers is, if it's your first time be careful because the money is made on how they buy the house,” said Aiello.
Aiello and Vucetic agree the housing market is optimistic for most sellers as economic conditions improve.
“Housing is very strong and I think not just here locally, but throughout the country,” said Aiello. “You're starting to see the numbers, pending home sales are good, existing home sales are good and new construction looks good.”
How about the city of Schenectady?
How strong is the market in Schenectady? How are those home sales? How are the sale prices?
The funniest thing in applying this story to the city of Schenectady is that flippers aren't even willing to buy in the city!!!!! Don't know if anyone caught it on one of the meetings, maybe those committee meetings, it was said that the mayor's program for the contractors (to basically flip houses) is NOT drawing much interest!
Sad
So of course it is time to acknowledge the negatives that are causing this lack of interest in buying in the city. The negatives: the dem leadership, metroplex, highest taxes, the wild uncontrolled spending on downtown using tax dollars (which the EVIDENCE PROVES is NOT providing a return on the "investment"), forcing financially struggling homeowners pay the taxes for the rich downtown political cronies, actually also making the long time downtown businesses owners pay their own taxes PLUS the taxes of the newer businesses downtown (owned by super rich political cronies of the dems) to the point where the long long time good businesses close up and or fail.
Just heard on the radio that home sale prices in as of February were up 9% across the country. How were the home sale prices in Schenectady??????? As of February 2012, a paltry 41 sales with a median sales price of $81,290. As of February 2013, even fewer sales, just 37, with a median price fallen to $71,125.
As DV shakes his pom poms shouting "viva la renaissance."
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
How strong is the market in Schenectady? How are those home sales? How are the sale prices?
The funniest thing in applying this story to the city of Schenectady is that flippers aren't even willing to buy in the city!!!!! Don't know if anyone caught it on one of the meetings, maybe those committee meetings, it was said that the mayor's program for the contractors (to basically flip houses) is NOT drawing much interest!
Sad
So of course it is time to acknowledge the negatives that are causing this lack of interest in buying in the city. The negatives: the dem leadership, metroplex, highest taxes, the wild uncontrolled spending on downtown using tax dollars (which the EVIDENCE PROVES is NOT providing a return on the "investment"), forcing financially struggling homeowners pay the taxes for the rich downtown political cronies, actually also making the long time downtown businesses owners pay their own taxes PLUS the taxes of the newer businesses downtown (owned by super rich political cronies of the dems) to the point where the long long time good businesses close up and or fail.
Just heard on the radio that home sale prices in as of February were up 9% across the country. How were the home sale prices in Schenectady??????? As of February 2012, a paltry 41 sales with a median sales price of $81,290. As of February 2013, even fewer sales, just 37, with a median price fallen to $71,125.
As DV shakes his pom poms shouting "viva la renaissance."
Is there a particular place to get details on these 41 and 37 sales? I see the transactions in the paper from time to time but it doesnt seem consistent.
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The Dirty of Schenectady has no future. Period. It is over. Be real.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
Is there a particular place to get details on these 41 and 37 sales? I see the transactions in the paper from time to time but it doesnt seem consistent.
The realtor's group who gets it from recorded deeds. Newspaper gets it from deeds also, but the awkward thing is that you have to decipher some of the sales in zip codes such as 12309, 06, etc. And it's not unusual to see two houses in Rotterdam for example to be listed in the transactions in the paper where one is listed 123 X Street, Schenectady and the other is listed as 125 X Street, Rotterdam.
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
When you can buy a house for 70 or 80 grand, watch out. There are penny stocks, too.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
In my observation the local television stations are advertising real estate so they exaggerate and obfuscate to push a product. Things are not that great in general from what I'm seeing, but we weren't as hard hit by the housing collapse so areas like Clifton Park were never affected that badly. Those "flipper" people and a lot of the house shows were brainwashing to get people to run out and buy houses they couldn't afford so someone else could make money off their misery. Oops. I digress. Anyway, Schenectady's problems had very little to do with the housing collapse, we're more of a Camden or Saint Louis model of plainold urban decay. It's true, contractors aren't bothering with Schenectady houses. Buyers who know what they are doing aren't finding the right conditions. Our mayor is more concerned with tricking people into paying too much to justify the unwarranted high taxes. Just what are those taxes for? The school at least provides classes and teachers, as they are supposed to. None of the Schenectady departments are functioning they way they are supposed to any more. They use "cash strapped" as an excuse and homeowners fork over large sums of money every three months yet services are in steady decline.
The best real estate market in the country? Better than the Bay Area, LA or NYC? Laughable attempt to put lipstick on a pig. Flipping in Schenectady? With the DEM morons ruining everything in sight there are no buyers. 10 houses for every potential buyer. The worst part is that the City implosion has hit the County. Old Nisky and Rotterdam nearest Mt P also in free fall. But no need to change anything.
I remember when they went from 3 building permits to 9 and claimed they had the fastest rate of growth in America, too. Gillen is a wonderfully talented liar. If you need a lie, call Gillen and he will write one for you. They are the best lies money can buy.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
Logged
The best real estate market in the country? Better than the Bay Area, LA or NYC? Laughable attempt to put lipstick on a pig. Flipping in Schenectady? With the DEM morons ruining everything in sight there are no buyers. 10 houses for every potential buyer.
