Flippers In Trouble: The Seattle Listings
Max, of Sacramento Real Estate Statistics, has added our fair burg to his Flippers in Trouble (FIT) blog series. Max culls the current listings to identify flailing flippers in Sacramento, Phoenix, and now Seattle.
According to the Flippers in Trouble FAQ, Max defines a FIT as, “…somebody who bought a house within the last two years and is selling it now for less than what they paid.” I like the economic simplicity. The tagged listings certainly aren’t all failed flips, but they do represent dollars lost in real estate.
Organized into galleries, the FIT listings make an interesting and useful compilation. I imagine beneath every 30-40% loss a story of woe–or greed gone wrong. A compendium of the bubble burst, as it were.
It’s sort of ironic that the site is also perfectly suited to bargain hunters: one person’s loss parlayed into another’s gain. Gotta love the market system, eh?
Luckily for Seattle, the loss numbers here aren’t anywhere near the numbers in Phoenix or Sacramento. If we’re near the end of the market woes, Seattle will have mostly held its own. If not, we’ll be sliding a bit longer. . . with lots of big hills around to increase the momentum. Check back with Max now and again to see how reality unfolds.
Max said:
Thanks for the great mention, Rick!
August 11, 2008 11:56 AM
Kaare said:
Most flipping involved investment of new cash, planning and craftsman with a goal of increasing the net worth of property. Not everyone considers this benifit to humanity as greedy. And this natural capitalistic flow would still be moving if the fianacial institution managers managed. Now there was greed in the first degree that we’ll all paying for now.
See you at the next foreclosure auction.
KG
August 14, 2008 3:58 PM
rick.williams said:
Hey Kaare,
Of course all flippers aren’t greedy. No doubt lots of them want to improve a property and make a living while doing so–nothing wrong there.
As for flippers providing a benefit to humanity–I personally think that’s reaching. Of the flippers I know, money is the motivating force, not an overwhelming need to selflessly serve humanity.
To my way of thinking, “increasing the net worth” of anything never directly correlates with improving the human condition–unless you mean the individual humans that profit from that increase.
Hope you find a deal at the next auction. Still lots of eye-sores needing improvement.
Thanks for your comment,
Rick
August 15, 2008 5:02 PM