Thieving flippers are ruining neighnorhoods and making it unaffordable (Pelham: apartments, how much)
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House flippers are evil. Real estate should not be a get rich quick scheme. Only 11 percent of homes in NYC are affordable to a family of 3 making 100% of the AMI. I am a family of 1 just trying to purchase a home and stay in it in the city in which I was born. That's all.
Every single time I think about purchasing in a neighborhood, with SE Queens probably being the last bastion of affordability, I hear about flippers. It's maddening.
That’s a comparatively well of area and they won’t sell.
The houses being flipped are in poor, minority areas were people were foreclosing in mortgages.
It is not only in minority areas. They are flipping in Jamaica estates.
8657 Avon St, Jamaica, NY 11432
Price History
DATE EVENT PRICE
04/20/18 Sold $999,000
10/23/15 Sold $890,968
03/17/14 Sold $734,172
8189 Utopia Pkwy, Jamaica, NY 11432
04/20/18 Listed for sale $1,138,888
01/31/18 Sold $905,000
10/30/17 Listing removed $975,000
09/20/17 Listed for sale $975,000
8146 188th St, Jamaica, NY 11423
01/12/18 Sold $513,500
11/03/13 Sold $1,100,000
I will bet money that this one will pop back up on the market in a few months
That is just 3 of many.
The flippers don't care about white or minority neighborhoods. The only color they see is green.
They prefer the ENY, Bronx and SE queens neighborhoods because their profit margins are better and the houses are sold more easily. Houses in the over million dollar range languish on the market for longer periods, many times selling for less than asking price.
This house was in decent condition, located in Jamaica Estates. It took almost a year to sell. They eventually sold at $400k below list price.
EVENT PRICE
01/09/18 Sold $1,275,000
01/05/18 Listing removed $1,395,000
01/05/18 Back on market $1,395,000
01/05/18 Pending sale $1,395,000
11/28/17 Back on market $1,395,000
11/28/17 Pending sale $1,395,000
11/28/17 Back on market $1,395,000
10/17/17 Pending sale $1,395,000
09/08/17 Price change $1,395,000
06/26/17 Price change $1,575,000
04/20/17 Listed for sale $1,690,000
In comparison this house in Laurelton, Queens
13421 230th St, Laurelton, NY 11413
04/20/18 Sold $690,000
04/10/18 Listing removed $728,999
11/30/17 Price change $728,999
09/29/17 Listed for sale $749,999
09/11/17 Sold $350,000
07/21/17 Listing removed $399,000
06/23/17 Listed for sale $399,000
The laurelton house sold in less time with a $300k profit. It makes more financial sense to stay away from Jamaica estate type neighborhoods.
It is not only in minority areas. They are flipping in Jamaica estates.
8657 Avon St, Jamaica, NY 11432
Price History
DATE EVENT PRICE
04/20/18 Sold $999,000
10/23/15 Sold $890,968
03/17/14 Sold $734,172
8189 Utopia Pkwy, Jamaica, NY 11432
04/20/18 Listed for sale $1,138,888
01/31/18 Sold $905,000
10/30/17 Listing removed $975,000
09/20/17 Listed for sale $975,000
8146 188th St, Jamaica, NY 11423
01/12/18 Sold $513,500
11/03/13 Sold $1,100,000
I will bet money that this one will pop back up on the market in a few months
That is just 3 of many.
The flippers don't care about white or minority neighborhoods. The only color they see is green.
They prefer the ENY, Bronx and SE queens neighborhoods because their profit margins are better and the houses are sold more easily. Houses in the over million dollar range languish on the market for longer periods, many times selling for less than asking price.
Are they bulldozing beautiful homes in Jamaica Estates and turning them into crappy 4 family McMansions?
You're wrong about race not being a factor. Well off whites live in neighborhoods and communities that have the tools to prevent this. Plus flippers go after people who are in default of a mortgage. People of color have higher default rates than white people.
DATE EVENT PRICE
04/10/18 Sold $870,000
09/13/17 Sold $733,140
Proof that house was purchase and turned into a giant mansion with no yard?
That is what SeventhFloor said would happen to the well off parts of the Rockaways, and I do not believe it will. I do not believe it will happen to Jamaica Estates. Communities like that can get together and have city zoning prevent such things, or they can make changes in how the neighborhood is zoned.
Of course no one cares about houses being sold at a profit, but what they would care about is homes intended for families being turned into rental homes for multiple families. Neighborhoods where that is allowed to happen are generally DESTROYED, so well off neighborhoods will stick in their heels and find ways to keep certain things and certain people OUT.
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