Quote:
Originally Posted by manaboutown
I am aware of the rule about new home purchases from the developer. It is a good rule.
Has anyone noticed speculators flipping homes in existing neighborhoods?
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I will word it differently. 3 people (speculators) in my existing neighborhood sold their "existing or used" homes for a profit of 100K to 150K within a short period of time. These were not new homes from the developer but lived in just like in other older neighborhoods regardless of how old the homes are. The neighborhood is built out.
So yes these folks are speculators. 2 reinvested in more expensive homes which in essence starts the process over again and 1 took the cash and left TV.