Monday, June 27, 2005

Flipping at the Jersey Shore

It is my understanding that people are buying those 1950s style motels in Seaside and Wildwood and turning them into small condos. Does anyone know if this is true?


Even in Philadelphia.

"There are more flippers here than in Sea World," said Jay Lamont, the host of All About Real Estate on WPEN-AM (950) for the last 27 years.

Center City's exploding condo market and the Jersey Shore's vacation-home boom have fueled speculative buying.

That's not to say there weren't investor-friendly markets before -- the mid-1980s was the most recent previous example. But this one is different, Lamont said -- and so are the flippers.

"They differ from those of yesteryear in that they are generally younger, dumber, and move in herds like sheep to the slaughterhouse," he said. "Today's flippers are usually asset-challenged, so they don't have the cash available to actually settle on the would-be flip deal."



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