Sunday, June 11, 2006

Flippers in Bradley Beach

The housing bubble blog covered this story pretty well already so most of you have probably already seen it. If you haven't it's a good read.


[It wasn't a pretty picture when Charles Kovach and his wife, Brenda Connolly, first took a look at an octagonal-shaped house on LaReine Avenue in Bradley Beach, a block-and-a-half from the beach.

The home was run-down. It had no insulation or closets.

"It was a disaster," said Connolly, a real estate agent at Diane Turton Realtors in Avon.

But Kovach, who buys residential properties, fixes them up and resells them — also known as "flipping," — saw something and bought the house for just under $500,000 last August. He spent about $200,000 for renovations and other costs, completely transforming the structure. Now he hopes to sell it for $849,000.

But the house has been on the market for three months. A year or two ago, it probably would have already sold.

While home prices are still edging up, they are not rising at the furious double-digit clip of the past three years. And that is starting to put a damper on the real estate market for investors —some would call them speculators — who have had a hand in driving up prices in recent years.]

Full article...

6 Comments:

Anonymous Anonymous said...

well at least they priced it fairly, for a beach town ,a brand new house for that price !

Monday, June 12, 2006 9:06:00 AM  
Blogger njcoast said...

But if it doesn't sell they can always rent it out for $5,000 a month to cover their carrying costs!!- Isn't that right Sally?

Monday, June 12, 2006 11:00:00 AM  
Anonymous jpp said...

Sally...? I do think it is in the high end for that house however I understand it has been rented for $33,000.oo(if this is the same home ) for the summer ,if there p&i,plus property tax is in that range that could be carried for some time

Monday, June 12, 2006 4:48:00 PM  
Anonymous Anonymous said...

$849,000....?....Oooh what a deal! Priced fairly? By who? Get real - please.

Monday, June 12, 2006 6:12:00 PM  
Anonymous Anonymous said...

As a prospective buyer, I can tell you that I would not pay anywhere near that price for a house that size. I don't care how beautifully refurbished it is or how close it is to the ocean. Even if it was oceanfront, I would not pay what they're asking.

Monday, June 12, 2006 8:52:00 PM  
Anonymous Anonymous said...

an Ad ARTICLE AT
Asbury Park Press
Sunday May 28, 2006
p.G3 !!!

"Kara Homes advises active adults to purchase homes now" !!!

Why buy homes when you knew that New Jersey home prices is way overpriced according to the latest report and Housing prices is now cooling if not CRASHING !!!!

Tuesday, June 13, 2006 10:56:00 AM  

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