FLIPPERS! *Update 1*

I last featured 2509 Cloverfield back in December. I wrote about how this was a flip where the original house was in pretty rough condition and I speculated that its low price and higher DOM attracted an enterprising flipper to try their hand on this project.

Despite my dislike for this location and the dark colors inside the house, I said that it was a good 3/2 with solid square footage.

Previous Purchase: 7/1/11 - $755,000

Listing History: 12/8/11 - $1,039,000

SOLD: 2/10/12 - $1,020,000

The market is stable and inventory is low. I think you will be disappointed if you sit around and hope for another big leg down in prices. The economy is looking pretty good and rates are as low as they have ever been. I don't think anyone buying is banking on big gains in prices. People are buying because things have stabilized and they are moving on with their lives. With rates down here, the rent vs own equation is much closer to parity. I don't love this house or the location but I think these buyers did alright.