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Flipping Luxury Condos

By
Real Estate Agent with Coastal Properties Group International - Christie's International

Over the last few years, we've had a lot of flippers buying luxury condos in downtown St. Petersburg, Florida. It's advisable for them to be represented by a good real estate agent when they first see the condo, and when they go to contract. That's the only way they can have an advocate through the process.

One often overlooked advantage of using a good REALTOR® is to get their advice on selections and upgrades. Many flippers, unfortunately, buy the least expensive unit and put in no upgrades - which is very evident when several are on the market after completion, and the buyers are comparing "investment units" with "owner units". A plain vanilla unit is like a flashing marquis saying "I'm cheap". Buyers of million dollar condos and above expect certain amenities - you don't have to go over the top and get the most expensive of everything, but you do need to have the upgrades that most buyers choose. Ask your REALTOR® which options are cost effective, which items are inexpensive to add but give a lot of value.

Good preplanning can make a great difference in how long your finished unit stays on the market, and what price it will bring.  Think marketing in the beginning, not as an afterthought.

Posted by

Sharon Simms
CIPS CRS CLHMS CRB RSPS
Coastal Properties Group
CHRISTIE'S International Real Estate
238 Beach Drive NE
St Petersburg, FL 33701
www.ssimms.com    www.coastalpgi.com   www.christiesrealestate.com
(727) 898-2582    Sharon@SimmsTeam.com

 

Comments(2)

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William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Sharon,

I wrote a book to go with my classes called "Flipping For Fun and Profit" one of the things we try to teach is that "Flipping" means buying low and selling high, in a short period of time.

Rehabbing is another often connected subject, but they are not same. The nice thing about luxury units is higher prices normally mean larger profits!

Good Work,

Bill

William J Archambault Jr

The Real Estate Investment Institute

www.reii.org

Sep 05, 2006 07:38 PM
Cynthia Tant
Paradise Coastal Realty, Inc. - Pensacola, FL
PhD

Sharon,

I see so many "Flippers" in our area trying to go it alone without the help of a REALTOR®.  We have two investment groups in town, educating these "New Investors" that you don't need a good REALTOR® to buy and sell your property.  When the market was booming, it was hard to convince these folks otherwise.  Now as the market goes soft, many are taking a bath with their properties.

Does anyone have suggestions in marketing these individuals back to the fold, us REALTOR®?

Sep 06, 2006 05:49 AM