Sunday, April 15, 2007

Flipping Out

I just discovered that someone in my building has already put their condo on the market, for about 30% more than they paid for it only a few months ago. It will be very interesting to see how much they end up getting.
I've been keeping track of the real estate listings, with only slightly less vigilance than when I was actually shopping for an apartment. Anyone can see that the bubble is over-- there are more properties on the market and more listings offering incentives to buyers such as free common charges for a year, etc. But as the various market reports seem to be finding, prices continue to hold steady or go up. I have yet to see a single listing that made me wonder if I made the right choice in buying my condo. My only regret is that I didn't ask if I could buy the identical unit one floor up from mine-- I get plenty of sun as it is, but I wouldn't have minded even more, plus a bit more view of sky-- and even water. I can see a teensy bit of what must be New Jersey now, but only if I lean way over the edge of my balcony. I suppose I could try to buy that unit if it's ever for sale, but I doubt it would be worth the trouble and expense. Especially if the price ended up being 30% higher than I paid for mine! And even if I sold my apartment for 30% more than I paid, I don't think I could afford to buy anything else that would suit me as well, given what seems to be on the market now.
I do sort of envy people who have the ability to flip apartments for a profit. I knew someone who did it a couple of times in a row, at the very beginning of the Brooklyn boom-- everyone thought he was nuts moving after only a year or so in each place, but his timing was right and he kept making enough of a profit to trade up to a better apartment or neighborhood. I guess he liked decorating enough not to mind leaving his hard work behind. And maybe he just didn't have too much stuff to pack up and move! When I think of having to repack all of my books again, I feel like I'll live here forever!


mOOm said...

My next move I'll probably get rid of half my books, or try to :)

SavingDiva said...

I wish I was savvy enough to flip for a profit, but I still have to save for a down payment on my first home

fin_indie said...

There's just something about being settled in your own place, eh? We've been in my new place for a bit over a year now and can't imagine moving after all the "making it ours" stuff we've done to it.

Flipping is a whole other ballgame.