Philadelphians Embrace House-Flipping, Because What Could Go Wrong?
Philadelphia can be, ahem, behind the times at times, but today’s Inky report that “house flipping has come to Philadelphia” seems especially absurd. After all, the nation is just barely recovering from a deep recession caused by the popping of the housing bubble, so why not enjoy a little bit of the same behavior that nearly ruined the economy in the first place?
Hip, desirable neighborhoods such as Northern Liberties, Fishtown, and Passyunk Square have become targets for flipping.
“[The] sweet spot seems to be in the $250,000 to $400,000 range,” said broker Chris Somers of Re/Max Access in Northern Liberties. He had a settlement Thursday for a client who flipped a house in Passyunk Square, and “we got it sold in one day,” he said.
But, you know, at least flippers are driving up housing prices artificially so that people who simply want to buy a home have a harder time of it. That’s awesome, right?