The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: CalculatedRisk	8/22/2005 12:27:42 AM
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Commentary: High-priced homes not immune to flipping By Linda Rawls Palm Beach Post Columnist Monday, August 22, 2005 The real estate market is so hot even million-dollar homes are being flipped. One pricey pad on Point Manalapan sold for $1.52 million in April, went under contract to a new buyer for $1.62 million in May (that fell through) and resold for $1.82 million in June. "We sold the same property three times in 90 days," said an amazed Robert J. Allison, managing partner of J. Richard Allison and Associates in Palm Beach. And guess what? The 3,300-square-foot house, which sold for "only" $1.05 million in March 2004, is back on the market, this time for $2.25 million — more than double the price in less than 18 months. That's a lot of numbers, but they all add up to one thing: No matter what's going on in other hot spots around the nation, Palm Beach real estate, Allison and others say, shows no signs of cooling off. <MORE> palmbeachpost.com

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