San Diego Homes and Condos Now Impossible to Sell or Flip, Heralding US Real Estate Crash
http://www.thespoof.com/news/spoof.cfm?headline=s8i8827SAN DIEGO (ARF)— When the housing market was white-hot only 8 months ago, Alex Flapper could buy a luxury downtown condo in San Diego, California with as little as $50 down and sell it one month later for a staggering profit of $4,000,000. But Flapper now says those “easy money days” are long gone and never coming back.
“I’m really stuck up the creek with a lot of property I’m trying to unload on anyone dumb enough to buy it,” he moans.
Flapper has been a “real estate flipper” and is currently trying to sell 38 condos he’d bought here with all of his quick earnings. But none of them have drawn a single offer although they’ve been on the market for more than five months. He has pleaded with potential buyers that he's willing to fantastically reduce the price of them and would be happy just to break even.
"It's totally impossible now," said Flapper, 22, who became a full-time property investor five years ago after a short career as a financial analyst for the LA Mob. "Everyone here now thinks this market has peaked and is now heading straight down the tube." Flapper says he made close to $190 million in the last three years buying and selling new condos in downtown San Diego, but all those profits are now invested in his unsold stock of housing and quickly diminishing. “I think I’m going to shoot myself,” he warned.