West Palm Beach Real Estate Put to the Test by Flippers
Florida builders are blaming flippers, investors who buy a property "for the sole purpose of quickly selling it off for a profit," for "distorting" the West Palm Beach real estate market and artificially driving up the prices of West Palm Beach real estate.
Many builders across the nation are now working anti-investor clauses into their contracts by demanding "that buyers pledge in writing that they´ll actually occupy the home they buy," limiting the number of units each person can buy and even making home buyers "forfeir the profit if selling a home before the minimum period of one year."
Randy Bianchi, a West Palm Beach real estate investor, doesn´t agree with the clauses, especially as he´s about to flip a luxury condo, but he "admits that his convictions about the practice are being tested in today´s housing-price boom." West Palm Beach real estate has jumped 35 percent in the last year, prompting Bianchi to say that flipping "is turning into a negative phenomenon. In reality, it´s pushing the market up too fast."
Many builders across the nation are now working anti-investor clauses into their contracts by demanding "that buyers pledge in writing that they´ll actually occupy the home they buy," limiting the number of units each person can buy and even making home buyers "forfeir the profit if selling a home before the minimum period of one year."
Randy Bianchi, a West Palm Beach real estate investor, doesn´t agree with the clauses, especially as he´s about to flip a luxury condo, but he "admits that his convictions about the practice are being tested in today´s housing-price boom." West Palm Beach real estate has jumped 35 percent in the last year, prompting Bianchi to say that flipping "is turning into a negative phenomenon. In reality, it´s pushing the market up too fast."
