Flipper Alert: Flipper Jitters at 550 St. Clair?
Several new construction buildings are either just starting to close on units or are slated to close in early 2008. Suddenly, there are lots of investors who may want to sell who realize they are going to be in competition with many other sellers (and not just in their own building.)
Recently, sellers have been trying to re-sell their units even earlier than ever. They are trying to get the word out even before the unit has officially closed. Take this ad from Craigslist on 550 N. St. Clair:
Spectacular one-bedroom unit in the heart of Streterville. Floor to ceiling windows. Hardwood floors throughout. Beautiful terrace overlooking Michigan Avenue. Stainless steel appliances. Deeded parking included.
Current price for the same unit in lower level at $518K. This is a great opportunity! You are saving at least $48K!
The ad says that the building is estimated to be completed in January 2008.
It seems to me that the flippers are getting a bit jittery these days. The ads for these units are coming earlier and earlier before closings in the building.