Quote:
Originally Posted by Klazu
Should one read this as you having had lots of investors/flippers recently? Any idea what portion such people make of the market today?
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Most of my buyers in 2015 were owner occupants. That said, the average holding time of my clients over the last 5 years has been 3-5 years on average. Just enough to absorb PTT and commissions. Most, however, just re-invest and keep pace with the market. I find most buyer grow tired of 'shoebox' 550 - 600 sq foot condos after 3-5 year and simply want change.
I'd say the flipper/investors made up the majority of condo buyers downtown in 2015, the offshore money is what drove the price increases, I saw most desirable units in multiple-offers selling 10K - 50K over asking with offshore buyers winning the majority of the bidding wars. Why?.. because any local buyer with even a single 'subject' was out, the winners were all-cash and subject-free.