Property flipping in this market? You betta believe it! Legacy Dunes condos in Kissimmee are not only being marketed on Ebay but are actually selling and the investors are making a quick profit and not a bad one if I may say so myself. Are they being marketed honestly though? It would appear from this ad that the value of the property is being misrepresented. . .
This is just one of many examples of Legacy Dunes condo properties being flipped on ebay for a fast and hefty profit:
Here is the original listing from the MLS showing a closing date of May 1, 2009 for $27,000 (bank owned of course)
Here we are less than a month and a half later and we see this exact condo listed on E-bay for $59,000 with bids on it!!!!!! Even if this condo sells for $40,000 that’s almost doubling your money in less than two months. Could this be the start of another bubble though? Should end user buyers beware of the investor speculation going on in Legacy Dunes right now or should they feel secure knowing that they are buying at wholesale and could easily flip their condo for a quick buck if they wanted to? I say that this is just a temporary thing and those that ride it out while it last will make the money. As soon as all the bank owned inventory in Legacy clears out there won’t be any mark-up room to continue to flip.
As I was saying about the values being misrepresented. . . this condo is clearly NOT worth $96,000 however the person who is marketing this grabbed some information from the tax records to try and make this look like it’s the deal of the century and there are buyers out there that do not know how to find this information on their own that will believe this to be true. The Osceola property appraisers are in the process of reassessing the values for all the Legacy Dunes condos for 2009 and these values will be going down to reflect the market. The proposed annual tax statements don’t come out until August so this information is misleading in my opinion. At least they go onto mention that this information is subject to change. . .
Thinking about flipping or just owning one? Check out this list of Bank Owned Legacy Dunes Condos for Sale