I think most of you ( cough cough bobby) do not understand what “flipping” really entails in my former neighborhood. Sometimes (often?) developers are heroes. They take a big financial risk. Renovations down to the studs is typical because at least SOME of the plumbing and wiring is 140 years old, if not all. Plaster has been applied directly onto a course of brick with no insulation. Any original windows are energy leak nightmares. Lead paint everywhere. Etc etc.
It’s not just cosmetics here that are changed.
Just yesterday we got an update from our close friend who is selling her city house “as is” because she wants a fast sale with preferably no mortgage by the buyer. The house might not pass occupancy inspection and would have some trouble qualifying for a mortgage so a cash buyer (i.e. a developer) is preferred. It has been a work in progress for 30+ years.
This is a typical house in my old neighborhood.
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