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Flipped Off - Housing Market No Longer Path To Easy Money

Exit Weekly Magazine- May 17th, 2006

Two to three years ago, the stock market wasn't bearing returns, so people turned to real estate to make a profit, said Sean Shallis, CEO and senior real estate strategist for the Shallis Team in Hudson County.

People became ravenous as they socked away homes with the intent to sell them off in a 12 to 18-month window period. The demand was there.

"In 2003-'04 you could sell a home within hours," said Shallis. "And in most cases, you got more than you paid for it five minutes ago."

Speculators invested in homes with mortgages with interest rates as low as 3.5 percent, said Shallis.

They're 27 to 30, they're making four times the national average in their salary, they're working on Wall Street, they understand the dynamics of money," said Shallis of the flippers. "Their hedge was if I get stuck with the property, I could always get a short-term interest rate... and just pay the interest rate ... and just pay the interest on the loan. If the market did get saturated (with more homes) they could hold it for a period of time (then sell)."

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"I wanted to write and thank you for your efforts that led to the successful sale of my condo on Duncan Ave this fall. In the face of a difficult market, you were able to find a good prospect and keep the sale afloat. You, or one of the members of your team, were always ready to take the next step at each turn of the way. You seem to have reduced the process to a science! It's good to work with someone who delivers what he promises. I will be back in touch next time I require the services of The Shallis Group!"
Bob McEwan