Some of you might recall the times when some Ruby Hill residents would live in a house for two years and capitalize their gain by selling it. They would then buy or custom build another house and repeat the cycle. Well the falling real estate market of the last couple of years changed all of that - until more recently that is.
Although it is becoming increasingly common to hear about the flip in places such as Sacramento where investors can pick up distressed properties on the auction floor at cheap prices, that happens less often in higher priced areas like Pleasanton. As auction purchases are normally sight unseen and in addition, an all cash transaction, the risk is far greater.
In Ruby Hill, with property prices being over a million dollars, few investors have been willing to take that risk in a market where future price trends remain unpredictable.
The last couple of months however have seen at least two flip purchases - one on West Ruby Hill Drive and the other on Via di Salerno. Both properties were picked up by investors on the auction floor and put back on market as a regular sale for immediate profit. High risk. Great returns. These opportunities remain rare though. Fortunately for Ruby Hill owners, there are very few properties making their way to the auction floor!
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