High-End Home Flipping on the Rise

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High-end home flipping, if you really know what you are doing, can be a great business. If you don’t really know what you’re doing it is a great way to go broke in a very short time period. For a more detailed look at this subject please read the article below.

The FHA Condos Approval Company, Inc.

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Real estate investors made an average gross profit of $54,927 on single-family home flips in the third quarter RealtyTrac reported.

The tracking company’s data indicates investors’ Q3 profit was up 12 percent from an average gross return of $48,893 in the third quarter of 2012. The higher gross profit was driven in part by an increase in high-end flips of homes that were sold for $750,000 or more.

High-end flipping during the July-to-September period was centered in four coastal California markets and New York. At the same time, the former flipping hot spots of Tampa and Orlando, Florida, as well as Phoenix saw marked slowdowns in home flips.

In total, RealtyTrac’s Home Flipping Report released Thursday shows 32,993 single-family home flips—where a home is purchased and subsequently sold again within six months—in the third quarter, down 35 percent from the second quarter and down 13 percent from the third quarter of 2012.

At the high-end of the price spectrum, some 968 homes nationwide were flipped in the third quarter, down 13 percent from the second quarter but up 34 percent from the third quarter of last year.

RealtyTrac says more than three-fourths of all high-end flips were in five markets: the New York metro area, Los Angeles, San Francisco, San Jose, and San Diego.

Nationally, flips on homes priced between $1 million and $2 million increased 42 percent year-over-year, while flips on homes priced between $2 million and $5 million increased 350 percent year-over-year.

To read the complete article please use the link below.

High-End Home Flipping

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