FLIPPING HOUSES: 15 U.S. CITIES TO FLIP HOUSES AND MAKE UP TO 82% GROSS PROFIT

3) Palm Coast, FL: 34% Gross Profit

15 Cities Where House Flippers Are Making Tons Of Money

Steven Perlberg Jul. 21, 2013 Business Insider

for sale sign flag america homeREUTERS/Jonathan Ernst

Real estate investors are getting back in the flipping game, netting an average gross profit of nearly $20,000 on single family home flips in the first half of 2013.

 

Home flips are up 19% from a year ago and 74% from the first half of 2011, according to a new report from Realtytrac.

“While flipping continues to be profitable in most markets, particularly those where the home price recovery is still nascent and a recent rebound in foreclosure activity allows investors to find distressed inventory at a discount, home flipping is tapering off in markets where fewer of those distressed bargains are available,” Daren Blomquist, vice president at RealtyTrac, said in the statement.

“Flipping was on the rise in more than two-thirds of the markets, including New York, Washington, D.C., Chicago and several Florida metros,” he said.

The average flipper in the following 15 metro areas earned 10% to 82% flipping their homes.

15) Orlando-Kissimmee, FL: 10% Gross Profit

Single Family Flips (first half 2013): 2,417

YoY change: 75%

Average purchase price: $141,192

Average gross profit: $14,394

Gross profit percentage: 10%

Source: Realtytrac

14) New York-Northern New Jersey-Long Island, NY-NJ-PA: 10% Gross Profit

Single Family Flips (first half 2013): 5,485

YoY change: 437%

Average purchase price: $376,224

Average gross profit: $39,458

Gross profit percentage: 10%

Source: Realtytrac

13) Cincinnati-Middletown, OH-KY-IN: 11% Gross Profit

Single Family Flips (first half 2013): 1,191

YoY change: 85%

Average purchase price: $123,938

Average gross profit: $13,996

Gross profit percentage: 11%

Source: Realtytrac

12) Washington-Arlington-Alexandria, DC-VA-MD-WV: 11% Gross Profit

12) Washington-Arlington-Alexandria, DC-VA-MD-WV: 11% Gross Profit

Alex Wong/Getty Images

Single Family Flips (first half 2013): 3,169

YoY change: 108%

Average purchase price: $403,441

Average gross profit: $46,205

Gross profit percentage: 11%

Source: Realtytrac

11) Chicago-Naperville-Joliet, IL-IN-WI: 12% Gross Profit

11) Chicago-Naperville-Joliet, IL-IN-WI: 12% Gross Profit

Shutterstock

Single Family Flips (first half 2013): 2,845

YoY change: 86%

Average purchase price: $195,360

Average gross profit: $23,099

Gross profit percentage: 12%

Source: Realtytrac

10) Virginia Beach-Norfolk-Newport News, VA-NC: 13% Gross Profit

Single Family Flips (first half 2013): 542

YoY change: 14%

Average purchase price: $206,765

Average gross profit: $26,565

Gross profit percentage: 13%

Source: Realtytrac

9) Charleston-North Charleston, SC: 13% Gross Profit

Single Family Flips (first half 2013): 551

YoY change: 97%

Average purchase price: $229,813

Average gross profit: $29,850

Gross profit percentage: 13%

Source: Realtytrac

8) Jacksonville, FL: 16% Gross Profit

Single Family Flips (first half 2013): 1,823

YoY change: 260%

Average purchase price: $133,968

Average gross profit: $21,326

Gross profit percentage: 16%

Source: Realtytrac

7) Cape Coral-Fort Myers, FL: 17% Gross Profit

Single Family Flips (first half 2013): 1,401

YoY change: 14%

Average purchase price: $134,644

Average gross profit: $22,524

Gross profit percentage: 17%

Source: Realtytrac

6) Port St. Lucie, FL: 17% Gross Profit

6) Port St. Lucie, FL: 17% Gross Profit

Single Family Flips (first half 2013): 1,001

YoY change: 105%

Average purchase price: $105,824

Average gross profit: $18,433

Gross profit percentage: 17%

Source: Realtytrac

5) Tampa-St. Petersburg-Clearwater, FL: 23% Gross Profit

Single Family Flips (first half 2013): 2,673

YoY change: 32%

Average purchase price: $102,193

Average gross profit: $23,446

Gross profit percentage: 23%

Source: Realtytrac

4) Pittsburgh, PA: 32% Gross Profit

Single Family Flips (first half 2013): 617

YoY change: 79%

Average purchase price: $114,355

Average gross profit: $36,537

Gross profit percentage: 32%

Source: Realtytrac

3) Palm Coast, FL: 34% Gross Profit

3) Palm Coast, FL: 34% Gross Profit

AP Photo/Chris O’Meara

Single Family Flips (first half 2013): 528

YoY change: 267%

Average purchase price: $127,896

Average gross profit: $43,721

Gross profit percentage: 34%

Source: Realtytrac

2) Omaha-Council Bluffs, NE-IA: 56% Gross Profit

2) Omaha-Council Bluffs, NE-IA: 56% Gross Profit

Single Family Flips (first half 2013): 2,662

YoY change: 329%

Average purchase price: $153,617

Average gross profit: $85,537

Gross profit percentage: 56%

Source: Realtytrac

1) Deltona-Daytona Beach-Ormond Beach, FL: 82% Gross Profit

1) Deltona-Daytona Beach-Ormond Beach, FL: 82% Gross Profit

Single Family Flips (first half 2013): 729

YoY change: 111%

Average purchase price: $62,826

Average gross profit: $51,657

Gross profit percentage: 82%

Source: Realtytrac

Read more: http://www.businessinsider.com/top-housing-markets-to-flip-a-home-2013-7?op=1#ixzz2ZkOBDhQH

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