The Real Deal New York

NYC sees marked increase in home flips

October 20, 2013 06:00PM

the_grestch

The Gretsch at 60 Broadway in Williamsburg, where a unit is asking 37 percent more than its $950,000 purchase price

While high-end home flipping has slowed nationwide, it is on the rise again in New York City. More than 2,000 single-family homes were flipped, or purchased and resold within six months, in the New York metro area during the third quarter. 

That is a 14 percent increase from the same quarter last year, and flips priced above $750,000 grew 56 percent in the same period, according to RealtyTrac data cited by the New York Post.

“The continued flipping is a sign that New York is moving from distress to a more healthy market,” Daren Blomquist, vice president of RealtyTrac, told the Post.

But experts say that today’s flipping isn’t the same as the rampant, and often reckless, turnovers that characterized the pre-recession housing boom. Today tight-fisted lending makes it difficult to buy on speculation, and many home flippers are paying all-cash for their investments.

“Credit being tight is part of the reality check here,” real estate appraiser Jonathan Miller said.  [NYP] Christopher Cameron

  • Oouch

    There is a lot of “flip down” action where people are losing mortgages and ARMS and taking out cash because of the frothy bidding.

MENU