The Real Deal Miami

Reports roundup: home flips, construction contracts and hotel rates

SoFla had 26 recorded home flips in the 4th quarter of 2014

February 27, 2015 02:40PM
By Katherine Kallergis

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RealtyTrac

Top MSAs in 2014, RealtyTrac

Miami among cities with the highest share of home flips, RealtyTrac

The percentage of single-family homes that were flipped nationwide in 2014 decreased by 5.4 percent from the year before, RealtyTrac reported. Despite that, Miami was still among the top zip codes with at least 10 single family homes flipped during the fourth quarter of 2014. South Florida had 26 recorded home flips during the quarter, with an average sales price of $105,000 and a gross profit of nearly $69,000.

Other cities on the list: Detroit, Los Angeles, Memphis, Jacksonville, Tampa and San Diego.

“Investors have picked much of the low-hanging fruit when it comes to home flipping over the past three years since home prices bottomed out in the first quarter of 2012,” Daren Blomquist, RealtyTrac vice president, said in a statement. “As home price appreciation slows to single digits in most markets, flippers need to be more selective and creative about the properties and neighborhoods they target.”

Tri-county construction contracts up year-over-year, Dodge Data & Analytics

The number of construction contracts awarded in January of this year compared to January of 2014 increased by more than $185 million and 38 percent. Commercial construction contracts awarded increased by nearly 80 percent — to more than $308 million from $172 million.

Average daily room rates are up in SoFla, STR

Miami was one of six markets reporting the largest increases in average daily room rates for the week of Feb. 15 to Feb. 21. Rates increased by 11.8 percent to $276, according to STR. Others on the list: New Orleans, Denver, Los Angeles, Orlando and Anaheim, California.

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