Home flipping is starting to slow down in South Florida, a sign that investors are moving on to other opportunities.
The latest report from Irvine, Calif.-based RealtyTrac shows the region’s flipping increased only 8 percent in 2013. It nearly doubled in 2012. Buyers flipped 3,554 single-family residences in the tri-county area last year, up from 3,306 the year before.
RealtyTrac considers any home bought and resold within six months to be a flip.
Flipping in South Florida remained profitable in 2013. Those who flipped residences in the region generated an average profit of 45 percent.
RealtyTrac noted South Florida investors appear to be shifting from flipping homes to buying and renting them out. — Eric Kalis