LA is still the house-flipping capital of CA

Flippers in LA County sold 8k homes so far this year

TRD LOS ANGELES /
Nov.November 21, 2018 09:25 PM
A new study by LendingHome shows that from 2014-2017, flippers sold 39,042 homes in Los Angeles County. (Credit: iStock)

The art of buying and selling homes is paying off for Angelenos, who have raked in more than $100,000 per flip over the last four years.

A study by LendingHome shows that from 2014-2017 flippers sold 39,042 homes in Los Angeles County, where more than a quarter of all flips happen in California, CurbedLA reported.

Between January and October of this year, flippers sold 8,023 homes in Los Angeles County, according to LendingHome. The firm’s most-recent data shows that house flips represented 6.7 percent of total sales in the second quarter of this year.

The median sale price in those transactions was $140,000 more than the last price paid.

That statistic doesn’t take into account repairs and renovations before selling, however, so the true profit is likely less. A separate Zillow study from June found that sellers in Los Angeles and Orange counties collected median profits of $137,000 in 2017.

Overall, more than 10,570 homes were flipped in L.A. last year, down 10 percent from 11,692 in 2016, but up from 8,886 in 2015.

Flipping has become a favorite hobby of L.A.-based celebrities like Kylie Jenner and Ellen DeGeneres.

Unlike flippers in other parts of the country – who typically sell within a year of buying – homeowners in Southern California typically owned their homes for more than nine years before selling for a profit, according to the report.

Nationally, flipping represented 5.7 percent of total home sales in 2017 – the highest level since 2013, according to a separate report by Attom Data Solutions. [Urbanize] – Gregory Cornfield


Related Articles

arrow_forward_ios
Clockwise from top left: 522 21st Place, 405 S. Sierra Bonita Avenue, 211 Elm and 31042 Broad Beach Road

Here are the priciest home listings in LA County this week

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M

arrow_forward_ios