Palm Beach County house flipping falls 14%

February 04, 2014 03:45PM

Jared Dalto

Palm Beach County saw a 14 percent drop in house flipping last year, according to year-end data from RealtyTrac. There were 949 homes in the county flipped – comprising about 5 percent of all sales there. The average gross profit gained was roughly $67,000, a year-over-year increase from $50,000.

“I advise people who don’t have a lot of experience in this business to proceed with caution,” Jared Dalto, a realtor for Seawinds Realty, told the Palm Beach Post. “If you’re not careful, you can lose your shirt on one deal.”

Median home prices, meanwhile, were up. April and December tied for the peak sales price for a single-family home in 2013 – $265,000. For condominiums, the median price was $120,750, according to RealtyTrac.

Elsewhere in the state, Jacksonville and Tampa reached national highs and lows, respectively. Jacksonville flipping climbed 92 percent, while Tampa flipping dropped 17 percent. [Palm Beach Post]Mark Maurer