House flippers continue to scrape by in South Florida

Miami /
Oct.October 06, 2014 02:15 PM

Years removed from the collapse of the housing market, few deals are left. But that hasn’t completely stopped ambitious house flippers.

“‘Flip’ is still a viable four-letter word,” David Dweck, founder of the Boca Real Estate Investment Club, told the Sun-Sentinel.

During the second quarter, 1,290 homes were flipped across Palm Beach, Broward and Miami-Dade counties, down 10 percent from a year earlier, according to RealtyTrac data, which defines a flipped home as one that was bought and resold within 12 months.

And over the same period, the average profit rose to $62,532 from $61,017.

During the housing boom, house flippers enjoyed big profits on quick flips. But now investors have to be smart about what they buy and how they add value to it, said Daren Blomquist, a vice president at RealtyTrac.

“It’s getting harder to find those great deals, but it’s easier to find them in Florida than in many other markets,” he said. [Sun-Sentinel] – Christopher Cameron


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