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


Related Articles

arrow_forward_ios
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley
Baptist, Belmont gain approval for luxury senior living in Coral Gables
Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)
Sunrise affordable senior housing facility sells for $30M
Sunrise affordable senior housing facility sells for $30M
Mark Zilbert
Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
(Credit: iStock)
Home sales dropped big time in South Florida in April
Home sales dropped big time in South Florida in April
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...