15 Cities Where House Flippers Are Making Tons of Money
Real estate investors are getting back in the flipping game, netting an average gross profit of nearly $20,000 on single family home flips in the first half of 2013.
Home flips are up 19% from a year ago and 74% from the first half of 2011, according to a new report from Realtytrac.
"While flipping continues to be profitable in most markets, particularly those where the home price recovery is still nascent and a recent rebound in foreclosure activity allows investors to find distressed inventory at a discount, home flipping is tapering off in markets where fewer of those distressed bargains are available," Daren Blomquist, vice president at RealtyTrac, said in the statement.
"Flipping was on the rise in more than two-thirds of the markets, including New York, Washington, D.C., Chicago and several Florida metros," he said.
The average flipper in the following 15 metro areas earned 10% to 82% flipping their homes.
15) Orlando-Kissimmee, FL: 10% Gross Profit
Single Family Flips (first half 2013): 2,417
YoY change: 75%
Average purchase price: $141,192
Average gross profit: $14,394
Gross profit percentage: 10%
14) New York-Northern New Jersey-Long Island, NY-NJ-PA: 10% Gross Profit
Single Family Flips (first half 2013): 5,485
YoY change: 437%
Average purchase price: $376,224
Average gross profit: $39,458
Gross profit percentage: 10%
13) Cincinnati-Middletown, OH-KY-IN: 11% Gross Profit
Single Family Flips (first half 2013): 1,191
YoY change: 85%
Average purchase price: $123,938
Average gross profit: $13,996
Gross profit percentage: 11%
12) Washington-Arlington-Alexandria, DC-VA-MD-WV: 11% Gross Profit
Single Family Flips (first half 2013): 3,169
YoY change: 108%
Average purchase price: $403,441
Average gross profit: $46,205
Gross profit percentage: 11%
11) Chicago-Naperville-Joliet, IL-IN-WI: 12% Gross Profit
Single Family Flips (first half 2013): 2,845
YoY change: 86%
Average purchase price: $195,360
Average gross profit: $23,099
Gross profit percentage: 12%
10) Virginia Beach-Norfolk-Newport News, VA-NC: 13% Gross Profit
Single Family Flips (first half 2013): 542
YoY change: 14%
Average purchase price: $206,765
Average gross profit: $26,565
Gross profit percentage: 13%
9) Charleston-North Charleston, SC: 13% Gross Profit
Single Family Flips (first half 2013): 551
YoY change: 97%
Average purchase price: $229,813
Average gross profit: $29,850
Gross profit percentage: 13%
8) Jacksonville, FL: 16% Gross Profit
Single Family Flips (first half 2013): 1,823
YoY change: 260%
Average purchase price: $133,968
Average gross profit: $21,326
Gross profit percentage: 16%
7) Cape Coral-Fort Myers, FL: 17% Gross Profit
Single Family Flips (first half 2013): 1,401
YoY change: 14%
Average purchase price: $134,644
Average gross profit: $22,524
Gross profit percentage: 17%
6) Port St. Lucie, FL: 17% Gross Profit
Single Family Flips (first half 2013): 1,001
YoY change: 105%
Average purchase price: $105,824
Average gross profit: $18,433
Gross profit percentage: 17%
5) Tampa-St. Petersburg-Clearwater, FL: 23% Gross Profit
Single Family Flips (first half 2013): 2,673
YoY change: 32%
Average purchase price: $102,193
Average gross profit: $23,446
Gross profit percentage: 23%
4) Pittsburgh, PA: 32% Gross Profit
Single Family Flips (first half 2013): 617
YoY change: 79%
Average purchase price: $114,355
Average gross profit: $36,537
Gross profit percentage: 32%
3) Palm Coast, FL: 34% Gross Profit
Single Family Flips (first half 2013): 528
YoY change: 267%
Average purchase price: $127,896
Average gross profit: $43,721
Gross profit percentage: 34%
2) Omaha-Council Bluffs, NE-IA: 56% Gross Profit
Single Family Flips (first half 2013): 2,662
YoY change: 329%
Average purchase price: $153,617
Average gross profit: $85,537
Gross profit percentage: 56%
1) Deltona-Daytona Beach-Ormond Beach, FL: 82% Gross Profit
Single Family Flips (first half 2013): 729
YoY change: 111%
Average purchase price: $62,826
Average gross profit: $51,657
Gross profit percentage: 82%
Source: Realtytrac
