Single-family homes and condos flipped in South Florida last year made profits over $100,000 on average, according to a new report.
Driving the news:
Single-family homes and condos flipped in the Miami-Fort Lauderdale-West Palm Beach area last year made profits over $100,000 on average, according to aThat's up from the year prior, when the average home-flipping profit in our metro was $87,000.South Florida bucks the trend. Home flipping was popular across the U.S. last year, reaching its highest peak since at least 2005, per ATTOM. But while the number of flips was up, profits from flipping were down in most markets.
Mike Pappas, CEO of South Florida brokerage The Keyes Company, attributed home flippers' success in South Florida to the market's abundant old housing stock — homes that are now 40 or 50 years old and ripe for being renovated and flipped. He also noted that South Florida's data might be skewed because of the strong market for luxury homes.
"They're buying million, million-a-half dollar homes, and then they're reselling them for two-and-a-half million, so that may pull our average up."One waterfront lot on Pine Tree Drive in Miami Beach traded for $7 million in January 2021 and resold for $20 million 15 months later,Nearly 9,500 single-family homes and condos were flipped in the Miami-Fort Lauderdale-West Palm Beach metro area in 2022, comprising 7.6% of all home sales here.Flips made up 8.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Rivals.com - Standouts impress at the Rivals Combine Series in South Florida
Leer más »
Rivals.com - Stars shine at the Rivals Camp Series in South Florida
Leer más »
Putin wanted ‘total cleansing’ of Ukraine with ‘house-to-house terror,’ leaked spy docs revealRussian President Vladimir Putin planned a “total cleansing” of Ukraine with “house-to-house terror” to subdue its people, leaked spy documents reportedly show.
Leer más »
4 family members dead following house Stark County house fireOfficials still have not determined what caused the fire that killed four family members in Stark County on Sunday.
Leer más »
Satellite images show breadth of massive seaweed belt stretching across the Atlantic OceanImages from NOAA and the University of South Florida shows the breadth of a sargassum seaweed belt that stretches from West Africa to the coast of Florida.
Leer más »
James Comer defends oversight of Manhattan DA's Trump probeHouse Oversight Committee Chairman James Comer (R-KY) defended House Republican calls for Manhattan district attorney Alvin Bragg to testify before the House regarding his inquiry of former President Donald Trump.
Leer más »