Flippers make biggest profits in surprising places
WEST PALM BEACH, Fla. – June 4, 2014 – Flipping homes for profit is still a popular business plan in Florida, but not a single county in the Sunshine State made a national top 10 list where flippers are getting the fattest payouts.
According to a study from RealtyTrac, Prince George's County, Md., is the place to be for flipping riches with a gross return on investment of 83 percent. York County, Penn., ranked second in the list with a return on investment of 72 percent, followed by Baltimore's 71 percent.
To determine the best places for property flipping, RealtyTrac considered the number of flips in the past year, return on investment, unemployment rate and foreclosure activity. The counties that ranked highest also had fewer flips. Prince George's County, which is home to Historic Greenbelt, had just 347 flips in the past year.
Flips are defined as homes that traded hands within six months of the previous sale.
In South Florida, which includes Palm Beach, Broward and Miami-Dade counties, the average flipper purchased a property for $140,047 and sold it for $199,726. That's a 42 percent return on investment.
Florida ranked more prominently when RealtyTrac looked at the volume of flips, but still couldn't pull the top spot. That went to Suffolk County, N.Y., with 7,066 flips from March 2013 through April 2014.
Top 10 counties for flipping volume
Suffolk County, NY, – 7,066
Maricopa County, Ariz. – 4,632
Los Angeles – 3,610
Douglas County, Neb. – 3,095
Duval County, Fla. – 2,803
Clark County, Nev. – 2,542
San Diego – 1,950
Riverside, Calif. – 1,728
Oakland, Mich. – 1,703
Broward County, Fla. – 1,421
© 2014 The Palm Beach Post (West Palm Beach, Fla.), Kimberly Miller. Distributed by MCT Information Services.