Flipping Houses In Miami Is .ing Back Strong-yyets.com

Business During the Miami luxury real estate housing boom, luxury home flippers received a bad name. Luxury Miami properties were sold for big profits in days or weeks, and this rapid price appreciation created a monster that led to the eventual housing bust. Today’s flippers are starting to get credit instead of blame for helping the luxury housing real estate market rebound. The time they are taking to add value, pretty up the landscaping and putting in new floors and appliances is adding value to the Miami real estate market. "When I put a house back up for sale, it usually goes very quickly," said Bruno Duarte, a 34-year-old former stock broker. "Prices since last year have risen a lot," he said. "Houses I used to buy for $70,000 or $75,000 cost $80,000 now. They’re costing a little more to buy, but they’re also selling for higher prices, too." In a recent study, Miami is one of the most profitable areas in the country for flipping luxury real estate houses. The metro area of Palm Beach, Broward and Miami-Dade counties ranked sixth in the nation. There was a 37 percent gross profit on flipped luxury Miami real estate, according. A flip is counted as a sale that occurred within six months of the previous transaction. 4,299 homes were flipped by South Florida investors last year. This is up 36 percent from 2011. The average purchase price was $138,064 and the resell price was at an average of $189,291. The top real estate market for flipped homes was Orlando, with a 63 percent gross profit. The areas where prices had the steepest decline are the best areas for flipping. South Florida, values fell sharply and as much as by half before hitting bottom in 2012. Strong demand by foreign buyers is another factor in drawing flippers to Florida. As the European economies are having trouble, foreign investors view the housing market in the U.S. as a safe place for their money. May flippers are paying cash for dilapidated luxury properties that most other buyers wouldn’t go near or can’t get lender financing. There will always be some bad apples, but overall, flippers are filling a necessary gap in the real estate market. Even though South Florida investors are enjoying high returns, the biggest problem now is a lack of luxury Miami homes for sale. Many owners are waiting until prices rise, or they can’t sell because they owe more than the house is worth. Large investment funds have swooped into South Florida and other markets and are buying foreclosed homes in bulk, further depleting the slim inventories. Individual investors looking for properties to buy should go after short sales rather than bank-owned Miami homes. During a short sale, the homeowner needs the bank’s permission to sell their house for less than the loan amount. A great place to find homeowners in need of a short sale is by searching public records or teaming up with an experienced real estate agent. Short sales are much easier than foreclosures because there isn’t as much .petition. You can find that some of the best deals are short sales. About the Author: 相关的主题文章: