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New York has been ranked among the top five areas for flipping.

NEW YORK has been ranked among the top five areas for flipping.

In the latest RealtyTrac survey on home flipping, New York saw 1,070 flips during the third quarters.

A flip is considered a home purchased and subsequently sold again within 12 months.

According to the RealtyTrac Q3 2014 U.S. Home Flipping Report, 26,947 single family homes were flipped nationwide in the third quarter of 2014 representing four percent of all U.S. single family home sales.

The number is down from 4.6 percent in the second quarter of 2014 and down from 5.6 percent in the third quarter of 2013 to the lowest level since the second quarter of 2009.

Investors averaged a gross profit of $75,990 per flip, a 36 percent gross return on the initial investment--not including rehab costs and other expenses. The average gross return was up from 35 percent in the second quarter but down from 37 percent a year ago.

Miami topped the list of hot flipping cities followed by Los Angeles, Phoenix, New York then Tampa.

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Title Annotation:HAVE YOU HEARD ...
Comment:New York has been ranked among the top five areas for flipping.(HAVE YOU HEARD ...)
Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1U2NY
Date:Dec 3, 2014
Words:181
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