Three housing markets in central Florida were among the top in the nation when it comes to profits for home flipping, while South Florida ranked third in terms of markets with the highest share of flipped homes.
A new report by the research firm RealtyTrac said last week that Daytona Beach, Ocala and Lakeland had among the top returns on investment in the first quarter of 2015.
Baltimore was ranked No. 1.
Other top markets included Tampa, Pittsburgh, Memphis, Chicago and Seattle
Miami-Fort Lauderdale-Pompano Beach ranked third among markets with at least 50 completed single family home flips in the first quarter where flips accounted for the highest percentage of all home sales.
Memphis was ranked No. 1, followed by Ocala. Other top markets included Los Angeles, Detroit and Las Vegas.
“Savvy investors are still finding opportunities in our robust real estate environment. The distressed inventory is waning but still being liquidated by the lenders, which bodes well for those individuals positioned to remodel and create turnkey properties for new homeowners,” said Mike Pappas, CEO and president of the Keyes Company, covering the South Florida market. “We are witnessing an efficient capitalistic market where all players achieve their goals.”
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House flipping occurs when an owner buys a property and then resells it within a year with the intent of turning a profit.
The returns on investments in the Daytona Beach and Ocala markets were almost 75 percent. It was more than 62 percent in Lakeland.
