Shrewd real estate investors made Las Vegas the nation's second most profitable metropolitan area to flip homes in 2012, RealtyTrac.com reported Thursday.
The real estate analytics website based in Irvine, Calif., reported that Las Vegas flippers averaged a 53 percent gross profit on 4,341 single-family residences. That trailed only Orlando, Fla., where flippers averaged 63 percent profit.
RealtyTrac calculated that the average Las Vegas residence was purchased for $133,198 but flipped last year for $203,945, a gross profit of $70,747. That profit margin was third highest in the U.S. behind San Jose, Calif. ($103,241) and San Francisco ($80,306).
The company also reported that Las Vegas home values in the first quarter of 2013 rose 24 percent over the same quarter in 2012.
RealtyTrac arrived at its rankings by looking at 600 U.S. metros and then narrowing its list to those that had at least 500 flips in 2012 and a minimum 9 percent increase in home values from the first quarter of 2012 to the first quarter of 2013.
Author:Brenkus Buyer Phone: 702-752-0044 Dated: May 5th 2013 Views: 600 About Brenkus: ...
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Rick and Teri Have been top producers for over 30 years in the Southern Nevada and have been ranked in the top 50 agents in the US by the Wall Street Journal out of over 1.3 million agents. They have sold over 7,000 homes in both stable and challenging markets. Their strategies and incredible systems to represent buyers and sellers can not be matched! Sellers enjoy netting top dollar in the least amount of time with their massive marketing and ability to stay ahead of the curve! This Top Producing Team has consistently been in the top 1% of agents Nationally for the last 30 years. They are national speakers and are highly sought after by many who want to get to the next level in their business. They also serve on Professional Standards at the Greater Las Vegas Association of Realtors and are Senior Faculty Instructors. Their list of credentials are endless!
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