Las Vegas Among Top Spots To Flip Homes

Las Vegas Among Top Spots To Flip Homes

Flipping homes in Las Vegas is not as common as it used to be, but it’s still a lucrative business. The Las Vegas Valley is the second best place in the country to “flip” a home, in which buyers quickly sell their newly acquired houses for a profit, according to a new report from RealtyTrac. The research firm, based in Irvine, Calif., defined a flip as buying a home and then selling it up to six months later. There were 4,341 such sales of single-family homes in the valley last year, down 21 percent from 2011. The average purchase price was $133,198 and the average sales price was $203,945, giving the flippers a 53 percent gross profit — $70,746. The profit percentage was second highest in the country. Orlando, Fla., was first at 63 percent, according to RealtyTrac.

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Dated: May 5th 2013
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