Home | Newsletter | Advertise
loading...

Twice As Many Flipped Homes in the DC Area This Year

  • July 19th 2013

by Shilpi Paul

✉️ Want to forward this article? Click here.

Twice As Many Flipped Homes in the DC Area This Year: Figure 1

In news that may not be a surprise to those who have been actively searching for a house recently, house flipping is rising in frequency in the DC area, according to the Washington Post.

The data firm RealtyTrac found that the number of homes that were bought and resold within six months in our region has more than doubled since last year. 3,169 homes were “flipped” between January and June of 2013 in the metro region. It should be noted that the activity increased the most in Virginia and Maryland; in DC, only 57 homes were flipped in that time period.

However, the average gross profit for a DC flipper was high: the average purchase price was $238,298, and the gross profit on the houses, once sold, was $191,103. There was no information about how much money the developers spent rehabbing the homes, so the net profit is unknown.

From the Post:

“We’ll see the numbers taper back off,” Daren Blomquist, vice president of RealtyTrac said. “There’s a perfect storm for flipping right now. You’re really seeing a market that’s evolving from a distressed market to a recovering market so that’s a great window of opportunity for flippers. But once that window is gone and home prices normalize and the distressed properties have also normalized to a low level, then the volumes will go back down.”

For the full report, check out The Post.

See other articles related to: developer, flipping, washington post

This article originally published at https://dc.urbanturf.com/articles/blog/twice_as_many_flipped_homes_in_the_dc_area_this_year/7341.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse