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Home ‘flipping’ still popular in Florida

NAPLES – May 12, 2015 – Florida tops the nation as the state with the highest percentage of single-family home flips, a new survey shows.

Irvine, California-based research firm RealtyTrac said Thursday that 6.5 percent of all single-family home sales in the state were flips, defined as properties sold at least twice as part of an arm’s-length transaction within a 12-month period.

The survey looked at first-quarter results for more than 725 metro areas nationwide. Nationwide, 4 percent of homes were flips, down from a peak of 6.8 percent in the first quarter of 2012.

Southwest Florida’s flip rate was below the state average, but above the national one.

Six percent of the total single-family properties that were sold in Naples-Marco Island were flipped in the first quarter of 2015; in Cape Coral-Fort Myers, 5.3 percent were flipped.

“The strong returns for home flippers in the first quarter demonstrates that there is still a need in this recovering real estate market for move-in ready homes rehabbed to more modern tastes, particularly given the dearth of new homes being built,” said Daren Blomquist, vice president at RealtyTrac, in a statement. “The challenge for flippers in 2015 will be finding inventory to flip.”

Copyright © 2015 the Naples Daily News (Naples, Fla.), June Fletcher. Distributed by Tribune Content Agency, LLC.