Make us your home page

Tampa Bay No. 4 in profits from home flipping

With its cheap homes and growing prices, Tampa Bay is a paradise for flippers, whose profits last year made local neighborhoods a top market for flipping homes, a RealtyTrac report said.

More than 3,000 Tampa Bay homes were bought and resold within six months last year, with average gross profits of about $34,000, the real estate research firm said.

The average flipped home was bought for $80,000 and resold for nearly $114,000, netting flippers a 43 percent gross profit, the report said.

By percentage of profit, Tampa Bay was beaten only by Phoenix, Las Vegas and the flip capital of Orlando, where profits averaged about 60 percent.

The housing boom was fueled by amateur speculators who bought homes with big loans and quickly sold them for ballooning prices, often having made few improvements.

That helped lead to the housing bust, which made the "f-word" an anathema. Now, flippers are once again reaping profits from homes climbing in value from their price bottom.

The RealtyTrac report only lists average gross profits, so it's hard to say how much money was poured into each home to spin it into a sale.

But many investors, including massive private-equity firms like the Blackstone Group, are buying homes around that price to rent out, in hopes of profiting off weakened levels of home ownership and soaring rental rates.

Drew Harwell can be reached at (727) 893-8252 or [email protected]

Top markets for flipping homes

CityHome flips in 2012Gross buy-to-resale profitGross profit percent
1. Orlando1,912$64,97663 percent
2. Las Vegas4,341$70,74653 percent
3. Phoenix10,589$63,76244 percent
4. Tampa3,033$34,13843 percent
5. Memphis1,331$28,55242 percent
6. Miami4,299$51,22737 percent
7. Lakeland660$25,27137 percent
8. Nashville1,230$38,02035 percent
9. Sarasota999$40,20034 percent
10. Tucson1,071$39,34734 percent

Source: RealtyTrac

Tampa Bay No. 4 in profits from home flipping 05/02/13 [Last modified: Thursday, May 2, 2013 8:25pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Seminole Heights restaurants face struggles amid killings, post-Irma

    Food & Dining

    TAMPA — The neighborhood's hip circle of popular, well-regarded restaurants is feeling the squeeze in the wake of a recent killing spree. And the timing is rough.

    Ella’s Americana Folk Art Cafe has been taking precautions in light of the Seminole Heights killings: keeping the lights on all night and having employees walk to their cars in groups.
  2. St. Pete-Clearwater holding food, supply drive for hurricane refugees


    CLEARWATER — St. Pete-Clearwater International Airport and Allegiant Air are holding a food and supply drive for the Hispanic Outreach Center in Pinellas County. The event, which will benefit refugees displaced by Hurricane Maria, will be held Tuesday from 5 p.m. to 8 p.m. at the airport at 14700 Terminal Blvd.

    St. Pete-Clearwater International Airport and Allegiant Air are hosting a food and supplies drive Tuesday for refugees displaced by Hurricane Maria. | [Times file photo]
  3. Tallest building in Pinellas County in search of a new name

    Real Estate

    ST. PETERSBURG — The name "Priatek" is gone from Pinellas County's tallest building, perhaps to be replaced by that of a much better-known company new to the Tampa Bay area.

    The Priatek name is off of downtown St. Petersburg's tallest building.
 [LARA CERRI  |   Times.  2015]
  4. Estuary wins pier design contest for the Lee Roy Selmon Expressway extension

    Real Estate

    TAMPA — And the winner is… Estuary.

    Voters overwhelmingly supported a pier design called Estuary for the $200-million extension of the Lee Roy Selmon Expressway in Tampa.
[Courtesy of AECOM]
  5. Amazon receives 238 proposals from places eager to become its 2nd headquarters


    NEW YORK — Amazon said Monday that it received 238 proposals from cities and regions in the United States, Canada and Mexico hoping to be the home of the company's second headquarters.

    Earlier this month, an Amazon employee gives her dog a biscuit as the pair head into a company building, where dogs are welcome, in Seattle. Amazon says it received 238 proposals from cities and regions hoping to be the home of the company's second headquarters. 
[AP Photo/Elaine Thompson]