Thursday, January 18, 2018
Business

Tampa Bay sees fewer home flips in 2013

Once one of Florida's prime home-flipping hubs, Tampa Bay's speculative reselling has slowed, with 16 percent fewer home flips last year than in 2012.

About 2,500 homes here last year were bought and resold within six months, down from more than 3,000 flips in 2012, RealtyTrac data released Thursday show.

The average home flipped here was bought for $95,000 and resold for $130,000, though data did not include how much money was spent fixing up the homes.

The tick-down in flips in Tampa Bay is in part driven by big investors like Blackstone spending hundreds of millions of dollars buying homes to fix and then renting them out. That trend has boosted prices and squeezed the inventory of homes suitable for flipping.

But much of the Sunshine State, especially areas with less big-investor interest, are still a flipper playground. Florida saw nearly 20,000 flips last year, 6 percent higher than 2012.

Amateur investors flipped homes with abandon during the housing boom and were blamed for overinflating home prices after the bubble burst.

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