Staff | Tampa Bay Business Journal |
“Home flipping dropped in the third quarter of 2013 in Tampa Bay, a sign that there are fewer bargain basement properties on the market.
Between July and September, 575 homes were flipped in the area, about 50 percent lower than the rate during the same time in 2012, the Tampa Bay Times said. A flip is defined as a home that is bought and resold within six months.
The average flipped home was sold for $136,000, about $40,000 higher than the purchase price, the Times said. Observers chalk the change up to fewer available homes in foreclosure. Tampa Bay was once one of the most active flipping markets in the country with sellers marking up prices wildly after minimal investment.”