House-Flipping is Back on the Rise in NYC
New York has become one of the country's top three markets for flipping homes.
House-flipping is back on the rise in New York City — specifically when it comes to homes with higher price tags, according to the New York Post. Citing research from RealtyTrac, the Post reports that more than 2,000 single-family homes were bought and resold within six months during the third quarter of this year — that's up 14% from the same quarter last year. Moreover, flipping of condos, co-ops and singe-family homes over $750,000 has increased 56%.
This makes New York one of the country's three biggest markets for flipping right now, thanks in large part to the tight inventory, which has driven prices up and created a hot seller's market.
"The continued flipping is a sign that New York is moving from distress to a more healthy market," Daren Blomquist, vice president of RealtyTrac, told the Post. Lest you think this is a step in the wrong direction, house-flipping circa 2013 is a different beast from the reckless flipping that accompanied the mortgage crisis. Today, all-cash transactions are more common and buyers trying to flip must pass more muster with lenders. "Credit being tight is part of the reality check here," Jonathan Miller, president of real estate appraisal firm Miller Samuel, told the Post.