9.8 percent of local home sales in the first quarter of the year were flips. This is the ninth-highest share in the entire country. Flippers were booking average gross profits per home of approximately $54,000 last quarter.
Usually, the sale of a home within a year constitutes a flip. Las Vegas, historically, was always ground zero for America’s housing boom sponsoring a culture centered around this rapid sale model. Reality-based shows like those on HGTV, according to the Las Vegas Review Journal, help keep this culture and attitude towards Las Vegas intact.
Potential buyers in Las Vegas are excited by the reports of Las Vegas’ fast-rising home prices but do not understand that flipping a home can come with unforeseen costs along with concrete ones.
Here are 3 other metropolitan areas gross average profits that are at the top of the state:
Top 3 metro areas, average gross profits
San Jose, CA: $331,000
San Francisco: $149,000
Los Angeles: $140,000
Sgro & Roger is experienced in handling a wide variety of Real Property disputes. The myriad of regulations and arcane legal issues governing these transactions can make first-class legal representation your best financial protection in the long run. For a free consultation, please call Sgro & Roger today at 702.384.9800.