Philadelphia 7th Best City For Flipping Homes!

October 10th, 2012 Frank L. DeFazio 2 Comments »

Philadelphia 7th Best City For Flipping Homes!

Philadelphia Real Estate

Philadelphia 7th Best City For Flipping Homes!

Just read an article from 247WallSt that said Philadelphia is the 7th best city nationally for flipping homes.

Here’s the link: http://247wallst.com/2012/10/09/the-best-cities-to-flip-a-house/

Here’s the data:

“Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
Avg. gross profit: $69,212
Homes flipped through mid-2012: 819
Avg. home price: $213,156 (92nd highest)
Avg. days to flip: 110
It is small wonder that with high resale prices, coupled by an ample supply of bank-owned properties, the home-flipping business is picking up steam in the greater Philadelphia market. There were 15,256 foreclosure filings in Philadelphia during the first half of 2012, up almost 30% from the second half of 2011. Sales of foreclosed properties followed, rising almost 25% from the second half of 2011.”

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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
Frank@CenterCityTeam.com
CenterCityTeam.com: Philadelphia Real Estate

 

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  • Whit garrett

    Where is the data bank for flipped properties…how do you discern them from regular settlements…with out source citation people may think these numbers are made up

  • Frank L. DeFazio

    This is what the article says:

    “24/7 Wall St. asked RealtyTrac for home flip data for the first six months of 2012 for nation’s top 500 MSAs. We highlighted the 10 foreclosure centers where flippers are turning the highest average profits on sales of residential homes this year. We defined foreclosure centers as the best-known cities within metropolitan statistical areas that had an above-average number of house flips in the first half of 2012. We also excluded those markets with fewer than 205 flips in 2012, which was the national average. In addition to these RealtyTrac data, we included in our analysis home price change projections from Fiserv as of the first quarter of 2012. Additional home price data were collected from Trulia.”

    Read more: The Best Cities to Flip a House – 24/7 Wall St. http://247wallst.com/2012/10/09/the-best-cities-to-flip-a-house/#ixzz28wtzlMwA