While high-end home flipping has slowed nationwide, it is on the rise again in New York City. More than 2,000 single-family homes were flipped, or purchased and resold within six months, in the New York metro area during the third quarter.
That is a 14 percent increase from the same quarter last year, and flips priced above $750,000 grew 56 percent in the same period, according to RealtyTrac data cited by the New York Post.
“The continued flipping is a sign that New York is moving from distress to a more healthy market,” Daren Blomquist, vice president of foreclosure database RealtyTrac, told the Post.
But experts say that today’s flipping isn’t the same as the rampant, and often reckless, turnovers that characterized the pre-recession housing boom. Today tight-fisted lending makes it difficult to buy on speculation, and many home flippers are paying all-cash for their investments.
“Credit being tight is part of the reality check here,” real estate appraiser Jonathan Miller said. [NYP] – Christopher Cameron