Home flippers got a bad name during the housing boom. They sold properties for big profits in days or weeks, and the rapid price appreciation created a frenzy that led to the eventual bust.
But today’s flippers are getting credit for helping the market recover. They’re taking time to add value, sprucing up the landscaping and putting in new floors and appliances.
“When I put a house back up for sale, it usually goes very quickly,” said Bruno Duarte, a 34-year-old former stock broker.
“Prices since last year have risen a lot,” he said. “Houses I used to buy for $70,000 or $75,000 cost $80,000 now. They’re costing a little more to buy, but they’re also selling for higher prices, too.”
A recent study showed that South Florida is one of the most profitable areas in the country for flipping homes.
Read more of “Flippers playing role in South Florida’s housing recovery” by the Sun-Sentinel