Home Flipping Incresing In Florida Again

Dated: October 30 2015

Views: 260


According to the state’s chief economist Amy Baker, the answer to that question is yes. Baker told the  Florida Senate’s Appropriations committee on Thursday morning that Florida’s housing recovery has started to attract home flippers again.

Baker, coordinator of the Office of Economic and Demographic Research, said that flipping is not pervasive, but it is definitely happening more in pockets in the state. According to RealtyTrac, in the period from April to June this year, five of the nation’s top seven housing markets for home flips were all in Florida.

The highest percentage of single-family home sales that were flips in Florida was in the Miami-Dade market with 9.6 percent, according to Baker’s presentation. Palm Coast was second with 9.2 percent, followed by Tampa at 8.9 percent.

That compares to a national average for the same time period of 4.5 percent.

Baker said current “subdued” pricing in Florida’s housing market is likely attracting flippers who are counting on values to increase.

 

Baker’s comments were part of a larger presentation on the state’s current economic conditions as state legislators begin building a 2016 state budget. She said overall Florida’s Housing market continues to “generally” improve. That has boosted the states revenues from documentary stamps by 17 percent compared to a year ago. 

Jeremy Wallace,Times/Herald Tallahassee Bureau- Tampa Bay Times

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