Brooklyn’s Hot For Cashing In On House Flipping
Brooklyn real-estate investors are flipping out — for an extraordinarily hefty profit, according to a national study.
Brooklyn ranked third to San Francisco and Marin County, Calif., in terms of how much money people made by buying a home or apartment and then flipping it within a year.
Brooklynites made an average of about $238,000 on their flips. By comparison, the national average per flip was $62,122, according to RealtyTrac’s third-quarter national home-flipping report.
“People who took the risk to buy and to flip in Brooklyn this year have been greatly rewarded,” said Pamela Liebman, CEO of The Corcoran Group.
For example, one Brooklyn flipper made more than half a million dollars — in 168 days — by buying and flipping.
The mystery buyer plunked down $983,896 for Unit 1B at 120 N. 7th St., which is known as the Sevenberry, a fancy, 27-unit, four-story luxury building in Williamsburg.
The unit was flipped for $1.5 million, netting the buyer a $516,104 profit.
Another flip was at 91 Grand Ave., where an 842- square-foot second-floor unit was bought for $495,000 and sold 239 days later for $649,000 , according to Realty Trac.
Brooklyn also saw a dramatic rise in scheduled foreclosure auctions — from 14 in a year to 83.
Manhattan could have been a contender as well. The average flip profit for the borough this third quarter was $265,525 — higher than Brooklyn and second only to San Francisco.
However, only eight Manhattan residences flipped this quarter — and RealtyTrac only used data from areas with 10 or more flips, said its Vice President, Daren Blomquist.
via NYPost | Image: 91 Grand Ave