Flipping Properties – Is It Still Going On?
Buying properties and quickly reselling them at a profit is commonly known as “flipping”. Believe it or not, attempts at flipping are still going on in the Miami area, even in the presently depressed residential real estate marketplace. Last week, a post on this blog referred to a great lot that sold for a great price. That was 1 Palm Ave. on beautiful Palm Island, (one of a number of Miami Beach Islands), which sold at the beginning of December for $3,695,000. The new owners just listed it for sale again, at an asking price of $5,900,000. It may be that they feel that the property is worth more than the $4,495,000 the previous owner was asking, when they recently purchased it. It will be very interesting to see whether this property is sold once again in the near future. Check this blog for any updates.
Flipping is oftentimes just good business. For example, Mr. X buys a property at a great price, with the intention of renovating the existing structure, or perhaps rebuilding on the lot. He knows that this process is not going to happen overnight. He may feel that he made a great deal, and that there is still some profit to be made from the property as it exists. He decides to put the property up for sale during the time it takes to obtain the necessary documentation (permits) to make changes to the property, because he may be thinking that there is someone out there who might want to pay more than he did, and still get a good value. He thinks that if a new buyer comes along and offers him a profit, he will forego his plans, and move on to another property.
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