ABC News, like so many other news outlets these days, is starting to suspect that flipping is back and to prove it they talk to local hipster flippers ModOp Design (couple Greg Steinberg and Alexandra Becket, who happens to be architect Welton Becket's granddaughter). They walk through MOD's current project (a house, though the team has also staked out the condo zone)--they hope to make $50k on the deal. According to ABC, 25 percent more houses are being flipped this year over last, with an average profit of $29,000. Oof, that's a tight margin. As Steinberg says, "It's high stakes poker." Meanwhile, broker Rob Kallick of Take Sunset says a full 25 to 40 percent of the houses he's selling are flips. All well and good, but just no one tell the amateurs, ok?
· Real Estate: House-Flipping Helps Recovery [ABC News]