When all the cheap housing stock started to dry up, Los Angeles's flippers just started looking upward, to higher prices and bigger flips, because the art of the turnaround is firmly entrenched here in SoCal. RealtyTrac's been keeping an eye on flipping over the past 12 months—not just the returns, but also the overall numbers. And they've found that LA County had the third most flips in the US in the last year. From April 2013 to March 2014, there were 3,610 flips in the county. (Perspective: last month, 6,460 houses sold in LA County.) And they turned a nice profit for their owners: purchase prices averaged about $343,488, but the average sale price was $460,877, which means a gross return of about 34 percent. (RealtyTrac didn't tabulate how much money was put into each house, however.) Where are the best returns for flippers? There's a map for that.
· Flipping Heatmap [RealtyTrac]
· Scary Tales From the New Million-Dollar Fixer-Upper Flip Scene [Curbed LA]