RealtyTrac: 2012 a Great Year For Las Vegas Flippers - 8 News NOW

RealtyTrac: 2012 a Great Year For Las Vegas Flippers

Posted: Updated:

LAS VEGAS -- Shrewd real estate investors made Las Vegas the nation's second most profitable metropolitan area to flip homes in 2012, RealtyTrac.com reported Thursday.

The real estate analytics website based in Irvine, Calif., reported that Las Vegas flippers averaged a 53 percent gross profit on 4,341 single-family residences. That trailed only Orlando, Fla., where flippers averaged 63 percent profit.

RealtyTrac calculated that the average Las Vegas residence was purchased for $133,198 but flipped last year for $203,945, a gross profit of $70,747. That profit margin was third highest in the U.S. behind San Jose, Calif. ($103,241) and San Francisco ($80,306).

The company also reported that Las Vegas home values in the first quarter of 2013 rose 24 percent over the same quarter in 2012.

RealtyTrac arrived at its rankings by looking at 600 U.S. metros and then narrowing its list to those that had at least 500 flips in 2012 and a minimum 9 percent increase in home values from the first quarter of 2012 to the first quarter of 2013.

 

  • Las Vegas NewsLas Vegas NewsMore>>

  • BREAKING NEWS: North Las Vegas Police investigate double shooting, one dead

    BREAKING NEWS: North Las Vegas Police investigate double shooting, one dead

    Saturday, April 19 2014 12:49 AM EDT2014-04-19 04:49:04 GMT
    North Las Vegas, NV. --North Las Vegas police are investigating a double shooting Friday night shortly before 8 p.m.Investigators said two men were shot at a home on Arbor Crest Street, near East Tropical Parkway and Donna Street.A 60-year-old man was taken to UMC Trauma with his condition unknown at this time. The second victim, a 37-year-old man, sustained non-life threatening injuries and treated on scene.Police are investigating the shooting as a domestic violence incident.More>>
    North Las Vegas, NV. --North Las Vegas police are investigating a double shooting Friday night shortly before 8 p.m.Investigators said two men were shot at a home on Arbor Crest Street, near East Tropical Parkway and Donna Street.A 60-year-old man was taken to UMC Trauma with his condition unknown at this time. The second victim, a 37-year-old man, sustained non-life threatening injuries and treated on scene.Police are investigating the shooting as a domestic violence incident.More>>
  • BREAKING NEWS: UMC lays off 100 employees

    BREAKING NEWS: UMC lays off 100 employees

    Friday, April 18 2014 9:52 PM EDT2014-04-19 01:52:41 GMT
    University Medical Center laid off more than 100 employees Friday and announced it will close four care centers.More>>
    University Medical Center laid off more than 100 employees Friday and announced it will close four care centers.More>>
  • Police investigate double stabbing

    Police investigate double stabbing

    Friday, April 18 2014 9:17 PM EDT2014-04-19 01:17:18 GMT
    Two people suffering stab wounds were rushed to the hospital Friday afternoon, Metro Police said.More>>
    Two people suffering stab wounds were rushed to the hospital Friday afternoon, Metro Police said.More>>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.