When it comes to flipping houses, investors should head to Pembroke Pines, a new report shows.
Pembroke Pines ranks No. 18 on a list of the nation’s best housing markets for flipping, according to WalletHub, a personal finance website. The analysis is based on a series of factors, including home prices, average remodeling costs and the stability of individual housing markets, WalletHub said.
The website ranked the nation’s 150 most-populated cities. Other South Florida cities on the list were Fort Lauderdale (No. 45), Hialeah (No. 79) and Miami (No. 82).
Flipping homes within days or weeks drove up values that led to the last decade’s housing bust. In recent years, however, flipping has helped the market recover because investors took time and money to renovate homes, improving entire neighborhoods, analysts say.
“You really have to go out and hunt for the deals,” Levinrad said. “They’re just not going to drop in your lap.”
Pembroke Pines is a desirable suburb for all buyers, not just flippers, said Danielle DiLenge, a real estate agent for Better Homes & Gardens Real Estate Florida 1st.
The city’s location near Interstate 75 is ideal for commuters, and there are plenty of middle-class homes close to shops and restaurants that appeal to young families, DiLenge said.
“I’ve had a lot of first-time homebuyers focus out in Pembroke Pines,” she said.
Smaller cities, such as Lauderhill, Oakland Park and Lantana, may not be as in demand, but those areas still attract flippers because of the low-priced housing stock, agents say.
“You can get homes for under $200,000,” said Samantha DeBianchi, an agent in Fort Lauderdale.
Sioux Falls, S.D, and Fort Wayne, Ind., were the top two markets, according to WalletHub. The only other Florida cities in the Top 20 were Tampa (No. 7) and Cape Coral (15). The website considers a home flipped if it is sold twice within a year.
To see this article on the Sun Sentinel Website click here