Comprised of Miami-Dade, Broward and Palm Beach counties, the Miami-Fort Lauderdale-West Palm Beach metro area has the eighth largest metro population in the nation with just over 6 million people living within its 5,067 square miles.
Known for its beaches, weather and tourism – among many other things – the Miami metro area has 2.5 million housing units and ranks third among the nation’s top 10 metro areas for the most flipped homes during the third quarter of 2020.
|Total Number of Flips||1,657|
|Home Flipping Rate||5.7%|
|Flipping Gross Profit||$87,000|
|Gross Return on Investment||42.4%|
Other highlighted figures for the Miami metro area from ATTOM’s third quarter of 2020 Home Flipping Report includes:
Annual Gross ROI is up to 42.4 percent. Home flips in the Miami metro area in the third quarter of 2020 were down from their peak that occurred during the second quarter of 2005 when they numbered 6,656.
Investors paid cash for 70.6 percent of all properties being flipped in the Miami metro area, while 29.4 percent of purchases were financed during the third quarter of 2020. Cash buyers purchased 29.9 percent of flipped homes sold in the third quarter in the metro area, while FHA buyers purchased 18 percent of them.
Flipped homes in the Miami metro area that were completed in the third quarter of 2020 took an average of 202 days to finish.