Miami Home Flippers Make a Comeback
If house-flipping -- the process of buying homes with the sole intention of reselling them shortly after at a profit -- defined the height of the housing bubble, then one recent deal suggests that this particular real estate beast is not quite dead yet.
On March 5, a buyer purchased 19 units in a Miami condo development for $1.25 million. Just 20 minutes later, the same buyer sold them to another buyer for $1.45 million, clearing a 16 percent return of $200,000 before fees.
The first owner was the Fama Group, a Miami-based concern, and the second owner is Rentdepo LLC, also based in Miami.
Is bubble-era flipping back?
