Houston reigns as the king of the United States real estate scene for modest flips during 2014.
Redfin used its "Hot Homes" algorithm for "analyzing home attributes, local market conditions and user behavior to identify homes with a high likelihood of getting snapped up within two weeks," the report says. The site then factored in days on the market, sale price over list price and if bidding wars ensued.
Spotlighted in Houston's flipping domain are "quieter deals," not the showy, six-figure mansions.
Spotlighted in Houston's flipping domain are "quieter deals," not the showy, six-figure mansions or the "deeply discounted dregs." Rather, Houston home flipping is most successful with decent quality foreclosures, gently distressed homes and residences in nice but unassuming neighborhoods — all easily rehabbed and then resold.
Redfin illustrates Houston's trend by citing three examples, including a Spring Meadows-area 1,8000-square-foot home that sold for $129,000, $146,000 and $161,500 this past year; and an Ashford West subdivision renovation that recently brought in $200,000 in a neighborhood with similar properties going for $175,000 to $300,500. Both residences are within easy access of the Energy Corridor District.
The third highlighted property is 6022 Autumn Forest Drive, which is already back on the market sporting new siding and a brand-new interior. Formerly a foreclosure, the three-bedroom, two-bath house was purchased in September for $166,000, renovated and then re-listed by Thanksgiving. The latest version is for sale with a listing price of $249,900.