House flipping was an important component in the pre-recession real estate market. Now it remains a small portion in the Portland market.
Yet for those who plunge into the unpredictable business, it can offer double-digit profits.
RealtyTrac, an Irvine, CA-based real estate research firm, studied flipping activity for the year that ended in March. The practice generally entails purchasing a home at below-market prices, fixing it up and selling it quickly for a profit.
The Portland area isn’t one of the most profitable markets for flipping but the practice is profitable.
The New York area, with 7,066 sales considered flips, has the nation’s most dynamic flipping market. The Washington D.C. market, with an average return of 83.4%, offers flippers the best returns.
Here’s how the Portland metro area compares, by county:
- Clark County: There were 297 flips with an average return of 37.1%.
- Clackamas: There were 128 flips with an average return of 32.85%.
- Multnomah County: There were 423 flips with an average return of 29.79%.
- Washington County: There were 214 flips with an average return of 24.44%.