In the Denver market, approximately 3400 homes have been "fixed and flipped" within a twelve month period. In this same period 150,000 home sales were posted - with over 2% being "flipped". This includes all six Denver metro counties. The margin of profit has increased from $38,792 during the first quarter of 2005 to $80,538 during the third quarter this year on these properties.
The biggest percent of flips have occurred in Montbello North, Park Hill East, Old Thornton and East Colfax. Homes priced at less than $200,000 have the most activity. This percentage of flipping should increase as our market in Denver becomes more viable.
The City & County of Denver has received $6.1 million through the Federal Housing & Economic Recovery Act of 2008 to acquire and redevelop foreclosed properties that may show abandonment. The cities most concentrated on are Westwood, Green Valley Ranch and Montbello.
Merchant's Mortgage and Trust Corp specializes in fix and flips. They lend money for the improvement of property, when other conventional lenders will not.
Joan Cox
Metro Brokers - Turning Point Real Estate, Inc.
720-231-6373
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About Me
- Joan Cox
- Denver, Colorado, United States
- With 13 years in real estate, I specialize in relocation, new construction, investor purchases, first time homebuyers and sellers. Ask me about my web site! Call today - 720-231-6373 In August 2009 I opened MY OWN Metro Brokers office in the Tech Center.
