Flipping is back, according to broker Dolly Lenz, who appeared on CNBC to discuss the phenomenon of homebuyers selling properties within six months of a purchase.
In the first half of 2013, sellers flipped 136,000 homes nationwide, up 19 percent year-over-year, and a 74 percent jump from 2011. Even so, Lenz said, the flipping frenzy is dealing with relatively small numbers.
“It really is on the fringe that this is happening,” she said, noting that the safest way to flip is to target individual properties in specific markets.
Lenz, a free agent for the first time in 14 years since leaving Douglas Elliman last month, also took a moment to praise Realogy, the real estate conglomerate that indirectly owns former rivals the Corcoran Group and Sotheby’s International Realty.
“We’ve got a frenzy going on right now,” she told CNBC. “Realogy really is taking over in this market, they are just slamming it out of the park. All of their results are amazing as a result of this flipping, all this buyer frenzy and the tight market.”
Until larger investors, such as Blackstone, begin flipping their investments, she said she isn’t nervous, despite a recent trend of flipping cooling in major metro areas. [CNBC] – Julie Strickland