The stakes are high — and so are the potential profits — for flippers of high-end homes priced at $1 million or more, who did 35 percent more deals in 2012 than the year before, the Wall Street Journal reports, citing RealtyTrac data.
One 6,255-square-foot “complete fixer-upper” in Miami is on the market for $2.98 million after an American-led investment group backed by foreign investors bought it for $1.2 million and spent nearly $1 million in renovations.
But in the Naples-Marco Island, Fla., market, high-end flippers lost 14 percent on homes that were resold within six months. Source: wsj.com.
