Celebs Get Flip With Housing
November 20, 2013
Real estate agents in California say Hollywood stars -- including Diane Keaton, Jane Seymour, and Corbin Bernsen -- are getting in on the action when it comes to flipping houses for a fast profit.
While flipping entails buying a home and reselling it quickly after making repairs or renovations; industry analyst Jan Brzeski of Arixa Capital Advisors notes that turnaround time in the upper tiers of the market could take 12 months or longer.
The profit for a luxury home flip, she estimates, is about 12 percent to as much as 20 percent. According to DataQuick, a real estate research firm, 5.3 percent of homes worth at least $1 million were flipped in the first half of this year -- up from 3.4 percent in the first six months of 2012.
Source: "Buy, Apply Elbow Grease, Sell: Celebrities House Flip, Too," United Press International (08/24/13)
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Updated: June 22, 2018