Flipping homes in Las Vegas is not as common as it used to be, but it’s still a lucrative business.
The Las Vegas Valley is the second best place in the country to “flip” a home, in which buyers quickly sell their newly acquired houses for a profit, according to a new report from RealtyTrac.
The research firm, based in Irvine, Calif., defined a flip as buying a home and then selling it up to six months later.
There were 4,341 such sales of single-family homes in the valley last year, down 21 percent from 2011. The average purchase price was $133,198 and the average sales price was $203,945, giving the flippers a 53 percent gross profit — $70,746.
The profit percentage was second highest in the country. Orlando, Fla., was first at 63 percent, according to RealtyTrac.