Trying to keep a roof over your head is hard enough in L.A. without having to compete with profiteers.
But it turns out your house-hunting game could be thwarted by profiteers who buy properties, fix them up and sell them quickly for a profit.
Last month we told you that Los Angeles ranked seventh in the nation for house-flipping activity. Now real estate listings site Redfin says three of the top house-flipping neighborhoods last year were in the city of L.A.
The site looked at homes bought and resold for at least a 10 percent profit within a year in 28 of America's biggest real estate markets.
The hottest neighborhoods were ranked by “gains” over the pre-flip price.
Mount Washington ranked second in the nation. An average flip there saw a gain of $312,000. Silver Lake was close behind, at No. 3. There flippers saw an average gain of $307,000.
Los Feliz rounded out the top 10 in the nation at $241,000 for an average flip, Redfin found.
For comparison, look at the national average gain: $102,400, according to the site.
“It’s not surprising that flips are selling for serious gains in Mount Washington,” said Redfin real estate agent Earnest Watts. “Even though the median sale price is currently above $700,000, flippers are still able to snap up older, unimproved properties, give them a nice makeover and sell for substantially more than what they originally paid. Mount Washington was, after all, predicted to be the hottest L.A. neighborhood in 2016.”
The hottest flipping neighborhood in the nation was Petworth in Washington, D.C., where prospectors could see an average gain of $337,000, the site said.