Hipster House Flipping Hot Spots

hipster in white shirt

As you may recall we released an article earlier this month about the changing scene of house flippers in Las Vegas. There are several factors that contribute to these changes. A major factor is the profitability associated in flipping a lightly distressed home, of which there still many homes on the market within this category. Hipsters, a term defined by RealtyTrac as individuals aged 25 to 34, are finding affordable homes thanks to house flippers.

Two areas of town that offer the ideal, lightly distressed home, have found their way into the top 20 zip codes for flipping houses. As areas hit hard during the recession begin to transform into new hip communities, the hipsters have taken notice. They are close to the Las Vegas Strip and the University of Las Vegas, making them ideal for profits and quick returns on investments.

Zip Code 89119

Extending from Warm Springs Road to Country Club Lane and Interstate 15 to Eastern Avenue, this zip code was the 16th highest average gross profit areas on the top 20 list. Contained within are McCarran International Airport and the entire UNLV campus along with portions of the Las Vegas Strip. With 27 homes flipped in 2013, and average sales prices of just under $110,000, investors yielded average gross profits of over $55,000 on each property.

Zip Code 89169

This ridged zip code extends from Tropicana Avenue north to Sahara Avenue and east from Eastern Avenue to Koval Lane. Right against the Thomas and Mack Center on the South and encompassing the Las Vegas National Golf Course on the other. This zip code took the 18th spot on the national top 20 list. Of the 14 homes flipped in 2013 the average sales price was just over $90,000 and produced average gross profits per home of $46,708.

Daren Blomquist, RealtyTrac Vice President writes, “Hipsters have been accused of holding back a more robust housing recovery,” claiming “low homeownership rates” as one of the reasons for this accusation. In zip codes 89119 and 89169, the opportunity to increase hipster homeownership is in full swing.

Find available homes here.

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