Two of our favorite cities are among the worst markets in the nation to buy real estate and resell it for a quick buck. So says a new survey by the personal-finance website WalletHub.
As HGTV viewers who’ve viewed an episode of Flip Or Flop? well know, buying a house, gutting it, remodeling and then reselling it — a process universally known as “flipping” — can turn tidy profits for residential real-estate risk-takers. According to WalletHub, the average gross profit nationwide for house-flipping in the first quarter of 2019 was a cool $60,000.
In Connecticut? Not so much. Not nearly so much. Of the 172 markets in the U.S. measured in the survey, the single worst market for flipping was Bridgeport. New Haven was close on the Park City’s heels, ranking 165, or eighth worst place to turn a profit on buying and selling houses.
WalletHub compared the 150 most populated U.S. cities, plus at least two of the most populated cities in each state (so places like Wyoming wouldn’t feel left out) across three dimensions: market potential (including average ROI), renovation and remodeling costs, and quality of life.
In addition to lowest overall score, Bridgeport finished dead-last for market potential, and had bottom-ten scores in remodeling costs (San Francisco, not surprising, ranked worst).
New Haven had a more middling (118) market-potential score, but finished among the bottom 10 percent for remodeling costs and quality of life.
Oh, and in case you’re looking to relocate for a fresh start in life, the No. 1 house-flipping market in the U.S.? Sioux Falls, S.D.
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Christine Pawlik
Christine Pawlik has joined the Wallingford regional office of Pearce Real Estate.
TRANSACTIONS
25 Stiles Lane, North Haven
Jamie Cuzzocreo, a commercial sales associate in the North Haven office of H. Pearce Commercial, has closed on the sale of 25 Stiles La., North Haven for $570,000. Both the seller, Auto LLC, and the buyer, 25 Stiles Lane LLC, were represented by Cuzzocreo. The location is home to a 4,792-square-foot auto repair shop on 0.63 acres. The new owner, an LLC registered in Stamford, plans to continue operations at the location.
410 Colony St., Meriden
Neil Scarfo of Press/Cuozzo Commercial Services represented King’s House Church in its purchase of a 17,981-square-foot church building on 0.6 acres at 410 Colony St., Meriden. The transaction closed at $367,500. Seller Iglesia Hermanos Unidos Church was represented by Mikasa Emilio Encarnacion of Mikasa Realty.
420 East Main St., Branford
A recently renovated, 2,029-square-foot office condominium, Unit 10, in the Thimble Creek Professional Office complex, 420 East Main St., Branford, has sold for $234,000. The seller was MS Realty Associates LLC, whose principal is Camille Murphy. The seller was represented by Cheryl Morris of the Geenty Group, Realtors in Branford. Seth Hershman of Real Living Wareck D’Ostilio in Branford represented the buyer, Peter D. Hershman of Hershman Legal Group, PC in New Haven.