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Charles Dunn shuttered brokerage after sale to managing partner fell through: sources

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Charles Dunn shuttered brokerage after sale to managing partner fell through: sources

Darrell Levonian, an executive at the firm, was in talks to run the brokerage business

Darrell Levonian and Patrick Conn

Darrell Levonian, executive managing officer at Charles Dunn, was in talks to acquire the brokerage division at his firm before the company decided to close down the operation on Thursday, The Real Deal has learned.

Sources familiar with the deal, who said they were not authorized to discuss it, said that several months ago Levonian entered into a tentative agreement to run the brokerage division.

The deal fell through in the last 30 days, prompting Patrick Conn, the chief operating officer, to close down the brokerage altogether, a source said. The brokerage has been rumored to be for sale for two years, added another source at a competing brokerage.

Levonian and Conn declined requests for comment.

It is unclear what caused the deal to fall apart. In a memo sent to company employees, Conn said the decision was made to “avoid further expenses and potential losses.”

The departure of a top-producing team based in Glendale could have contributed to the decision. Just two weeks before the announcement, Bill Boyd and Linda Lee, plus two others, left the firm to join Kidder Mathews. The poach essentially closed down the 2,000-square-foot Glendale office, which was then subleased by Kidder. The departures left Charles Dunn with offices Downtown, in West Los Angeles and in Sherman Oaks.

The company will still maintain its property management division, which oversees more than 25 million square feet of commercial real estate, according to its website. The brokerage had a roster of about 50 agents as of 2016, but only 35 agents on its website as of Friday. It is unclear what will happen to the remaining agents.

Shortly after announcing the brokerage would close, the company began removing agents’ licenses from under the Charles Dunn banner, which left agents unable to close pending deals, according to a source familiar with the matter. After some protests from agents, Conn said Charles Dunn would extend the licenses through Nov. 9.

The source said the closure was a shock, but also said that in recent months they noticed “alarming” signs, such as longer-than-typical delays putting together marketing materials with no clear explanation.

With the deal dead, Levonian may look to build his own brokerage with agents at Charles Dunn’s former Century City office, which he managed, according to one person with knowledge of the matter.



Source: https://therealdeal.com/la/2018/11/02/charles-dunn-shuttered-brokerage-after-sale-to-managing-partner-fell-through-sources/

Klay Thompson: NBA insider reveals private LeBron James thoughts on Lakers rumours - Express.co.uk

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That’s according to one of James’ team-mates who spoke privately to ESPN’s Stephen A. Smith.

The Lakers are expected to make a big play to sign a high calibre free agent in 2019.

Thompson is one of those players potentially available to the Lakers next summer.

There has been plenty of speculation surrounding Thompson’s future with the Golden State Warriors as Kevin Durant is also set to become a free agent.

A player such as Thompson would likely elevate the Lakers to title contenders alongside James in an instant.

However, Smith has revealed he spoke with one of James’ team-mates who doesn’t think Thompson would be the best fit.

“I had one of LeBron’s team-mates just text me saying ‘Klay wouldn’t work in L.A’,” Smith said on ESPN’s First Take.

“Had another one of my boys try to dissect why that wouldn’t be the case.

“The belief is very, very clear.

“Klay Thompson moves without the ball, LeBron James is asking you to basically be a spot-up shooter because he’s the one dribbling the ball all the damn time.

“Let me commend the LeBron and the Lakers for this much.

“Thus far this season, if there is one thing I have seen vast improvement in with the Los angeles Lakers is their movement of the basketball, making the extra pass.

“Watching them move the basketball to get shots was very impressive.

“Now, I think they missed too many of them because they lost but the movement of the basketball is something I appreciate because that’s not something you see enough of.

“I am saying to you if we have any questions about whether or not Klay would work with LeBron, is it because of LeBron rather than because of Klay?”




Source: https://www.express.co.uk/sport/othersport/1038620/Klay-Thompson-LeBron-James-Los-Angeles-Lakers-free-agency-2019-NBA-rumours

This week in celeb real estate: Vince Vaughn’s former home lists, pedigreed Holmby Hills pad trades hands…and more

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Olivia Newton-John is also selling her 12-acre horse ranch

Eva Gabor and Frank Sinatra with the estate and Vince Vaughn with his home (Credit: Getty Images)

Eva Gabor and Frank Sinatra with the estate and Vince Vaughn with his home (Credit: Getty Images)

The parade of celebrity homes was a mostly short one this week. Apart from an $11 million sale in Holmby Hills, much of the activity happened in neighboring Southern California cities.

A property rich in Hollywood history traded for $11 million this week, after first hitting the market for $17 million in 2015. A trust belonging to Margaret Black sold the Holmby Hills estate to an unknown buyer. The two-story, 8,750-square-foot property on 1.1 acres has been home to Frank Sinatra and Mia Farrow, Audrey Hepburn and David Niven, and most recently, actress Eva Gabor. She lived in the Paul Williams-designed house for almost 20 years, until her death in 1995. It includes a main house with six bedrooms, four bathrooms, a library, and a screening room. There is a pool, a pool house, greenhouse, and a tennis court.

The former home of actor Vince Vaughn is now on the market for $6.9 million, listing brokerage Nourmand & Associates announced recently. Located in Los Feliz, the 4,000-square-foot pad has five bedrooms and seven bathrooms. There’s also a swimming pool, koi pond and pool house on the grounds. The property traded last May for $3.8 million to an LLC controlled by Erica and Renny Maslow, records show. Vaughn owned the home from 1999 to 2005, until he sold it to Hollywood producer Rene Echevarria. Konstantine Valissarakos of Nourmand & Associates is sharing the listing with Richard Yohon from Sotheby’s.

Jamie Foxx’s former party pad in Tarzana is on the market for $3.3 million, the Los Angeles Times reported. Spanning 6,000 square feet, the 1-acre property features a five-bedroom residence with a massive deck, a swimming pool and a detached gym. There’s also a basketball court donning the word “Foxxhole,” the entertainer’s comedy radio channel. The actor and singer owned the home from 1997 to 2008.

Over in Palm Springs, Fuze Beverage founder Lance Collins and his wife Linda Taylor paid $12 million to acquire a new home in the gated Madison Club. Spanning 11,300 square feet, the mansion includes seven bedrooms and eight bathrooms. The home was built by Bob Safai, founding partners of Beverly Hills brokerage Madison Partners, Variety reported. Amenities at the lavish estate include two swimming pools, Portuguese limestone walls and palm tree-lined backyard.

Olivia Newton-John also looked a bit outside L.A. this week, listing her 12-acre spread in Santa Barbara’s Santa Ynez Valley for $5.4 million. In addition to the four-bedroom home, the property includes a swimming pool and equestrian ranch. The singer-actress bought the home for about $4.7 million in 2015, the Los Angeles Times reported.



Source: https://therealdeal.com/la/2019/05/03/this-week-in-celeb-real-estate-vince-vaughns-former-home-lists-pedigreed-holmby-hills-pad-trades-hands-and-more/

Compton Launches TOD Specific Plan for Artesia Blue Line Station

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The City of Compton has launched a new specific plan for the area surrounding the Blue Line's Artesia Station, intended to guide land use around the busy transit hub.

Called Compton Hub City, the plan emphasizes the area's connection to the Blue Line, as well as its proximity to both the Artesia and Long Beach Freeways.  

The effort, which is being guided by SOM, is intended to create: 

  • a unified vision for development around Artesia Station; 
  • develop a strategy to achieve a walkable mixed-use cultural district; and 
  • leverage Compton's heritage to create a unique sense of place.

The specific plan area is bounded by Greenleaf Boulevard to the north, Tartar Lane to the East, Wilmington Avenue to the west, and Apra Street to the south.  Key points of interest within the space include Artesia Station, Compton Creek, the Gateway Towne Center shopping mall - and Crystal Park hotel and casino.

Currently, Artesia Space is bordered by a large swath of industrial land to the south and west, with a residential community and the Gateway Towne Center to the north and east.  Compton Hub City identifies several underutilized plots of land within this area as potential opportunity sites for mixed-use developments.

Community meetings for the project thus far have yielded calls for improvements to the public realm, including new recreation opportunities, dense mixed-use developments, and improved access to and from Artesia Station.  This includes potential expansions of an existing network of trails and new protected bike lanes.

A market analysis conducted for the Compton Hub City area found that there currently exists a strong, stable market for industrial land, and that community retail is dominated by the regional Gateway Town Centre, rather than locally-oriented retail.  There is demand for new housing - projections point to a need for up to 826 new units through 2040 - but also demand for more than 1 million square feet of industrial space, with less robust need for retail and office space.

The specific plan recommends that these land use needs could be parlayed into new transit-oriented developments by the introduction of physical and aesthetic improvements in the community, as well as better connections to the Blue Line and shared parking transit patrons.

Family

Compton Hub City considers multiple development scenarios for the Artesia Station area.  The first, called "Family," envisions a new public park, office development west of the Blue Line, mixed-use projects on both sides of the tracks with townhomes, a new transit plaza, and limited changes to the Towne Center.

Memory

A second alternative, called "Memory," envisions limiting new development to the east of the Blue Line.  The area would see moderate-intensity mixed-use buildings with a public promenade, an enhanced park-and-ride facility for Artesia Station, and limited impacts to the Towne Center.

Energy

The third alternative, called "Energy," calls for higher-intensity mixed-use buildings, as well as a reimagined Crystal Casino site, with the casino separated from the hotel.  Under this scenario, the station area would also see a new public square and changes to the existing transit center, but there would be no impacts to the Towne Center.

Ongoing questions posed by a recent presentation to the Compton City Council include: 

  • Should existing industrial uses adjacent to the Transit Center be preserved? 
  • Should the proposed open space function as a traditional park or as an urban plaza?
  • Should new development stretch to Alameda Boulevard?
  • Should the Gateway Town Center be preserved or incorporated into a new retail district?

SOM and the City of Compton intend to continue with planning the Compton Hub City through the coming months, with a draft specific plan expected to be released in Winter 2019.  Approval is anticipated to occur in Summer 2019.




Source: https://urbanize.la/post/compton-launches-tod-specific-plan-artesia-blue-line-station

After a $50 million price cut, this vast Bel-Air property may still languish

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The property came back on the market this month with a heavily reduced, $75-million price tag, which comes to about $291,000 per acre. “If you’re looking at a map of the area and zoom out, you can see this raw parcel of land with everything built up around it,” said Tamkin, who is representing the listing with his wife, Melinda Tamkin. “It’s really exceptional.”




Source: https://www.latimes.com/business/realestate/hot-property/la-fi-hp-senderos-canyon-bel-air-price-cut-20190628-story.html

Here are the worst times to travel for Christmas

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Driving to visit family and friends this Christmas? You’ll have a lot of company on the road— especially if you’re planning to head out of town Thursday afternoon.

AAA and transportation analysis firm Inrix predict the absolute worst of holiday traffic in Los Angeles will rear its head from 2:30 to 3:30 p.m. Thursday, when trip times are expected to double. (The firms predicted similar delays for Thanksgiving, for comparison.)

Flying might not be much better, as a record number of travelers are also expected to take to the skies from Saturday to New Year’s Day. The highest number of travelers are expected to fly on December 22, 23, and 26, AAA and Inrix say.

More than 102 million Americans will go by by car for their holiday travels this year, AAA forecasts. That’s a 4.4 percent increase over last year, and the highest number of car-travelers since 2001, when AAA started tracking holiday travel.

In case you forgot just how nightmarish holiday traffic in Los Angeles can be, here’s 2016 helicopter footage of the 405 freeway through West LA before Thanksgiving.



Source: https://la.curbed.com/2018/12/17/18145168/christmas-traffic-los-angeles-worst-times-to-travel

Metro Board Approves Study of Congestion Pricing and Fees on Rideshare Services

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At a packed meeting Thursday, Metro's Board of Directors authorized the study of new strategies to ease Los Angeles' notorious traffic - including congestion pricing and fees on rideshare services such as Uber and Lyft.

watermark

Congestion pricing, which regulates traffic congestion in high-demand areas by charging drivers a fee, can take a variety of forms.  Metro staff has put forth three potential ways that it could be implemented in Los Angele County, including:

  • VMT pricing, where a fee is charged per mile driven by a vehicle;
  • Cordon pricing, in which a fee is charged for entering a certain area; and
  • Corridor pricing, where fees are charged for access to heavily-trafficked roads or highways.

Metro staff have estimated that congestion pricing could generate anywhere between $9.6 billion and $83 billion over a period of 10 years, money that could be put toward improved transit service - and potentially, capital projects.

A modest form of congestion pricing is already available in Los Angeles County in the form of the ExpressLanes which run within the I-10 and I-110 Freeways.  Drivers are charged a per-mile toll to access the lanes, with the revenue returned to the corridor in the form of increased frequencies on the Silver Line rapid bus line between El Monte and Harbor Gateway via Downtown.

The Metro Board proved more receptive toward the idea of studying congestion pricing than some had previously anticipated, though some - including County Supervisor Janice Hahn - expressed lingering doubts about the project.  Multiple Board Members noted that County residents had already voted twice since 2008 to raise their own taxes in order to fund transportation projects - after campaigns which billed the measures as "traffic relief" - and were reluctant to make yet another ask of the electorate.

Los Angeles Mayor Eric Garcetti noted that congestion pricing has been successful in cities such as London, but cautioned that some governments have become "addicted to the money [while forgetting] about the congestion relief."

Nonetheless, congestion pricing also had staunch advocates amongst Board Members, most notably Los Angeles City Councilmember Paul Krekorian.

"A hugely disproportionate number o the people who use our system are transit-dependent, and they are disproportionately impacted by congestion slowing down buses," said Krekorian during the meeting. "We build really expensive streets that people use for free, and that is nothing but a subsidy to the automobile industry and people who use cars."

Imposing taxes on trips on transportation network companies - including Uber and Lyft - also raised questions among board members.

Inglewood Mayor James T. Butts expressed concern that giving Metro authority to assess taxes on rideshare companies could have implications for the ability of individual cities within Los Angeles County to regulate the industry and impose fees of their own.

Krekorian, in contrast, welcomed new fees on the transportation network companies, arguing that they increase congestion while siphoning riders away from transit systems.

Duarte Mayor John Fasana agreed with that assessment, but suggested a variable fee for the different products offered by the ridesharing companies.  Private riders could be taxed at one rate, while truly shared rides, such as those in an Uber Pool, could be charged less - or even not at all.

A fee structure has not been fleshed out at this point in time, though Metro has previously estimated that a 20-cent fee per trip could yield $401 million over ten years, and a higher $2.75 fee could raise $5.5 billion over the same time period.

The study of congestion pricing and new fees on rideshare companies falls under a larger campaign branded as "The Re-Imagining of LA County: Mobility, Equity and the Environment," which also includes an ambitious proposal to accelerate completion of eight transportation projects prior to the 2028 Summer Olympic Games.  In that effort, a motion introduced by Garcetti, Butts, Hahn and Supervisor Hilda Solis calls for prioritizing four "pillar projects" for acceleration:

The West Santa Aana Branch was additionally designated as having "first priority," for any public-private partnership that Metro could engage in to accelerate its construction.

Mayor Garcetti urged that the acceleration project - called Twenty-Eight by '28 - should be considering as a distinct effort from the study of congestion pricing and fees on rideshare companies, stating that the first priority for any new money raised through those fees - if implemented - should go first toward operations, with only surplus funds going toward capital projects such as the project acceleration.

The total budget of the projects due for acceleration is $26 billion, per the Measure M expenditure plan approved in 2016.  It is currently unclear costs acceleration will add, though the board is set to report back on a financing plan later this year - concurrently with a report on congestion pricing and fees on rideshare services.

Besides tackling project acceleration and potential sources of new revenue, the Metro Board also approved a construction contract with Tutor-Perini for the construction of the third and final phase of the Purple Line extension, which will run 2.6 miles between Century City and the Veterans Administration Campus in Westwood.  The project is expected to open in 2026 and attract more than 50,000 weekday boardings.

The Board also approved a motion by Barger, Krekorian, and Glendale City Councilmember Ara Najarian seeking clarification on how the scaled back California High-Speed Rail project will affect rail service between Palmdale and Anaheim - the corridor which the train is expected to travel through in the Los Angeles and Orange County areas.  The motion requests a report on what opportunities are available to make improvements to the regional rail system regardless of high-speed rail, making note of Metrolink's ambitious SCORE program, which calls for partial electrification of the 534-mile network.




Source: https://urbanize.la/post/metro-board-approves-study-congestion-pricing-and-fees-rideshare-services

MySize launches Modelista

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MySize, Inc., the developer and creator of smartphone measurement applications, announced today it has launched an online store, Modelista, allowing consumers to shop for apparel using the Company's MySizeID™ mobile measurement technology for the first time.

Modelista is the first online store to fully integrate the MySizeID™ technology and allow shoppers to measure themselves with the technology, upload their personal fit profiles to the retailer, and receive an accurate recommended size for any apparel item on the site. Consumers can then select their recommended size and add it to their shopping cart before checking out.

My Size launched Modelista as a proof of concept for retailers to highlight both the ease of use and value to the consumer, as well as to provide a data reference point reflecting how MySizeID™ can help increase sales and customer loyalty.

"We are excited to launch Modelista and bring MySizeID™ to the world, fully integrated on an online retail store for the first time. Though we have multiple leading brands that are testing the technology internally, we believe the next step in validating our proof of concept for the technology is to make it publicly available and enable consumers from around the world to try it for themselves," said Ronen Luzon, CEO of My Size, Inc. in a statement. "Consumers that visit Modelista will see for themselves how simple it is to measure themselves with MySizeID™, upload their personal fit profile, and receive a size recommendation for their desired item. We believe this gives us a tremendous opportunity to gain consumer loyalty and market feedback, while establishing MySizeID™ as a must-have for any online retailer."

In an online clothing market, estimated to be valued at over 72 billion dollars in the U.S. alone, 70 percent of apparel returns are size related, while 32 percent of shoppers don't purchase fashion online because of uncertainty around size and fit, according to a Drapers Etail Report. MySizeID can increase the sales of apparel retailer by reducing or even eliminating their customer's uncertainties regarding size and fit. Based on My Size's estimates, the MySizeID app can increase average order values by approximately 20 percent and can reduce return rates by approximately 30 percent. Furthermore, MySizeID enhances the customer experience, leading to greater brand loyalty.

photo: via PR Newswire



Source: https://fashionunited.com/news/retail/mysize-launches-modelista/2018121925233

Who Can Telecommute?

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Telecommuting has been held out as a solution for America’s transportation and land-use woes for my entire adult life and then some. Ever since the rise of the internet and the first tech bubble of the late 90s, it’s been proposed that eventually, the technology would be so good that you do your job from anywhere. That way it wouldn’t matter if Los Angeles were expensive, because you could just live in Spokane and do your job from there.

The experimental evidence we have from the last 20 years does not support this theory. An organization that promotes telecommuting found that between 2005 and 2017, the number of people working from home at least half time in the United States rose from 1.8 million to 3.9 million, or 2.9% of the  US workforce. While that number is not nothing, it effectively represents only a 1.5% reduction in the demand for transportation for work trips. Over that same period, total employment in the US rose by 12.5 million, or 8.5%. So despite the growth of telecommuting, overall employment grew much more quickly and consequently the demand for transportation continued to increase.

The continued success of large US metros relative to mid-size and small metros also suggests telecommuting is having little impact. A recent spate of “millennials are doing X” articles have tried to push the idea that growth is now shifting to mid-size cities, but it’s amazing how many articles there are citing Pittsburgh, when Allegheny County has lost population every year since 2013. In fact, given how high housing prices have had to rise in large metros to force growth elsewhere, I wonder if you could make a case that the internet has actually increased the agglomeration effects of living in a large city.

Finally, while there are clear benefits of telecommuting (lower housing and transportation costs for the employee, lower office and overhead costs for the employer), there are productivity costs as well. I’ve found in my personal experience that it’s much easier to supervise employees and coordinate a large project team when everyone is in the same office. Being in different offices in the same city is worse, and being in different time zones is even worse.

While I’m not a great manager by any stretch of the imagination, I would like to think I am at least marginally competent and that my experience in this regard is not unique. The single biggest benefit of being in the same office as other people is that it makes it impossible for them to avoid you. Emails can go unanswered, calls can go unreturned, but if I show up at your desk asking you about something, you have to respond. This is a pretty common thread in human relations – it’s much easier to keep up and keep in touch with people that you see than people you don’t.

Finally, there’s the simple fact that living in a bigger city give you more amenities. You might be able to do your job from an RV in rural Nevada, but you won’t be able to access the amenities of Las Vegas or LA.

Even throwing all of that aside, it’s worth asking who could theoretically telecommute. Chances are, if you’re reading this blog or City Observatory or Curbed or City Lab, you have a job that you could telecommute to do, or at least have a lot of friends who do. But that is not a very representative sample of American employment. The five biggest major industry sectors according to the BLS are professional and business services (20.1 million jobs), state/local government (19.4m), health care (19.1m), retail trade (15.8m), and leisure and hospitality (15.6m). My guess is that if you’re reading this, you work in professional and business services, easily the category that best lends itself to telecommuting, and is still subject to all the problems above. Some of these sectors, like health care and retail trade, have almost no potential for telecommuting, as do other major sectors like manufacturing, construction, and transportation/logistics.

Let’s do a quick analysis on the major industry sectors with low, medium, and high guesses for the percentage of people that could telecommute. All numbers are BLS 2016 data.

industries.png

At the low end, something like 10% of people will be able to consistently telecommute. That suggests we’ll see more growth in telecommuting, but it still won’t have much impact on transportation demand or housing prices. Even at the high end, if 25% of people were able to telecommute tomorrow, that would put the number of employees not telecommuting at about the same as total employment in 1993, and of course, the economy is still growing.

None of this is to say that telecommuting is per se bad, or that you shouldn’t do it if it works for your personal situation or your business. But if you’re counting on telecommuting to fix traffic and housing prices in places like Los Angeles and San Francisco, it’s not going to work. We should be planning cities for how people want to live, not hoping for technological solutions to bail us out of the problems created by a few selfish actors.

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Source: https://letsgola.wordpress.com/2018/07/13/who-can-telecommute/

“Canary in the coal mine”: Home flipping falls nationwide to 3-year low, report finds

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“Canary in the coal mine”: Home flipping falls nationwide to 3-year low, report finds

Investors flipped nearly 46K houses and condos in Q3, signaling a possible slowdown

Investors flipped 45,901 single-family homes and condos in Q3. (Credit: iStock)

Home flipping in the U.S. is down to its lowest levels in more than three years, the latest sign that the housing market is experiencing a slowdown.

Investors flipped 45,901 single-family homes and condos in the third quarter, down 12 percent from a year ago, according to a report published Thursday by Attom Data Solutions. It was the lowest number since the first quarter of 2015.

“Home flipping acts as a canary in the coal mine for a cooling housing market,” said Attom’s Daren Blomquist.

A number of recent data points and reports have signaled that the post-recession housing boom may be coming to an end. Most recently, the U.S. Commerce Department reported that new home sales dropped 8.9 percent compared to September, marking an almost two-and-a-half-year low.

In Miami, third quarter home flips fell to 1,667, a 15.7 percent drop from a year ago. In a recent survey, Miami homes sat on the market for an average of 84 days, among the longest amount of time in the nation.

In Los Angeles, investors flipped 1,299 homes, an 8.5 percent decline. The Chicago metro area experienced a smaller decline. It had 1,276 home flips, which was a 5 percent drop.

New York City countered the trend, however. Its 1,828 homes represented a 5.5 percent rise from third quarter 2017 numbers.

The housing slowdown is partly due to rising mortgage rates, which have made owning a home more expensive and could have pushed some potential buyers out of the market, experts say.

Rising rates and more expensive home prices could have also contributed to the drop in home flipping, given it has become increasingly difficult for buyers to find homes at distressed prices and then rehab them and turn a quick profit.

From July to September, the average gross flipping profit was $63,000, according to ATTOM. This represented a 42.6 percent return on a buyer’s investment, which was the lowest level since the first quarter of 2012.

Last year was a banner one for home flippers in the U.S. Investors flipped more than 207,000 condominiums and single-family homes in 2017, the most since 2006, according to Attom.



Source: https://therealdeal.com/miami/2018/12/06/canary-in-the-coal-mine-home-flipping-falls-nationwide-to-3-year-low-report/


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