Hipsters Niche Market for Flipped Homes
(Las Vegas, KXNT)- Real estate investors in Las Vegas have a big money-making opportunity in front of them, this according to RealtyTrac.
The real estate monitoring organization says Las Vegas has two of the top 20 zip codes for flipping houses to hipsters. The report shows that zip codes 89169 and 89119, which are relatively close to the Strip and UNLV, are packing a lot of potential. Both zip codes are undergoing face lifts, with new restaurants and shops popping up in both areas. They are also both relatively close to booming Downtown Las Vegas.
RealtyTrac says the average price of a home in this area is $100,000. These zip codes have high appeal to “hipsters.” The 25-34 year old age group has been reluctant to buy homes in recent years due to the unstable housing market. However, now their mindset is changing.
It’s also an opportunity for hipsters themselves to invest. According to Gordon Miles, president and COO of Prudential Americana, renovating these foreclosures is not as expensive as one would think. He believes that an additional investment of $10k-$15k would result in a $40,000 profit, on average.
“You look at it and freak out and think this is going to be so much money and it’s really not. A lot of this is just cleaning up the sheet rock or adding some carpet. A lot of this can be done by the flippers themselves,” says Miles.
Miles warns, though, that the window of opportunity is closing, thanks to a steady rise in home prices.