News to flip for

Fort Worth-area flips in this ZIP code bring home higher profit than U.S. average

This home, for sale in the 76022 ZIP code, has been renovated recently.

Fort Worth HGTV fans who are inspired to flip a home should look a bit to the east, to the Bedford ZIP code of 76022.

While the national average profit for home flipping is about $65,520, the average profit in 76022 is actually quite a bit higher, at $76,290, according to new data from ATTOM Data Solutions’ 2Q 2018 U.S. Home Flipping Report.

ATTOM Data Solutions curates the nation’s premier property database. Its report, which examines average gross returns on investments for specific ZIP codes as well as the national averages, found that 76022 also averaged 170 days from purchase to flip, with a 45 percent second-quarter return on investment on flips. The average time to complete a home flip in the U.S. was 186 days.

In contrast was the 76137 ZIP code in north Fort Worth-Haltom City, where the average profit was $5,036 with a 2.2 percent return on investment.

Nationally, homes flipped in the second quarter of 2018 had an average gross return of 44.3 percent, down from 47.8 percent the previous quarter. It’s the lowest average gross flipping ROI since the third quarter of 2014.

The report shows that flipping homes might be losing its appeal for wannabe fixer-upper folks. A total of 48,768 U.S. single family homes and condos were flipped in the second quarter, at a rate of 5.2 percent of all sales, down from a 6.6 percent in the first quarter. Homes sold for an average of $65,520 more than purchase price, which is a dip from the $69,500 in average profit the previous quarter.

ATTOM also reported that 32.3 percent of homes flipped in the second quarter were purchased via distressed sale — either in foreclosure or bank-owned, down from 35.8 percent the previous quarter and down from 38.7 percent a year ago.

“Fewer distressed sales are limiting the ability of home flippers to find deep discounts even while rising interest rates are shrinking the pool of potential buyers for flipped homes,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “These two forces are squeezing average home flipping returns, pushing investors to leverage financing or migrate to markets with more distressed discounts available to achieve more favorable returns.”

Overall, states with the highest average flipping ROI in the second quarter were Louisiana (102.5 percent), Pennsylvania (100.3 percent), Ohio (81.4 percent), Maryland (76.1 percent), and Tennessee (74.9 percent), the report says.

Among 140 metropolitan statistical areas with at least 50 flips and a population of at least 200,000, those with the highest average gross flipping profit were Pittsburgh, Pennsylvania (162.7 percent); Hickory-Lenoir-Morganton, North Carolina (129.0 percent); Mobile, Alabama (126.6 percent); Buffalo, New York (107.5 percent); and Baton Rouge, Louisiana (107.1 percent).

The report noted a few other interesting trends in the second quarter of 2018:

The median year built of homes flipped was 1978, tied for the oldest median year built as far back as data is available — 2000.
The median square footage of homes flipped was 1,408, the smallest median square footage as far back as data is available — 2000.
A total of 40,265 entities flipped properties, a ratio of 1.21 flips per entity, the lowest ratio of flips per entity since 2008 — a more than 10-year low.

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A version of this story originally was published on CandysDirt.com.

home-for-sale trends

farm for sale

Unusual ultra-modern Grapevine ranch is on the market for $7.2 million

Photo courtesy of Briggs Freeman Sotheby’s International Realty

The Willow Wood Horse Farm in Grapevine is on the market for $7.2 million.

A stunning 10-acre property in North Texas that looks like it was made for an ultra modern cowboy family has just hit the market for $7.2 million.

Called the Willow Wood Horse Farm, this one-of-a-kind equestrian paradise is located on West Kimball Avenue in Grapevine, about 30 miles northeast from downtown Fort Worth.

The ranch is an extraordinary combination of elegant and thoughtful modern design paired with all of the practicality required of a fully functioning farm.

According to the listing, which is held by Burgher-Ray Ranch Group and managed by David Burgher and Harlan Ray, the farm includes several fenced pastures, an enclosed and insulated shop storage building with concrete flooring, and a seven-stall horse barn.

A covered and irrigated riding arena is attached to the barn, every stall has its own turnout, and six of the stalls are 12 feet by 12 feet wide, and the seventh is designated as a foaling stall. An additional turnout for grazing is located adjacent to the barn, as well as a training pen.

Willow Wood Horse Farm in Grapevine, ranch for sale The horse barn has seven stalls with individual turnouts.Photo courtesy of Briggs Freeman Sotheby’s International Realty

But the focal point of the entire estate is the 4,353-square-foot, three-story primary residence that sits at the highest point of the gently sloped property. The home was custom-designed and completed in 2022, featuring an exterior made of metal cladding, concrete, durable ipe hardwood, and glass.

Upon entering the front door, guests will notice unparalleled views that lead through the home's living areas and into the 3,000-square-foot back deck, past the 80-foot-long saltwater swimming pool, and out toward the pastures.

The chef's kitchen is outfitted with luxurious Gaggenau appliances, such as a steam convection oven, a conventional convection oven, a coffee machine, stove, dishwasher, a separate paneled refrigerator and freezer, and a warming drawer. A half bathroom and full butler's pantry is located to the side of the kitchen, which is equipped with a prep space and a dishwasher.

Additional features of the home include:

Koi ponds located on either side of the main door that welcome guests to the home
An open concept living space that contains the living room, kitchen, and dining rooms
A primary suite with a spacious walk-in closet and en-suite bathroom
Two additional bedrooms with en-suite bathrooms
Soft opening/closing doors in all main bedrooms
Dynaudio speakers installed throughout the home
Geo-thermal heating/cooling system

A custom-built metal spiraling staircase connects all three levels of the home. The second floor contains a viewing area with floor-to-ceiling windows and access to the covered porch and rooftop deck. The lower level leads to an "acoustically balanced" underground home theater featuring eight-foot concert walls, Dynaudio speakers, an Ember Audio sound system, a 250-bottle wine cooler, and a powder bathroom. The listing notes that this area could be converted into a storm cellar.

Willow Wood Horse Farm in Grapevine, ranch for sale The underground home theater has an impressive Ember Audio sound system with Dynaudio speakers.Photo courtesy of Briggs Freeman Sotheby’s International Realty

A detached three-car garage is located next to the home, which contains one EV charging station and two additional outlets for charging. Discreetly designed solar panels are hidden on top of the garage, which are capable of powering the entire residence.

The horse barn, irrigation system, and stock pond all run off of a water well located on the property, while the primary residence uses city water with a filtration system.

"Situated in the heart of the Dallas-Fort Worth Metroplex, just minutes from Lake Grapevine, Southlake, and an easy commute to DFW International Airport, this property affords someone the ability to have all the comforts of the city, while living just slightly removed from it all," the listing says.

Photo courtesy of Briggs Freeman Sotheby’s International Realty

The Willow Wood Horse Farm in Grapevine is on the market for $7.2 million.

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