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The Briefcase: Local home flipping sales jump in second quarter

The Briefcase: Local home flipping sales jump in second quarter

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Local home flipping sales jump

The Winston-Salem metropolitan statistical area experienced a 20% increase in homes being bought for flipping during the second quarter, national real-estate research firm Attom Data Solutions said in a report timed for release today.

Sales of flipped homes in the Winston-Salem metropolitan statistical area — homes purchased and subsequently sold again within 12 months — totaled 196. The MSA consists of Davidson, Davie, Forsyth, Stokes and Yadkin counties.

Flipped homes accounted for 7.7% of all home purchases in the quarter.

Those flipping the homes grossed on average $59,750, representing an $85,750 purchase price and a $145,500 flipped price. The gross profit a year ago was $63,500.

The average time it took to flip a home was 195 days, up from 169 days a year ago.

About 57.7% of home flippers used cash with the purchase, while 42.3% borrowed money. About 27.6% were sold to cash buyers, while 9.7% were bought by buyers utilizing a Federal Housing Administration loan.

Richard Craver

Quality Inn sold for $3.15 million

The Winston-Salem Quality Inn property has been sold for $3.15 million to a Greensboro hospitality group, according to a Forsyth County Register of Deeds filing Tuesday.

The buyer of the three-acre property at 5719 University Parkway is Pearl Hospitality LLC.

The seller is Shree Shiv Shakti LLC of Winston-Salem. The sale was completed Sept. 4.

Richard Craver

NorthState expands its fiber optics

NorthState said Wednesday it plans to expand its fiber optic network to additional areas in Kernersville and Guilford County.

Included are selected neighborhoods in northern Kernersville, the Brassfield area of northwest Greensboro, the Groometown area and Summerfield.

For more information, go to www.northstate.net or call (336) 886.3600.

Richard Craver

Companies seeking tariff relief faced red tape

WASHINGTON — Companies seeking relief from President Donald Trump’s taxes on imported steel and aluminum ran into long delays and cumbersome paperwork, a federal watchdog found.

The U.S. Government Accountability Office reported that the Commerce Department, overwhelmed by companies lobbying to avoid the tariffs, could not meet its own deadline for processing around three-fourths of the requests.

And Commerce rejected nearly a fifth of the applications before weighing the merits of the appeal because the paperwork was incomplete or included errors.

The Associated Press

Retail sales rise for 4th straight month

NEW YORK — Americans kept spending in August, but the pace of that growth is slowing as millions of unemployed people lost a $600 a week boost in their unemployment checks.

The U.S. Commerce Department said Wednesday that retail sales rose 0.6% last month, the fourth straight month of growth. In July, the number rose 0.9%.

Retail sales have been recovering after they plunged in April and March as clothing stores and malls temporarily closed due to the spread of the coronavirus.

The Associated Press

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