House Flippers Mostly in California
Who lives in nice houses? How can they afford the luxury homes, taxes, etc.? Here’s one example above. The house on the sand that was for sale in Laguna Beach was owned by Michael Jackson’s cosmetic dermatologist, Dr. Arnold William Klein. His patients have included Elizabeth Taylor, Cher, Dolly Parton and other celebs. Some speculate that he is the father of the several of Jackson’s children, in fact.
Flipping high-end houses is the rage during a period when the housing market for affordable homes has been hot and the more expensive houses, NOT. Flipping high-enders went up 42% in the third quarter for homes priced between $1 million and $2 million, and 350% for $2 million-to-$5 million properties, says RealtyTrac.
Over 75% of all high-end flips were in 5 housing market regions–4 of them in California:
- Los Angeles
- San Francisco
- San Jose
- San Diego
- New York metropolitan area
Most expensive housing markets in the nation:
- 1. San Francisco
- 2. Orange County
- 3. Los Angeles County
- 4. New York City metro region
Most expensive cities for housing in the U.S.
- 1. Atherton, CA – average home price $6.67 million
- 2. Los Altos Hills, CA
- 3. Belvedere, CA
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