#5: Newark, New Jersey
Newark, located in Essex County, is an internationally recognized air, rail and shipping transportation hub. Newark’s renaissance is the result of its ability to attracting popular retailers such as Whole Foods and Nike. Newark’s fix-to flip-statistics commands an average return on investment (ROI) of 182%, the second highest percentage on this list.
- Zip Code: 07107
- Q1 Home Flipping Rate (Pct of Sales): 15%
- Avg. Days to Flip: 185
- Flipping Gross Profit: $166,500
- Number of Flips: 12
- Gross ROI: 182%
#6: Belleville, New Jersey
Belleville, also located in Essex County, is drawing plenty of investment capital. Its attraction lies in its transportation access to roads and, of course, to NYC. Belleville fix-and-flip projects represent 15% of all town wide real estate sales. Belleville’s attraction is also enhanced by its close proximity to Montclair, in the same way that Harrison is benefitting from its proximity to Newark’s train station and PATH into the World Trade Center. What is not so attractive about Belleville is the 244 days for the average flip to sell, but the average gross profit of $132K makes for up some of the inconvenience.
- Zip Code: 07109
- Q1 Home Flipping Rate (Pct of Sales): 14.9%
- Avg Days to Flip: 244
- Flipping Gross Profit: $131,208
- Number of Flips: 13
- Gross ROI: 83.7%
#7: Toms River, New Jersey
Toms River reported one of largest number of fix-to-flip deals, 40. Currently, Toms River is one of the most active ‘farms’ in the state. In August, according to RealtyTrac, the Toms River metro area ranked number one in sales for August 2017. It recorded 86 transactions for the state of New Jersey, beating out the number two, Jersey City’s 57, by over 30%. The present drawback with Toms River is the DOM (days on market), which stands at 222 days. Still, Ocean County has had a great deal of inventory to ‘eat through’ which was, a few years ago, over 109 for homes that required no major renovation. Ocean County’s DOM fell from 85 to 76 days, and its inventory of homes for sale collapsed from 5,458 in August 2016 to just 4,311 in 2017, a 21% drop.
- Zip Code: 08757
- Q1 Home Flipping Rate (Pct of Sales): 14.2%
- Avg. Days to Flip: 222
- Flipping Gross Profit: $108,000
- Number of Flips: 40
- Gross ROI: 108%
ABOUT COUNSELLORS TITLE AGENCY
Since 1996, Counsellors Title Agency had provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.