ORMOND BY THE SEA — Drivers cruising State Road A1A here looking east at the ocean could easily miss the dilapidated, boarded-up commercial building hidden behind overgrown bushes on the west side of the road at 2344 N. Ocean Shore Blvd.
But not local entrepreneur Dean Demos, owner of Demos Entrepreneurial Support Services in Ormond Beach.
He negotiated for more than three years to buy the half-acre lot and 1,800-square-foot building and two adjacent garages.
He finally bought it in January for $160,000 — far below the $350,000 asking price it had a few years ago.
When his plan to tear the building down and build an apartment complex in its place fell through, rather than hold on to the property, he put it on the market.
It sold two weeks ago for $232,250, netting Demos a $72,250 profit in just seven months.
“I’m always interested in maximizing the value of my investments,” Demos said. “I bought the property with the intent of making money regardless of how I did it, whether I torn down the building and put up rentals or sold the land.”
Demos could be called a real estate flipper — someone who buys undervalued property with the intent of selling it after a short time at a higher value.
During the area’s last real estate boom — which peaked in 2005 — flippers earned a bad reputation as evil speculators who helped escalate prices to unsustainable heights.
Flipping in mass generally requires a hot market, but buying low and selling high over a short period still occurs even in today’s depressed real estate environment, albeit far less frequently, area real estate observers say.
“I see opportunities to flip every day. I have buyers waiting on the sideline with the goal of buying and flipping because the prices are so cheap right now,” said Ying “Amy” Nemeroff, a Realtor with Coldwell Banker Premier Properties in Ormond Beach, who represented Demos in his recent real estate transaction. “It’s all in the calculations and knowing the market.”
最后，在1月份他买了16万美元 – 远低于35万美元的要价了几年前。
“我总是很感兴趣，在我的投资发挥最大的价值，”Dean 说。 “我买了财产的意图赚钱的，不管我怎么做，我是否拆掉的建筑，并把出租或出售土地。”
演示可以被称为房地产鳍状肢 – 有人购买价值低估的房地产销售的意图后很短的时间在一个较高的值。
去年在该地区的房地产市场的繁荣 – 在2005年达到顶峰 – 的脚蹼赢得一个不好的名声，邪恶的投机者帮助升级价格不可持续的高度。
“我每天看到翻转机会，我有买家等待购买和翻转的目标，”因为价格很便宜，“艾米”小姐房地产经纪人COLDWELL BANKER优质物业的奥蒙德海滩 代表在他最近的房地产交易的演示。 “这是所有的计算和了解市场。”