HOUSINGNEWS REPORT
WILL AMAZON SAVE THE SWAMP?
investors coming into the D.C. area, trying to buy off-market properties.
directly involved in the gentrification of the D.C. metro area. Focused on multi- unit commercial properties including mobile home communities, assisted living and self-storage, she spends a lot of time revitalizing properties.
able to get as many as two or three condos out of it.
“My experience is that most of them are looking for single family or what we call fee simple. They’re buying at the right price that works for them,” he said. “What they’re trying to do is find it and have more control over it to renovate it.” He sees investors looking to turn row homes into condo conversions, and depending on the size of the row home, Fowler said an investor may be
Fowler said one of the main concerns for end buyers in any transaction is whether the appraisal will come in at the sales price. Most of the time it does. Also, he is seeing a fair amount of all-cash transactions, although the majority of properties are still sold with financing. Banking on Baltimore A longtime investor, property manager and consultant, Tammy Phelps is
“We’re taking distressed assets and re- positioning them,” Phelps said.
As executive director and founder of the Capital Cities Real Estate Investment Association, Phelps said her group’s members are playing an active role in improving neighborhoods, particularly in Baltimore, a very strong market for revitalization because of Johns Hopkins University and the University of Maryland. Phelps also noted that Baltimore City ranked first in rental yields during the first quarter of 2018 at 28.6 percent, according to the ATTOM Data Solutions Q1 2018 Single Family Rental Report. “There’s a lot of flipping going on there. Baltimore is still affordable for first-time homebuyers, but is only 30 minutes from D.C.,” she said. “It still has some rough blighted areas but investors are revitalizing them.” There are other neighborhoods in the metro area such as Deanwood (the northeastern corner of the District) that were once considered to be ghettos but are now seeing a lot of rebuilding, she said. ATTOM reported that the 21239 zip code in Baltimore City was one of the 50 top zip codes for home flipping rate in 2017, with flips accounting for 19.4 percent of all home sales during the
“There’s a lot of flipping going on there. Baltimore is still affordable for first-time homebuyers, but is only 30 minutes from D.C. It still has some rough blighted areas but investors are revitalizing them.”
TAMMY PHELPS FOUNDER, CAPITAL CITIES REAL ESTATE INVESTMENT ASSOCIATION
2017 HOME FLIPS BY ZIP HEAT MAP HOME FLIPPING RATE (PCT OF TOTAL SALES)
-2.5%
31.5%
CLICK HERE TO VIEW INTERACTIVE VISUAL
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MAY 2018 | ATTOM DATA SOLUTIONS
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