Million Dollar Profits Made From Flipping Land Houses

Million Dollar Profits Made From Flipping Land Houses

November 25, 2016 saw a seller gain a $1.78m profit on a 999-leasehold terraced house. This came after buying the Huddington Ave home in April 2015. Once the 12% Seller’s Stamp Duty was taking out, the profit became $1.25m, which was a 48% profit based on the starting price. The house price was higher, but renovation and refurbishment costs have been taken out.

This isn’t the first time such a high profit has been noted. The largest profit percentage in that same week was from a Pandan Valley unit, which saw a 109% profit.  The actual profit in dollars was less than a million, but still shows the financial investment gains available.

Two Rivergate units saw high profits, with sellers gaining $917,000 and $557,600 from their units. The large profit worked out as a 79% increase from the June 2005 selling price, while the smaller profit was a 23% increase based on the Oct 2006 price.

There have been cases where sellers have seen a multimillion dollar loss. On November 25, a seller saw a$2,8m loss on his property at the Ritz-Carlton Residences. This followed a $700,000 loss from the previous owner of the same unit!

Another Ritz-Carlton Residences unit saw a loss in March 2016. The seller saw a $4.27m loss, after his 8% Seller’s Stamp Duty due to the 2.8-year holding period was taken off. However, the largest loss percentage of that week was in a Mt. Sinai Residences unit, which saw a 35% drop in price. That was after the previous seller made a 55% profit in April 2012.

December 12, 2016 / by / in
Comments

Comments are closed here.