High-End House Flipping Hits Hill

House flipping isn't just for cheap properties anymore—high-end house flips are beginning to gain traction, according to the Wall Street Journal.

House flipping—where someone purchases a house, renovates it and quickly sells it at a profit—on properties worth $1 million or more was up 35 percent in 2012 compared with 2011, the Journal says, citing statistics from RealtyTrac.

Bruce Bartlett, a house flipper in Los Angeles, recently purchased a Rancho Palos Verdes home for $825,000. He plans to spend $200,000 to overhaul the home, then sell it at about $1.4 million—a profit of 37 percent, according to the Journal.

• Full story: Luxury Real-Estate Flippers [Wall Street Journal]