Real Estate
Wilmette Top For Home Flipping Profitability
A dozen Wilmette homes were flipped last year for an average profit of more than $230,000.
WILMETTE, IL — House-flippers in Wilmette had the largest gross profit in the Chicago area, according to a new report.
There were 12 Wilmette homes bought, sometimes renovated or rehabbed, and then resold in 2016, according to data prepared for Crain's Chicago Business.
The average gross profit per flip was $232,000. That's significantly more than the national average of $62,624 and the Chicago area average of $81,162, according to Crain's review of data for 5,108 flipped homes.
Find out what's happening in Wilmette-Kenilworthfor free with the latest updates from Patch.
The average home-flipper gross profit is this highest this year it has been since the company that provided the data started keeping records in 2000, Crain's said.
Next up on the list after Wilmette (60091) was Avondale (60618) and Sauganash (60646) in Chicago, with Forest Park (60130) and Wheaton (60187) rounding out the top five.
Find out what's happening in Wilmette-Kenilworthfor free with the latest updates from Patch.
» Read more via Crain's Chicago Business
Top photo: Patch file.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.