Zombie House Flipping Cast Discuss Orlando Flip Market

[Christopher Phillips]

Crew members of the Orlando based reality show “Zombie House Flipping” discuss the changing times in Orlando home prices from a few years ago...

Between 2010-2016, Orlando, Florida led the nation in foreclosure activity. Today, the crew is having a hard time finding properties to renovate that make financial sense...

A Zombie House is what they call "abandoned foreclosure." Homes that are basically falling apart.

Here's a article and video from the Orlando Sentinel by Mary Shanklin where they discuss the issues they have been facing:

http://www.orlandosentinel.com/classified/realestate/os-cfb-zombie-houses-20170702-story.html

Summer, 2016 was height of the Orlando flipping market. 1,041 houses resold within a six month time period of prior sale, according to Attom Data Solutions. Today, that number is down to 837.

Pilgrim Media Group, producers of “Zombie House Flipping,” say that renovations on distressed home are “…riskier, take longer and are more costly.” Additionally, “homes this season were in far worse condition and required far more work.”

Zombie cast member Peter Duke said that costs have increased so much that “…he could make as much as he used to make as a flipper by simply fronting loans to other flippers and collecting the interest on those loans.” Duke continued. “There are even ads on the radio now that say ‘Flip houses with someone else’s money.'”

Zombie crew member Keith Ori agrees. “I found a house owned by a long deceased owner, a house with a ‘walking dead’ vibe that was essentially falling down. The asking price for that house? A whopping $290,000., the midpoint price of a May, 2017 sale. Two years ago, that house would have sold for one half of that $290,000. listing price. And, just to emphasize what’s going on now, that house had a pending offer.”