There were 902 homes “flipped” in the St Louis metro area during the second quarter of 2019, or 7.5% of the total number of homes sold in the St Louis metro area during the quarter, according to data just released by ATTOM Data Solutions. This is a decline of 12% from the prior quarter but is an 8% increase from the prior year. As our table below shows, on a national level, house flipping accounted for just 5.9% of the homes sold during the 2nd quarter of this year, which is an 18% decrease from the quarter before and a 9% increase from a year ago.
Definition of a “flipped” home…
For the purposes of this report, a flipped home is considered to be any home or condo that was sold during the first quarter of this year in an arms-length sale that had previously had an arms-length sale within the prior 12 months. Since homeowners don’t tend to buy a home only to turn around and resell it within a year, when this does occur it is typically the result of an investor buying a property, renovating it, then reselling it.
During August there was one foreclosure action for every 2,040 housing units in the St Louis MSA, a decline of 6.43% from the month before and a decline of 32.78% from a year ago, according to data just released from ATTOM Data Solutions. As the table below shows, only 4 of the counties in the St Louis MSA saw an increase in the foreclosure rate for August 2019 from the month before, but all counties saw a decline from August 2018.
Yesterday, I shared information showing the home sales trend for the 5-county core St Louis housing market declined 3% but today am going to drill down a little further into the data. I wanted to look at the home sales trend in the 5 individual counties that make up the core market to see which are performing better or worse than the others.
All 5 counties had a decline in their home sales trend in August that was similar to the 5-County Core market, however, the extent of the change varied somewhat. St Charles County’s home sales trend, as our chart below shows, with 5,612 homes sold in the 12-month period ended August 31st, fell back to a level not seen since November 2015 when there were 5,545 homes sold in the prior 12-month period.
St Charles County – Home Sales Trend – Past 5 Years
For the 5-county core St Louis housing market, there were 26.047 homes sold during the 12-month period ended August 31, 2019, a decline of 3% from the 12-month trend for the prior month. As the chart (a proprietary product developed by MORE, REALTORS to help keep its agents and clients on top of market conditions) below shows, there were 27,753 homes sold during the 12-month period ended August 31st of 2018, so the current period sales of 26,047 homes represents a 6.1% decrease from the same period a year ago.
St Louis 5-County Core Market – Home Sales Trend – Past 5 Years
You are probably saying I’m nuts to be saying that a home in St Louis costs less today than it did 13 years ago, back in 2006, but, note I said the “real cost” of a home. Since nearly all people buying a typical home in St Louis are going to do so with a mortgage, I think to really determine the cost of a home, and certainly, it’s affordability, we have to look deeper than just the price. Therefore, as the table below shows, I analyzed the cost of a home in St Louis during two periods of time, the most recent 5-year period and the 5-year period leading up to and including 2006 (the last year of the boom before the bust). In determining the real cost, I looked at the median price of homes sold but then also the mortgage interest rate at the time and the resulting payment.
As the table illustrates, the current cost of a median-priced home in St Louis, from a mortgage payment perspective, dropped 5.5% from a year ago thanks to lower mortgage interest rates which more than offset the increase in home prices. The impact of interest rates on the true cost of a home is further illustrated by looking that the change in the mortgage payment for a median-priced home in St Louis from 2014 to today which was an increase of 17.8% over the period. However, the median price of homes sold during the same period increased by 23.4%, over 30% more than the payment increased!
The real cost of a St Louis home today is even less than in 2006
Now, to go one step further, if you look at the second table below, which is for the period of July 2001 through July 2006, you will see that, while the median price of homes in St Louis was lower, mortgage interest rates were much higher. In fact, the median mortgage interest rate from 2001 through 2006 was 6.245% while it was just 4.0% from 2014 through 2019. This resulted in the mortgage payment of $1,084.26 on a median-priced home in St Louis in 2006, $76.56 per month more (7.5%) than today’s mortgage payment on a median-priced home in St Louis.
The St Louis real estate market is still going strong and interest rates are dirt cheap! Not much has changed over the past few months in the St Louis housing market in terms of home prices and sales, prices continue to rise at normal, healthy rates and sales continue along at a rate a little shy of last year. What has changed dramaticaly over the past 9 or 10 months however, are interest rates. The have dropped by a third and in this months market update video I do a little math and show just how much that impacts home buyers in a positive way! Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.
In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area!
Thinking of selling and want to know if your neighborhood is a seller's market? Contact us and we'll answer that question for you.
You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on "Subscribe Free".)
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There are 100,478 residential properties in the City of St Louis, 7,604 of which (7.6%), are vacant properties according to the vacancy rate report for the 3rd quarter of 2019 by ATTOM Data Research. The other St Louis area county with a vacancy rate higher than the rate for the St Louis MSA as a whole of 2.9% is St Louis County where 3.1% of the residential properties are vacant.
St Louis MSA Vacant Property And Investor Owned Property Q3 2019
There are 64,645 residential properties in Franklin County, 32,625 of which (50.5%), are investment properties according to the vacancy rate report for the 3rd quarter of 2019 by ATTOM Data Research. The other St Louis area county with a percentage of investment properties higher than the rate for the St Louis MSA as a whole of 23.8% is the city of St Louis where 41.5% of the residential properties are investor-owned.
St Louis MSA Vacant Property And Investor Owned Property Q3 2019
St Louis may be the 8th most affordable metro area in the country to buy a home, but it also has areas where home prices are much higher as well. The median price of homes sold in the St Louis metro area during the past 12-months is $184,500 however the average price of homes sold within the past 12-months has exceeded this in 85 of the 205 municipalities within the St Louis MSA.
Below is our list of the 30 cities with the highest average price of homes sold during the past 12 months. St Louis County has the majority of the most expensive cities at 22 (although, in all fairness, St Louis County is also chopped up into a ridiculous number municipalities) followed by 7 in St Charles County and 1 in Warren County.
During the 2nd quarter of this year, the homeownership rate for the St Louis MSA was 68.0% giving St Louis the 21st highest homeownership rate of the 75 largest MSA’s in the country, according to the latest date from the U.S. Census Bureau. This is a move up from the prior quarter when St Louis had the 26th highest homeownership rate.
As the table below shows, the Toledo, Ohio MSA had the highest homeownership rate during the quarter at 77.5% and for the 2nd quarter in a row, Fresno, CA MSA had the lowest at 45.0%.
The rate of foreclosure in St Louis during the 2nd quarter of this year was 1 foreclosure filing for every 759 housing units, a decrease of 15.68% from the prior quarter and a decline of 18.54% from the 2nd quarter of 2018, according to data just released by ATTOM Data Research. St Louis has the 73rd highest foreclosure rate of the 220 MSA’s ranked in the report.
As the table below shows, only three counties in the St Louis MSA saw an increase in foreclosure activity this quarter from the prior quarter and, with the exception of Lincoln County, none saw an increase from a year ago.
St Louis MSA Foreclosure Rate By County – 2nd Quarter 2019
Yesterday I identified the Zip Code in St Charles County with the hottest real estate market so today I’ll do the same for Jefferson County. I’ll save the long explanation I gave yesterday though about the importance of not looking at just one piece of data, how it takes a qualified agent with good data to really determine the health of a market, etc. If you missed that, you can get it in yesterdays article.
What is the hottest market in Jefferson County today?
Based upon some of the data contained in the charts and tables below, I would have to say that overall, the 63012 market is the hottest today. As the tables and charts show, the 63012 zip area (Pevely, Barnhart, and Imperial) is number 1 on the fastest-selling zip list for Jefferson County at 40 days and has just over a 2-month supply of homes for sale. In addition, as the chart at the bottom shows, our exclusive home sales and price trend chart shows home sales in the 63012 zip code area trending upward while most zip codes in the St Louis area are trending downward.
Which Zip Code in St Charles County is home to the hottest real estate market today? Well, it depends…
63376 based upon the zip code where homes are selling the fastest
63376 based upon where the inventory of homes for sale is the lowest
63367 based upon trending home sales
63341 based upon home price increases over the past year
I could go on, but the point I wanted to illustrate here is that there is no one piece of data, or one list or chart that is going to accurately depict what the “best” market is, or even the condition of the real estate market. To accurately determine what a particular local real estate market is like one really must examine the health of the market looking at many different factors. Additionally, what is a “good” market to one person, may not be good for another, so it is also important to understand the wants and needs of the person asking the question.
It is for the aforementioned reasons, as well as others I won’t elaborate on here, why, even though I love technology, automation and “platforms” (today’s buzz word in the tech world), I think real estate agents continue to be an absolutely necessary part of the home buying and selling process today and will remain so for many years to come. A qualified, professional agent will gather and analyze data such as I’ve presented here, then apply it to their clients’ situation and then determine the best price, course of action, etc.
The other point I hoped to make here was to encourage home buyers, sellers and investors not to put too much weight on one piece of data being reported in the media, but instead seek out a professional that can provide you with a comprehensive view of the market.
But, I digress, so back to the question, what is the hottest market in St Charles County today?
Yesterday afternoon, the Federal Reserve released a statement that was quite a vote of confidence for how the economy is doing. The Fed Reserve’s statement included “…the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low.” and went on to say “Market-based measures of inflationcompensation remain low;”.
As a result of the positive economic conditions, the Federal Open Market Committee announced it would lower the target range for the federal funds rate to 2 to 2-1/4 percent. The committee went on to give a very positive outlook on the future economy as well saying that “sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective are the most likely outcomes…”.
Will the move by the Fed Reserve cause lower mortgage interest rates?
It’s hard to say if this announcement will prompt immediate lower interest rates as the mortgage market takes a little longer view of things. However, while we don’t know if mortgage rates will decline or, if so by how much, I think, absent some major shift or change in the economy, it is safe to say that mortgage rates are not going up at this time or in the very near future.
Mortgage interest rates have been at historic lows for years…
The median rent for counties in the St Louis area in 2010 varied from a low of $620 in Franklin County to a high of $819 in St Charles County. By 2017 rents had increased to $736 and $993 respectively in those counties, according to the latest data available from the U.S. Census Bureau. As the table shows below, the increase in rents from 2010 to 2017 in St Louis area counties varied from 18.3% to 23.0% with a median increase of 18.75%.
For homeowners, the median cost of a mortgage in 2010 ranged from a low of $1,168 in Franklin County to a high of $1,519 in St Charles County. In 2017 those median mortgage payments had changed little with the median mortgage in Franklin County coming in at $1,197 and for St Charles County, $1,521. As the table below shows, the increase in mortgage payments during this period ranged from a decrease of 1.3% to an increase of 3.1% with the median being a 1.2% increase.
Thanks to a strong economy and lower interest rates, homeowners come out on top!
So while rents increased a median of 18.75% from 2010 to 2017, mortgage payments increased just 1.2%, making the increase in median rent 15.6 times higher than the increase in mortgages during the period. Homeowners also benefited through increased equity with a median increase of 26.75% in the prices of homes sold from 2010 to 2017.
St Louis Area Median Rent and Mortgage Costs 2010-2017
The number of housing units in St Charles County grew from a total of 141,355 units in 2010 to 156,324 units in 2018, for an increase of 10.6%, according to the latest data available from the U.S. Census Bureau. As the table below shows, during this same period, the number of housing units in St Lous County and St Louis City remained the same. The surrounding counties, Franklin, Jefferson and Warren, all saw fairly significant increases.
Estimated Number of Housing Units By St Louis Area County – 2010-2018
The St Louis housing market has been low on inventory of homes for sale in many areas and many price ranges for the past couple of years. Even as the summer market is down to the last few weeks, we still find the market short on listings in many markets. With the inventory of homes for sale low, the market definitely favors sellers.
Our firm publishes a list showing the current inventory of homes for sale (in terms of months supply based upon the most recent sales trend) and below I show the top 10 St Louis area zip codes in terms of low inventory. As the table below shows, the Maryland Heights area (63043 zip) has the lowest inventory with what equates to about a 2 week supply of homes for sale and number 10 on the list, the 63101 zip in the city of St Charles, has just a 1-month supply.
Historically, a 6-month supply of homes for sale has been considered by many in the industry to be a balanced market not favoring buyers or sellers. Of the 96 zip codes contained in the St Louis 5-County Core market, the list below represents, only 13 of the zip codes (13.5%) have a listing supply of 6 months or more.
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St Louis 5-County Core Market Months Supply Of Active Listings By Zip
The St Louis real estate market continues to show strength and favors sellers, however, buyers have shown they are price-sensitive.
While most of the St Louis market remains a seller’s market based upon the lack of inventory for sale, this does not mean (and the data backs it up) that it’s a blank check for sellers. Buyers in the market appear to be savvy and are price sensitive. In fact, one frustration I hear from agents with over-priced listings is that, not only do they only have few showings, they are not receiving offers. I think the issue is buyers don’t want to tie themselves up negotiating with a seller that, from the outset, seems unreasonable for fear that while tied up with them a real opportunity will come along and they will miss out. Therefore, for sellers to take full advantage of this seller’s market, they need to price their home appropriately from the start.
Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area!
Thinking of selling and want to know if your neighborhood is a seller's market? Contact us and we'll answer that question for you.
You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on "Subscribe Free".)
Sell Your Home For The Highest Price In The Least Amount of Time! See how- STLSellersAdvantage.com Save Commission On Your Home Sale Without Sacrificing Service! See how- FairCommissionRates.com
The St Louis real estate market continues to show strength and favors sellers, however, buyers have shown they are price-sensitive.
While most of the St Louis market remains a seller’s market based upon the lack of inventory for sale, this does not mean (and the data backs it up) that it’s a blank check for sellers. Buyers in the market appear to be savvy and are price sensitive. In fact, one frustration I hear from agents with over-priced listings is that, not only do they only have few showings, they are not receiving offers. I think the issue is buyers don’t want to tie themselves up negotiating with a seller that, from the outset, seems unreasonable for fear that while tied up with them a real opportunity will come along and they will miss out. Therefore, for sellers to take full advantage of this seller’s market, they need to price their home appropriately from the start.
Find out more, as well as get information on some of St Louis’s best resources for home buyers and sellers in our just-released market update video.In our MORE, REALTORS, 5 Minute St Louis Real Estate Market Update video below, you can quickly and easily get the latest information on home prices, home sales, trends and more for the entire St Louis area!
Thinking of selling and want to know if your neighborhood is a seller's market? Contact us and we'll answer that question for you.
You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on "Subscribe Free".)
Sell Your Home For The Highest Price In The Least Amount of Time! See how- STLSellersAdvantage.com Save Commission On Your Home Sale Without Sacrificing Service! See how- FairCommissionRates.com
Year to date, through the end of June, there were 12,814 homes sold in the St Louis 5-County Core market, a decline of 4.3% from this time last year when 13,389 homes had sold. This marks the lowest YTD home sales through June since June 2015, when there were 12,110 homes sold. As the second chart below illustrates, the St Louis home sales trend (trailing 12 months and represented by the dark green line) peaked in October 2018 with 26,032 homes sold in the prior 12 months but then stalled and has begun a slight downward trend which continues with 25,434 homes sold in the 12 month period ending in June 2019.
Meanwhile, St Louis home prices continue to rise with the median price of homes sold in the past 12 months in the 5-County Core market increasing 4.44% from the prior 12-month period. As the table below the charts shows, the median price of homes sold in the St Louis 5-County Core market during the most recent 12-month period was $200,000, an increase from $191,500 during the prior 12-month period.
It’s worth noting that the downward sales trend has flattened out the past two months and the rate of increase in home prices has declined somewhat as well. In addition, the inventory of homes for sale increased from a 1.81 month supply last month to 1.94 months presently.
Would-be home sellers are afraid to list their homes…
The low supply of homes for sale, coupled with the high demand, has many homeowners reluctant to list their homes for sale for fear they will sell but won’t be able to find a home to buy. This is why we developed our “Guaranteed No Sale” program, something that protects sellers from becoming “homeless”. It allows a seller to list their home with the confidence they won’t be obligated to sell if they are not successful in finding a home to buy. You can find out more at GuaranteedNoSale.com.
For the 12-month period ended May 31, 2019, there were building permits issued for 300 new homes in Jefferson County, a decline of nearly 26% from the prior 12-month period according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri. For the same period, there were permits issued for 758 new homes in St Louis County,a decline of 23.50% from the prior 12-month period.
Warren County saw a double-digit percentage increase in building permits again this period, and the City of St Louis again had an increase.
Home affordability declined in the City of St Louis from a 98 on the affordability index in the first quarter to an index of 73 this quarter, for a decline of 25% in home affordability in the City of St Louis, according to the latest data from ATTOM Data Research. In neighboring St Louis County, the affordability was 116 in the first quarter and 89 the 2nd quarter, for a decline of 23%. On the affordability index, anything under 100 indicates homes are less affordable than the historical average and anything over 100 indicates homes are more affordable than the historical average.
Homes became more affordable in Jefferson County and Madison County, IL. during the 2nd quarter. As the table below shows, Jefferson County improved from an already good 105 on the affordability index for the 1st quarter to 108 during the 2nd quarter and Madison County, IL from 103 to 106.
The affordability index takes into account the median home price for the county as well as the median wages for the county, computing what percentage of wages it takes for people in that county to buy a home. In spite of the decrease in affordability in the City of St Louis, it still takes the small percentage of wages (21.7%) to buy a home there. The national average is 33.9%.
Home prices are outpacing wages in 4 of the 7 counties covered…
This past Tuesday night, President Trump signed into law H.R. 299, the “Blue Water Navy Vietnam Veterans Act” was signed into law by President Trump on Tuesday night. H.R. 299, which, among other things good for veterans, eliminates the cap on VA Loans. Currently, the VA can only “guarantee” (they insure 25% of the loan amount for lenders, which is why lenders are willing to make 100% loans to veterans) loans up to the limit established by the Federal Home Loan Mortgage Corporation Act (FHLMCA). Currently, the loan limit is $484,350 however, after the new law goes into effect on January 1, 2020, the VA will be able to provide their guarantee to lenders on loan amounts of any size for veterans.
This is a huge victory for veterans as well as for the real estate industry.
This year is a reassessment year for real property in Missouri, so assessors throughout the state are going to update the property values that tax assessments are based upon. According to state law, the value should reflect the value of the property as of January 1, 2019. Reassessment is done every two years, so the prior reassessment was in 2017. Given that the real estate market has been performing well now for the past several years, and property values are increasing, it’s not surprising that most property owners will see an increase in their assessment from the 2017 value to the 2019 value. However, homeowners in St Louis County have been particularly vocal about their dissatisfaction with the amount of the increase. An article on STL Today earlier this week shared the story of a Kirkwood couple that said: “We feel like we are being ripped off by the county” after the St Louis County assessor increased the value of their home 153% from the prior value two years before. According to the STL Today article, the preliminary figures from Jake Zimmerman, the St Louis County Assessor, show the median increase in assessment was 15% from the last assessment in 2017.
How does the St Louis County Assessors 15% Increase in property values compare with the market data?
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The city of Frontenac, Missouri is the slowest selling city in the St Louis MSA based upon the average time it took for homes to sell that closed in the past 30 days. As our table below shows, three of the top 10 slowest selling cities are located in St Louis County and all three are affluent areas with higher than average home prices.
The cities of Maryland Heights and Maplewood are currently tied for first place on the list of fasting selling cities in St Louis. As our table below shows, homes that sold in the past 30 days took an average of 15 days to sell in Maryland Heights and Maplewood. Seven of the 10 fastest selling cities are located in St Louis County, two in St Charles County and one in Warren County.
Year to date, through the end of May, there were 9,929 homes sold in the St Louis 5-County Core market, a decline of 5.2% from this time last year when 10,477 homes had sold. This marks the lowest YTD home sales through May since May 2015, when there were 9,262 homes sold. As the second chart below illustrates, the St Louis home sales trend (trailing 12 months and represented by the dark green line) peaked in October 2018 with 26,032 homes sold in the prior 12 months but then stalled and has begun a slight downward trend which continues with 25,433 homes sold in the 12 month period ending in May 2019.
Meanwhile, St Louis home prices continue to rise with the median price of homes sold in the past 12 months in the 5-County Core market increasing 5.21% from the prior 12-month period. As the table below the charts shows, the median price of homes sold in the St Louis 5-County Core market during the most recent 12-month period was $199,900, an increase from $190,000 during the prior 12-month period.
The inventory of homes for sale has declined even further from last month, with just s 1.81 month supply of homes for sale in the St Louis 5-County Core Market. The low inventory is the key reason behind the lower home sales as there just aren’t enough homes for sale to satisfy the current home buyer demand.
Would-be home sellers are afraid to list their homes…
The low supply of homes for sale, coupled with the high demand, has many homeowners reluctant to list their homes for sale for fear they will sell but won’t be able to find a home to buy. This is why we developed our “Guaranteed No Sale” program, something that protects sellers from becoming “homeless”. It allows a seller to list their home with the confidence they won’t be obligated to sell if they are not successful in finding a home to buy. You can find out more at GuaranteedNoSale.com.
The rate of foreclosure in St Louis in May was 1 foreclosure filing for every 2,013 housing units, an increase of 7.7% from the month before but a decline of 18.8% from May 2018, according to data just released by ATTOM Data Research.
As the table below shows, six counties in the St Louis MSA saw an increase in foreclosure activity in May from the month before however, all the counties in the St Louis MSA except 3, saw a decline from a year ago.
St Louis MSA Foreclosure Rate By County – May 2019
When the time comes for you to sell your home, would you like to sell your home for the highest price? I can’t imagine any homeowner not answering “yes” to that question. So, now that we know what all seller’s want; all we need to do now is determine the best way to go about reaching that goal.
Asking a higher price often doesn’t bring you the highest price..
Simple logic may tell us that, if we want to sell a home for the highest price possible, to make sure we ask a high price for it. However, as the data below will illustrate, this that normally the case. In fact, if a home is listed for a higher price than the optimum listing price it may very well result in it eventually selling for less than it would have if priced at a lower, more accurate, price to being with.
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Asking the “right” price may not work well either if the marketing or timing is wrong either…
A bill introduced by St Louis County Councilmember Lisa Clancywould require landlords in unincorporated St Louis County to participate in the Section 8 program as well as pretty much any other rental subsidy program. St Louis County bill number 102 (see complete bill at bottom of article), introduced by Councilmember Clancy, if passed, would amend the existing St Louis County “Fair Housing Code” ordinance adding “lawful source of income” to the list of things that a landlord cannot discriminate based upon.
The St Louis County Fair Housing Ordinance (section 717.020) currently makes it unlawful for landlords to discriminate on the basis of race, color, religion, national origin, gender, disability, sexual orientation, gender identity, or familial status. Currently included in the protected classes under St Louis County law, which are not included in the Federal Fair Housing Act, are “sexual orientation” and “gender identity”. In addition, St Louis County has “gender” as a class instead of “sex” as is in the Federal Fair Housing Act. If St Louis County Council bill 102 passes and becomes an ordinance, then “lawful source of income” will be an additional protected class and will be another one that is not in the Federal Fair Housing Act.
There are other municipalities, counties, and states around the country that have passed similar legislation as well. As to be expected, legislation like this has been met with a mixed response.
There were 528 homes “flipped” in the St Louis metro area during the first quarter of 2019, which equated to 7.7% of the total number of homes sold in the St Louis metro area during the quarter, according to data just released by ATTOM Data Research. This is down 14% from the 1st quarter of 2018 but does reflect a 3% increase from the prior quarter. As our table below shows, on a national level, house flipping accounted for 7.2% of the homes sold during the 1st quarter of this year, which is a 23% increase from the quarter before and an 8% increase from a year ago.
Definition of a “flipped” home…
For the purposes of this report, a flipped home is considered to be any home or condo that was sold during the first quarter of this year in an arms-length sale that had previously had an arms-length sale within the prior 12 months. Since homeowners don’t tend to buy a home only to turn around and resell it within a year, when this does occur it is typically the result of an investor buying a property, renovating it, then reselling it.
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