Flipping activity is frenzied this year and not just among the famous.
The recovering real estate market has seen an increase in flipping at all price points, with the quick turnover of luxury properties nearly doubling since last year, according to DataQuick, a real estate information provider. In the $1 million-plus market, 5.3 percent of properties were flipped in the first six months of this year, compared with 3.4 percent during the first half of last year.
In the luxury niche, home flips typically require at least a year to complete, compared with six months in the overall market, said Jan Brzeski of Arixa Capital Advisors, which provides funding for homes in prime locations being renovated for resale. The flippers he works with typically see profits in the 12 percent to 20 percent range, he said.
Stars who are also flippers have the added advantages of a built-in publicity hook, an established network of contacts and unique insight into the taste of the well-heeled Hollywood crowd.
Still, most celebs prefer to stick to their day jobs rather than put millions of dollars at risk.
The Renner-Winters team began flipping houses as a way to survive between roles and now specialize in dramatic houses.