Flip-flops try to reach the top

Remember the flippers?

They were the go-go investors during the real estate boom who bought homes speculatively and sold them a few months later for a profit in a frenzied market. It seemed like easy money at the time; even your barber was doing it.

We all know what happened: Many flippers got burned when the market turned. They were left holding homes with values that collapsed during the recession.

But this is Florida, the cradle of real estate booms and busts. Inevitably, the flippers returned to Florida to pick up cheap homes at the bottom of the market.

In a recent report on home flips, market tracker RealtyTrac identified the top 20 markets in the nation for home flippers today. Several Gulf Coast markets made the list.

The Tampa, Sarasota and Naples areas all ranked among the top 20 markets for the highest share of flipped homes as a percentage of total home sales. The Tampa and Fort Myers areas ranked among the top 20 for flipper returns on investment.

But as they warn you in investment circles, past results are no indication of future returns.

The big challenge this year for speculators is finding opportunities to flip, which RealtyTrac defines as buying and selling the same home within one year. There are fewer foreclosures today and competition from homebuyers willing to pay in cash at above-market values could lead to lower returns on investment. You can see the year-over-year drops in the number of flips already in the accompanying chart.