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They're still here and buying up homes. Blackstone is the largest one in my area. Based in Santa Monica and funded by the Obama administration. Bought up everything they could find and turned them into rentals. Then put those rentals on the stock market as "rental backed securities"... yeah because no one is ever late or doesn't pay rent. Just a new name for the same mortgage backed securities that got us into the economic collapse in the first place.
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Lyn Sims
Schaumburg, IL
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Kathleen Daniels, Prob...
San Jose, CA
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Peter,
Ryan Huggins - Thousand Oaks, CA mentioned Blackstone which came up in a conversation with a client in one of the "sand" states. We know that they are selling large pieces of real estate. That is about it. A
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Lyn Sims
Schaumburg, IL
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921,504
Maybe someone at BHHS can comment on what they are doing with all the SFHs Warren Buffet purchased.
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First, their idiots. The shadow inventory never appeared as bad as they thought it was going to be. I think it was first class paranoia. There are those places/funds that are buying up the planet for investment - Black something comes to mind. They buy 50 or so properties at a discount from the lender in god knows what shape, rent them at ridiculous prices & will end up selling them down the road. I wrote a post about it ages ago.
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Perhaps what Ryan Huggins - Thousand Oaks, CA said may help.
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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4,800,132
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Backstone was buying on a 5 cao but at 50% off or greater than the cost of building. They then established an investment bnd that gave them another 5%, plus the market came back. Other smaller funds still own a lot like American Homes for Rent.
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5,240,031
Not a factor in my area, but have big holdings in the southeast and southwest.
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They were all over southeast and southwest Florida, but we didn't see them here in Tallahassee.
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