Blackstone liquidating house at $75,000 loss.

I found this house that Blackstone is selling north of Tampa. They bought it for $490,000 in 2022 and are now selling for $415,000, a 15% or $75,000 loss.

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[jaceware]

Even with cheaper house prices, the insurance and property tax are insane. Not to mention HOA fees are out of control.

[GirlNextDoor]

DO NOT buy any house owned by a private equity company no matter how low the price goes. Let these houses all SIT and teach them a real painful lesson.

[okboomer]

This is wonderful.
The house is only worth $180 K though, it has a long way to drop.

[larrymann]

Hahaha, house jacked up $200k
then lowers by $80k, no deal.

[jonathanbrownell]

needs to drop another 250k to be reasonable for the average salary in Tampa Bay, I live here.

[chaunie]

The disturbing part was how much they paid for it originally and how much they thought they could get for it afterwards.

[shanerogers]

There isn’t enough harm that can happen to this company, companies like this or anyone who hoards homes with the business model of market manipulation and extorting people and families to live.

[mocifus]

Just remember, the people who grossly overpaid for those homes who are selling them at a loss a couple of years later, those people are the “professionals.” Be careful who you take advice from.

[peterponcedeleon]

We saw this coming and it is a great sign. Housing prices coming down is the solution. The problem was, artificially, low interest rates that sparked massive speculation. And yes, as prices come down there will be some pain. But so what?

[Domaco]

They’ve contributed to the rising market now they can absorb the losses as well I think it’s still destined to be worse than 2008-2012

[Dutc]

The home owners insurance is through the roof in Florida and the real estate taxes are climbing too!!!
People moved to Florida because of it’s affordability
Those days are gone
I think Florida is probably going to see the biggest correction in the real estate market!!!!

[l.j.r.]

When you get 0 interest money, you can afford to gamble.

[nickm]

Yea they are selling some Florida homes but it’s a small adjustment to their massive balance sheet.

[stopjockin]

Sweet Nick!!!

70% correction incoming Buddy!!!

Keep em coming Nick!!!

007

[MaximilianFischer]

The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that our generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 54.

[HisDudeness]

$419, 000 is still too much for that house. Knock off another $200k and then we’ll talk

[carlo]

These prices are truly insane, just disgusting

[Jennifer_Lewis_Beach_Living]

Thank you for bringing up this problem.

Private firms couldn’t care less about what they’re doing to neighborhoods and the housing market for single-family owners or mom and pop property owners with this behavior, as long as they can either get a return on investment or a tax write off. Houses sitting vacant in a neighborhood drives down market value and attracts unsavory elements of society, and selling the houses for less than what they were purchased for drives down market value of all the other houses around them. They also don’t care if they tank the economy. One of the causes of the Great Recession of 2008 was overinflated housing prices and people unable to pay the mortgages.

[rebeccaspratling]

I'm in Florida and investors have been clearing lots and buying new builds. So many of them are empty waiting to be rented out for crazy prices or are on sale for crazy prices. Just sitting empty for the last 3 years. So much wildlife destruction for nothing. Every so often I check and the for sales are lower in price but not enough for anyone to buy them. I'm also in an area where the pay is extremely low and there isn't much going on. You have to drive in heavy traffic for a good hour to get anywhere. They thought they were going to make a ton of money but they're losing. 😂

[cbbcbb]

But, aren't these types of companies are still buying in other places?