Why Blackstone is selling houses in Florida.

Blackstone is selling yet another house in Florida, this time at a loss of $15,000. This house is located in the city of Palmetto, south of Tampa. And reflects a continued effort by corporate real estate investors to leave the Florida housing market before the downturn gets worse in 2024 and 2025.

The number of homes for sale in the area has spiked due to these investors selling. And values are now going down. But they are still very high compared to long-term norms. Reventure's home price forecast suggests that values will keep declining in markets like Tampa, Sarasota, Naples, and Bradenton so long as inventory levels remain high.
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[ReventureConsulting]

3rd separate video I've done showing Blackstone selling. Hopefully you all realize that this is a thing, and it's happening.

The math on owning rentals simply doesn't make sense in Florida right now. And as a result - the investors keep selling.

Track the selloff and inventory trends in your market on Reventure App: www.reventure.app

[Billclint-if]

The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.

[HectorWhitney]

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800k to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

[WilliamsJoy-tq]

In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

[nicolasbenson]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[davidhunternyc]

... and yet Blackstone has bought 1, 200 RV and mobile home parks across the country !!! They are raising lot fees as much as 60% !!! Many people in these parks don't have expendable incomes and are being driven to homelessness !!! Pathetic !!!

[christopheremerson]

$350k for a 1300 sq ft house? That is way too much. Especially with property taxes and insurance. The prices of the houses have to come down.

[Helen_white]

It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.

[GirlNextDoor]

DO NOT buy a house being sold by a private equity!!! I don’t care how good the price is!!! DO NOT BAIL THEM OUT!!! Let them lose their arses!!

[rodcoulter]

That first house sold for $218K in 2020…$350K is still MASSIVELY overpriced. Blackstone bought at $369.4 was also way OVERPRICED. 35% reduction would be normal pricing.

[ellaaysun]

I plan to retire at 62 in another country outside the US that is free, safe and very cheap with a high quality of life. I could fully just rely on only my SS if I wanted to when that times arrives but l'll also have at least one pension, a 403 (b) and a very prolific Investment account with my Stephanie Janis Stiefel my FA. Retiring comfortably in the US these days is almost impossible.

[DEG]

I was looking at a new house that was reduced from $429, 000 to $314, 000 the builders are starting to get desperate too. I was talking to a Realtor friend and he told me that the market is cooling down dramatically and that they know it very well. Something big is really coming very soon!

[austinbar]

I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?

[toninopastore]

All these houses should not cost more than 150/170k.
Today price is just a bubble, almost ready to burst.

[geoffmcarthy]

I’m in charleston SC and the for sale signs are everywhere

[philipfletch]

I got out of the real estate investing market about a year ago. I think its time to get into the stock market for a while. whats the best strategy to invest around 200K in this current market

[MermaidTreasureHunter]

I have been a REALTOR for 25 years. I wouldn’t pay more than the pre-pandemic value for a house at this time, unless you plan on holding your property for a minimum of ten years.

[RS-tzzn]

FYI...the have since dropped the price to $344k after this video...

[Carl-yuhd]

Blackstone sees what I think I see Florida is about to experience a never before seen population dump, the south is not for everyone.

[jessedaly]

The banksters are heading for the exit, the music has stopped and they don’t want to be the one without a chair. I bet the derivative market is overextended to the tune of a few quintillion this time around. By the time the bailouts hit a McDonald’s cheeseburger is going to be $300.