The Starwood Capital and Invitation Homes Las Vegas Swap was made in three separate parts.
The largest sale was $57.5 million for 155 homes, the second was $26.3 million for 70 homes and the third was $14.1 million for 39.
As of the third quarter of 2023 Invitation Homes had bought 2,291 homes for $854 million during the year, according to its latest earnings report.
‘They’ve turned these homes into collateralized rental obligations. They’ve collateralized them and what they’re doing is swapping homes like stocks for one another’ Las Vegas real estate agent Noah Herrera told the Las Vegas Review Journal.
A nation of renters is a nation of serfs.
I don’t get the “even though” dig.
They could build more houses. But those people will want to drink water at some point, and there won’t be any.
All big Democrat donors
Sternlicht is simply doing what slumlords do in the 21st Century. Fink at Blackrock is doing the very same thing — buying up single-family homes en masse.
Hey, if you got the money.......
These corporate entities are buying up residential real estate as protection against the coming inflationary storm. If Congress actually worked for the people instead of their donors they would forbid/limit these investment companies from taking over the housing stock.
Elon Musk had some interesting statistics the other day showing the home building rate was insufficient to keep up with the number of illegals we are allowing in which will result in an even larger homeless population.
Wall Street-backed landlord buys 264 Las Vegas homes in $98M deal - even though Sin City has nation’s worst housing shortage - as study shows corporate sharks could own FORTY percent of all US homes by 2030
Dallas-based Invitation Homes shelled out $98 million to buy 264 homes in Clark County, where a chronic housing shortage has led to a rise in eviction rates
The deal forms part of a $650 million swap of a portfolio of close to 1,900 single-family rental homes
The deal forms part of a $650 million swap between billionaire Barry Sternlicht’s (pictured) private equity fund Starwood Capital and Invitation Homes
^^^^^^^^ 244 comments at UK Daily Mail website.
Folks,
This is coming to your local town and county.
I saw this happen in Ames, Iowa. They drove out all the mom and pop rentals with all their regulations and all that remains under the city’s rental codes is institutional living.
The market responds to this. A Chinese individual from out of state bought the house across my street, filled it with women and anchor babies. It is one big happy family living there and the city can do nothing.
The city still things they are in control.
So, what can we do? I refuse to sell with a realtor and will find a buyer who understands community and will be proud of the property. I have sold some and financed good individuals in the past and will continue to do so.
Why have my money in an institution in New York? I can own contracts for deed and invest in the Kingdom, in individuals.
Blackstone has 81,000 homes that’s a long term money maker one hell of a racket.
Here in Los Angeles TV ads will buy your home in 8 days with cash any condition.
I’m seeing about $350,000 per house.
The houses are not being bought at ‘fire sales’ prices, even though Las Vegas is a hot desert city.
“Even though”?! Shortages are an excellent investment opportunity, prices just go up. Yeah OK a housing shortage is kind of a sleazy time to invest in. But the job is to make money, not to be squeaky clean.
Imagine if a majority of computer programmers who were renters in Silicon Valley formed a ‘community club’ to build a new city.
Their employers and at least one state government would probably go along.
Boise might have had 16,000 residents in 1945. That might represent 5,000 housing units.
AVERAGE PRICE?
$371,212.12
Not exactly a bargain......
HOWEVER——Mark Walberg is determined to start a completely NEW “STUDIO” business in LV. TAKE people out of Calif & Hollywood-—get them away from high taxes & frivolous laws from very entity in Calif.
IF he does-—THOSE 264 homes will get sold FAST.
He clearly said he was INSPIRED when TYLER PERRY started his studios in Georgia.
LAS VEGAS/CLARK COUNTY HAS DELIBERATELY HAD THOUSANDS OF ILLEGALS WORKING THERE IN THE “HOSPITALITY” INDUSTRY.
IF there is that high a percentage of LOW INCOME renters-—they are working behind the scenes in hotels & casinos.
They’ll cover themselves with the depreciation expense...
It's not unlike Wal-Mart or Home Depot coming to town and knocking off the local stores.
The only difference is it will have the opposite effect to the consumer. Instead of driving down prices, it DRIVES UP prices and knocks the consumer out of the market.
Changes needed!
Didn’t our government tell people they didn’t have to pay their rent? So evictions increased.
” ... a chronic housing shortage has led to a rise in eviction rates.” That statement is a logical fallacy. Do newspapers even have editors any more?