Friday, September 21, 2012

Billion dollars of Bay area homes to be bought up!

The Tampa Bay Times today reports that the equity firm Blackstone plans to buy up to 15,000 Tampa Bay area homes over the next year and turn them into rental properties.  The homes that they are most interested in are 3 bedroom, 2 bathroom homes less than 20 years old.  Price point between $100,000 and $175,000.

These are the homes in most demand in the New Tampa / Wesley Chapel area too.  A quick search of Wesley Chapel shows less than 35 single family homes in Wesley Chapel meet this criteria.  Additionally, there are less than 20 single family homes listed for sale in New Tampa under $175,000.  Many of those homes are Short Sale / Pre-foreclosure homes which can be very problematic to close. 

So, considering we have a very tight inventory of homes in this price range in New Tampa and Wesley Chapel (which often have multiple offers), the additional demand should make snagging one of these "in high demand" homes even more difficult.

Note:  44% of New Tampa and 47% of Wesley Chapel single family homes that sold in the past 3 months with a list price between $100,000 and $175,000 sold at or above list price!
September 22, 2012 update:  In today's Tampa Bay Times, Blackstone states that the dollar amount spent in any one city will be a fraction of $1B.


Anonymous said...

Since most New Tampa homes are above this price range, the question is how upward pressure on prices will this have on most New Tampa homes...

Russ Perlowski said...

Since there's a correction in today's paper stating that the amount spent in any given city will be a "fraction" of $1B, we may never know.