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re: An investment firm bought 264 Las Vegas area homes in one day
Posted on 1/5/24 at 4:57 pm to baldona
Posted on 1/5/24 at 4:57 pm to baldona
quote:
This. Because Vegas has no real industry and people that work in Casinos/ hospitality are generally not wise financially. Vegas is also a decent 2nd home market due to nice winter weather so the market just fluctuates a lot.
Vegas is becoming a retirement destination although it’s nowhere near Florida in terms of attractiveness. People who visit Vegas find out pretty quickly that there’s nothing else to do there besides gamble and eat out. Combine that with the fact that Southern Nevada has a huge water shortage problem due to Lake Mead drying up, I predict that Vegas’s population growth will slow in the next 10-15 years.
2
Posted on 1/5/24 at 5:03 pm to baldona
quote:
The real question to ask is why was there 264 homes for sale at a rate that a large corp would want to buy?
They bought them as a package from Dallas based investment group, who likely bought it from another investment group or as bundled group of foreclosures. The link is behind an AIDS pay wall so good luck with that paper trail.
Posted on 1/5/24 at 5:04 pm to kywildcatfanone
quote:Know how I know you’re dumb?
Only till you stop paying annually to keep it.
Do you benefit from fire & police protection?
Do you have any public parks or other amenities nearby that you can use?
Does water drain effectively away from your property?
You think participating in support of these things should be voluntary for each sovereign citizen.
You’re so edgy.
This post was edited on 1/5/24 at 5:05 pm
Posted on 1/5/24 at 5:11 pm to Penrod
quote:
I didn’t sell my home to them, so I’ll continue to own something.
They’re trying to play the long game - next generation will be rent tenant slaves if they get their way.
Posted on 1/5/24 at 5:18 pm to Basura Blanco
quote:
The link is behind an AIDS pay wall so good luck with that paper trail.
What does this even mean ? Do you speak English ?
Posted on 1/5/24 at 5:18 pm to JasonDBlaha
quote:
Vegas is becoming a retirement destination although it’s nowhere near Florida in terms of attractiveness. People who visit Vegas find out pretty quickly that there’s nothing else to do there besides gamble and eat out. Combine that with the fact that Southern Nevada has a huge water shortage problem due to Lake Mead drying up, I predict that Vegas’s population growth will slow in the next 10-15 years.
Right, because there's nothing in the way of entertainment events, a burgeoning pro sports market and tons of outdoor activities nearby. To say nothing of being a few hours away from places like Zion NP, the Grand Canyon and the California beaches.
Granted, Lake Mead is an issue but Nevada already has a plan in place that guarantees that it can get water from there long after other areas would be left dry.
Places like St. George, Utah are starting to lure more and more retirees.
Posted on 1/5/24 at 5:20 pm to Basura Blanco
quote:
They bought them as a package from Dallas based investment group, who likely bought it from another investment group or as bundled group of foreclosures. The link is behind an AIDS pay wall so good luck with that paper trail.
So the article is pointless. One investment group bought properties from another investment group.
Posted on 1/5/24 at 5:21 pm to yaboidarrell
quote:
Miami-based investment firm Starwood Capital Group sold 264 homes in Clark County for $98 million to Dallas-based Invitation Homes (NYSE: INVH)
They bought them from another investment firm.
Posted on 1/5/24 at 5:22 pm to baldona
quote:
So the article is pointless.
Only to people who actually read it. It's the right level of fear porn for people who only read titles.
Posted on 1/5/24 at 5:23 pm to r0cky1
quote:
Miami won’t go bust like LV will. Miami won’t stop
The comment was about what city was at the epicenter of the LAST bust...and that was Miami.
Posted on 1/5/24 at 5:25 pm to yaboidarrell
There were tons of homes bought out of foreclosure from banks between 2009-2012 at pennies on the dollar...no ordinary buyers could buy them...I know a group of super wealthy guys that bought an entire neighborhood development in FL...they own over a thousand homes in the south...in some cities they own enough to employ fulltime electricians, hvac and plumbers
Posted on 1/5/24 at 5:41 pm to yaboidarrell
Back after the 2008-2010 real estate crash, you could buy a Vegas house for $20 to 30k cash.
Posted on 1/5/24 at 5:47 pm to Saunson69
quote:
Lol, no they did not figure out a way to raise wages and salaries. Look up inflation vs salaries since 90s.
Yeah they did.
Problem is your service or products price will also go up.
You guys keep thinking labor costs don’t matter.
We buy cheaper shite from people who earn less.
Imagine if we instead had all of the factories here and they were all making that $15/hr and up. You wouldn’t be able to buy anything.
Posted on 1/5/24 at 6:10 pm to soccerfüt
How did you possibly go there from my post?
Posted on 1/5/24 at 6:16 pm to BK Lounge
quote:
What does this even mean ? Do you speak English ?
The link to the news story the OP provided is behind a paywall full of pop-ups and ads, so click at your own risk. That story would (hopefully) shed more light on details of the land purchase.
Let me know when you are ready and I can help you remove the training wheels on your bike as well.
Posted on 1/5/24 at 6:19 pm to jbgleason
quote:
I need someone who knows more to tell me if this is a sign of impending doom or if this means they don't think a crash is coming. Why would they be buying now if things are about to fall through the floor?
Well real estate investing is my career. Id have to see the numbers on these deals to properly analyze what they are doing. They could be buying foreclosures...if thats the case it could be bad depending on the usual # of foreclosures on the market.
Ususally buying single family homes at market value is not a good investment...unless you plan on holding them long term for appreciation. If thats the case(which id bet it is) this firm is betting on home values to continue to increase
Posted on 1/5/24 at 6:39 pm to scottydoesntknow
It’s a portfolio swap. Something you read about in CFA textbooks but I didn’t think funds actually used them
Posted on 1/5/24 at 6:43 pm to yaboidarrell
quote:I'm trying to figure out how statement (1) above leads to statement (2).
(1) An investment firm bought 264 Las Vegas area homes in one day
(2) You'll own nothing and be happy.
Posted on 1/5/24 at 7:36 pm to jbgleason
quote:
This is interesting in that LV was the epicenter of the housing crash last go around. They were hit first, hardest and had the most foreclosures. I need someone who knows more to tell me if this is a sign of impending doom or if this means they don't think a crash is coming. Why would they be buying now if things are about to fall through the floor? I am thinking this means they don't think a crash is coming but that home sales are going to be slow because of high interest rates. Meaning they can lease the homes to those who can't buy.
No. But interest rates can stagnate the market. This is not 2008 with a bunch of sup prime mortgages.
Posted on 1/5/24 at 7:50 pm to Hangit
(no message)
This post was edited on 3/17/24 at 8:40 am
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