Posted on 01/07/2024 8:10:14 AM PST by dennisw
Sin City has nation's worst housing shortage
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
A Wall Street-backed corporate landlord snapped up hundreds of homes in Las Vegas in a mammoth one-off residential sale last summer.
Dallas-based Invitation Homes shelled out $98 million to buy 264 homes in Clark County, property records show.
The deal forms part of a $650 million swap of a portfolio of close to 1,900 single-family rental homes between billionaire Barry Sternlicht's private equity fund Starwood Capital and Invitation Homes.
Invitation Homes now owns 3,500 homes in Clark County, making it the second-largest owner of single-family rental homes, according to data from the Las Vegas Review Journal.
It comes as the Nevada city struggles with an acute shortage of housing, with evictions on the rise. Las Vegas has the worst shortage of affordable housing of any US city.
The huge property purchase came months after disturbing new statistics suggest corporate sharks could own up to 40 percent of all US homes by 2030. Millennials now ageing into middle age are struggling to get a foothold on the property ladder due to low inventory and soaring prices.
Nevada has the highest percentage in the United States of extremely low-income renters that are severely cost burdened, meaning the renter pays more than 50 percent of income on rent and housing expenses.
Eviction filings in LAs Vegas increased from 3,931 cases in fiscal year 2019 to 5,328 in fiscal year 2022, around 35 percent.
Las Vegas’ affordable housing crisis could spiral into a deeper homelessness crisis, Princeton's Eviction Lab has warned.
(Excerpt) Read more at msn.com ...
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.
Maybe those democratic voters should move out of NV. Works for us. Clark and Washoe decide for the rest of the state currently. Which is 🐂💨💩!
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.
Under your mattress cash can be "withdrawn" at any time.
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.
“because” would have been a better conjunction
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.
If you owned a home and wanted to sell you would have a very different view of these investment companies, who recognize the true value of the homes they are buying and keep prices up for ordinary sellers. Even if I decide to sell my home to an individual buyer, the presence of these investment companies in the market helps me with pricing.
What you are advocating is just another form of socialism.
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