Blackstone is fire-selling houses in Florida as the state faces its worst real estate crisis in decades.

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There are concerning signs in Florida’s real estate market. Real estate giant Blackstone has begun liquidating its housing portfolio in the state, selling properties at a loss. For instance, they’ve listed homes in St. Petersburg at prices lower than their purchase costs, such as a house bought for $380,000 two years ago, now listed for $370,000—a $10,000 loss. This trend suggests potential trouble ahead for home prices, particularly in markets like St. Petersburg. The broader impact of Blackstone’s decision to sell at a loss indicates a possible market downturn, contrasting with the pandemic era when institutional investors aggressively bought properties, driving up prices and reducing inventory. As investor ownership plays a substantial role in the U.S. housing market, this shift could trigger further declines in home prices, affecting both large corporations like Blackstone and smaller mom-and-pop investors.

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Sources:

https://greenbuildingelements.com/concerning-development-blackstone-selling-florida-homes-at-a-loss/

https://www.isoldmyhouse.com/firesale-investors-are-mass-selling-in-florida-the-housing-crash-is-here/

https://therealdeal.com/miami/2022/01/19/blackstone-goes-all-in-on-south-florida-affordable-housing-with-over-300m-portfolio-deal/

https://www.newsweek.com/florida-housing-market-trouble-1874962