‘Swapping homes like stocks’: Wall Street-backed firm buys 264 Las Vegas homes in a day

[1srelluc]

MSN

A Wall Street-backed corporate landlord bought hundreds of Clark County homes in a staggering one-off residential sale in summer 2023.

Miami-based investment firm Starwood Capital Group sold 264 homes in Clark County for $98 million to Dallas-based Invitation Homes (NYSE: INVH), according to Clark County property records.


The deal, made in three separate transactions, closed on July 18, property records show. 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.

The majority of the homes sold are in the city of Las Vegas (94), followed by the city of North Las Vegas with 77. The price range for each home ranged from around $292,000 to $694,000, with the average price at $371,514.

The sale is part of a much larger deal between Starwood Capital and Invitation Homes, a $650 million swap for a portfolio of close to 1,900 single-family rental homes, with the vast majority being in the Sun Belt, including in Texas, Florida, Phoenix, Las Vegas and Los Angeles.

So this company, the second largest owner in Las Vegas controls a whopping 1.3% of the total market?

LOL....Clearly a monopoly that the gubment needs to destroy.

Meh, as us boomers pass on I suspect it goes like this:

Kid inherits his parents' house in some far off former retirement community (that has since grown by leaps and bounds), Kid says "I don't need a house there, I'll sell it".

The multi-billionaire approaches and makes a cash offer higher than market, guess what, the kid is going to sell it to them.

That's how the game is played. It's not like the property value is going to go down. Pay 20% over market today and you'll have it back in less than a decade. If it was paid for by investor cash, there is no money lost to interest. Rent at a huge profit.

I don't blame the rich for playing the game and I don't blame the "kid" for playing into it.

At the end of the day, it just ends up the same. The only difference is who owns it all.

 

[okfine]

MSN

A Wall Street-backed corporate landlord bought hundreds of Clark County homes in a staggering one-off residential sale in summer 2023.

Miami-based investment firm Starwood Capital Group sold 264 homes in Clark County for $98 million to Dallas-based Invitation Homes (NYSE: INVH), according to Clark County property records.


The deal, made in three separate transactions, closed on July 18, property records show. 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.

The majority of the homes sold are in the city of Las Vegas (94), followed by the city of North Las Vegas with 77. The price range for each home ranged from around $292,000 to $694,000, with the average price at $371,514.

The sale is part of a much larger deal between Starwood Capital and Invitation Homes, a $650 million swap for a portfolio of close to 1,900 single-family rental homes, with the vast majority being in the Sun Belt, including in Texas, Florida, Phoenix, Las Vegas and Los Angeles.

So this company, the second largest owner in Las Vegas controls a whopping 1.3% of the total market?

LOL....Clearly a monopoly that the gubment needs to destroy.

Meh, as us boomers pass on I suspect it goes like this:

Kid inherits his parents' house in some far off former retirement community (that has since grown by leaps and bounds), Kid says "I don't need a house there, I'll sell it".

The multi-billionaire approaches and makes a cash offer higher than market, guess what, the kid is going to sell it to them.

That's how the game is played. It's not like the property value is going to go down. Pay 20% over market today and you'll have it back in less than a decade. If it was paid for by investor cash, there is no money lost to interest. Rent at a huge profit.

I don't blame the rich for playing the game and I don't blame the "kid" for playing into it.

At the end of the day, it just ends up the same. The only difference is who owns it all.

So what? BFD

 

[Crepitus]

MSN

A Wall Street-backed corporate landlord bought hundreds of Clark County homes in a staggering one-off residential sale in summer 2023.

Miami-based investment firm Starwood Capital Group sold 264 homes in Clark County for $98 million to Dallas-based Invitation Homes (NYSE: INVH), according to Clark County property records.


The deal, made in three separate transactions, closed on July 18, property records show. 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.

The majority of the homes sold are in the city of Las Vegas (94), followed by the city of North Las Vegas with 77. The price range for each home ranged from around $292,000 to $694,000, with the average price at $371,514.

The sale is part of a much larger deal between Starwood Capital and Invitation Homes, a $650 million swap for a portfolio of close to 1,900 single-family rental homes, with the vast majority being in the Sun Belt, including in Texas, Florida, Phoenix, Las Vegas and Los Angeles.

So this company, the second largest owner in Las Vegas controls a whopping 1.3% of the total market?

LOL....Clearly a monopoly that the gubment needs to destroy.

Meh, as us boomers pass on I suspect it goes like this:

Kid inherits his parents' house in some far off former retirement community (that has since grown by leaps and bounds), Kid says "I don't need a house there, I'll sell it".

The multi-billionaire approaches and makes a cash offer higher than market, guess what, the kid is going to sell it to them.

That's how the game is played. It's not like the property value is going to go down. Pay 20% over market today and you'll have it back in less than a decade. If it was paid for by investor cash, there is no money lost to interest. Rent at a huge profit.

I don't blame the rich for playing the game and I don't blame the "kid" for playing into it.

At the end of the day, it just ends up the same. The only difference is who owns it all.

This needs to be nipped in the bud.

The megacorps are gonna end up owning everything and we will all be living in "company towns" eventually.

 

[1srelluc]

This needs to be nipped in the bud.

The megacorps are gonna end up owning everything and we will all be living in "company towns" eventually.

I see it as no different in a small investment group I used to belong to......20-odd guys of median means buying a property or two a month. We made a killing when we sold them all.....Sadly so did Uncle Sugar.

 

[shockedcanadian]

They obviously see the potential for major gains in LV.

In the end, it may lead to outrageously expensive homes that will destroy the individual home owners dream. It has happened in Canada, in particular Ontario and B.C with foreign ownership and investment homes.

The solution to this is to build more homes, more rapidly. There is plenty of desert in LV isn't there? Someone with deep pockets should go to town.

 

[okfine]

This needs to be nipped in the bud.

The megacorps are gonna end up owning everything and we will all be living in "company towns" eventually.

As long as the homes are habitable what seems to be the problem?

 

[White 6]

MSN

A Wall Street-backed corporate landlord bought hundreds of Clark County homes in a staggering one-off residential sale in summer 2023.

Miami-based investment firm Starwood Capital Group sold 264 homes in Clark County for $98 million to Dallas-based Invitation Homes (NYSE: INVH), according to Clark County property records.


The deal, made in three separate transactions, closed on July 18, property records show. 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.

The majority of the homes sold are in the city of Las Vegas (94), followed by the city of North Las Vegas with 77. The price range for each home ranged from around $292,000 to $694,000, with the average price at $371,514.

The sale is part of a much larger deal between Starwood Capital and Invitation Homes, a $650 million swap for a portfolio of close to 1,900 single-family rental homes, with the vast majority being in the Sun Belt, including in Texas, Florida, Phoenix, Las Vegas and Los Angeles.

So this company, the second largest owner in Las Vegas controls a whopping 1.3% of the total market?

LOL....Clearly a monopoly that the gubment needs to destroy.

Meh, as us boomers pass on I suspect it goes like this:

Kid inherits his parents' house in some far off former retirement community (that has since grown by leaps and bounds), Kid says "I don't need a house there, I'll sell it".

The multi-billionaire approaches and makes a cash offer higher than market, guess what, the kid is going to sell it to them.

That's how the game is played. It's not like the property value is going to go down. Pay 20% over market today and you'll have it back in less than a decade. If it was paid for by investor cash, there is no money lost to interest. Rent at a huge profit.

I don't blame the rich for playing the game and I don't blame the "kid" for playing into it.

At the end of the day, it just ends up the same. The only difference is who owns it all.

I don't know if that is a good thing or a bad thing, big wall street firms buying that big is a single market. Obviously, they expect to make a profit and I have nothing against making a profit. But, in a single market, they could significantly up price a market with that kind of purchasing power. Although, it is equally true if there is a downturn, they could be stuck with their investment, until the real market catches up again.
It is a Florida based investment fir. I am not at all impressed with ownership in that Florida market, as I view it (at least where we lease for vacation homes) as grossly overpriced for what those houses cost to build (or should cost to build), but I am pretty sure, that overprice, effects the building supply and construction trade costs as a whole. Just me, or is that market kind of skewed. I can tell you from the wholesale side of trade purchasing and sales, I did not get anything from them, even in a pinch, though have been known to move product that direction. If it is skewed, I would hate to see another area skewed similar, though I do not give a rats ass about "sin city" in general.

 

[Manonthestreet]

When the water stops your house will be worth zero.

 

[Crepitus]

I see it as no different in a small investment group I used to belong to......20-odd guys of median means buying a property or two a month. We made a killing when we sold them all.....Sadly so did Uncle Sugar.

"small" is the key word there.

 

[Crepitus]

As long as the homes are habitable what seems to be the problem?

Ownership vs renting.

 

[1srelluc]

"small" is the key word there.

OK, if the .gov put a halt to the large investors your ilk would then go after the small ones looking for your "equal outcome" BS.

 

[okfine]

Investment firms have purchased 1/5 of US homes in the last few years. This is really nothing new.

 

[okfine]

Ownership vs renting.

Most bought end up as rentals. Big market in LV.

 

[Crepitus]

OK, if the .gov put a halt to the large investors your ilk would then go after the small ones looking for your "equal outcome" BS.

And now you're just fearmongering.

 

[1srelluc]

And now you're just fearmongering.

Fear mongering is two words Skippy.

Your ilk's attack on capitalism should be feared.....Everyone does not get, nor deserve, a equal outcome.

 

[Crepitus]

Fear mongering is two words Skippy.

Nope.

fear·mon·ger·ing
/ˈfirˌməNGəriNG/
noun
noun: fearmongering; noun: fear-mongering

1. the action of deliberately arousing public fear or alarm about a particular issue.
   "he was engaging in pure fearmongering that just might frighten folks into buying anti-hacker software"

fearmongering meaning - Google Search

 

[westwall]

And now you're just fearmongering.

Aren't you the anti capitalism dumbass?

 

[Crepitus]

Aren't you the anti capitalism dumbass?

Capitalism requires regulation to function properly.

Without restraint it's just greed.

 

[initforme]

Corporations will.be america's downfall. They need to watched with hawk like eyes.

 

[initforme]

Capitalism requires regulation to function properly.

Without restraint it's just greed.

Best post on the thread