25% of all homes in metro Phoenix are now owned by investors [View all]
Source: Arizona Republic
Billion-dollar investors backed by Wall Street continue to buy metro Phoenix houses with plans to turn them into rentals.
New York-based Blackstone Real Estate, buying through a Tempe partnership called Treehouse, has spent several million dollars on houses in the region over just the past few weeks. At the end of 2012, almost 25 percent of all the region’s homes were owned by investors, according to an Arizona Republic analysis.
... Since 2009, investors have snapped up tens of thousands of houses in all-cash deals, helping to stanch the bleeding in metro Phoenix’s real-estate market. Their purchases have driven up the region’s median home price 35 percent in the past year and significantly cut the supply of houses for sale.
... What investors ultimately plan to do with the more than 300,000 homes they own in metro Phoenix is the multibillion-dollar question. For now, the majority of investors are renovating and renting out the properties.
Read more: http://www.azcentral.com/business/realestate/articles/20130305wealthy-investors-keep-buying-metro-phoenix-homes-rent.html
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