RealtyTrac says they are, but are they really?
Late last week RealtyTrac released their latest Residential & Foreclosure Sales Report. That report showed a significant pull back by institutional investors in the nationwide market. Figures they compiled as of February 1st show that month over month purchases by these groups fell to 5.2% of all residential sales down an amazing 34% in one month.
But are they pulling out by that figure in their purchases of property in Palm Beach County? Sales reported by Palm Beach County Property Appraiser's office show strong January sales by groups like IH3 Property Florida which is one of the buying arms of The Blackstone Group who has purchased thousands of homes in south Florida over the past couple years. Their stated intent is to use these properties as income producing rental assets with an anticipated hold period of between 5 and 10 years.
IH3 Property of Florida snapped up one of our recent listings in Palm Beach County just a few days after we entered the property into the Multiple Listing Service. The kitchen of that home is shown above so you can see they are buying large upper end homes in our area. The offer was made on this home towards the end of January when these groups were slowing down their purchases? Not here, not now. If you have a property that you are interested in selling and want to see what IH3 or another buyer may be willing to pay in today's market of rising prices please feel free to give me a call. We will show you how to save some money and get the highest quality marketing package available in the area. The high definition photography we use ensure your property shines in all on-line marketing efforts.
No doubt that Palm Beach County is a special place and plays by different rules than other parts of the nation. The next few months look for higher sales levels and higher median prices despite inventory levels that continue to climb. Always interesting, always fun.