In the face of rapidly escalating prices, investors are still gobbling up Palm Beach real estate.
For instance, Blackstone Group now owns an estimated 1,200 Palm Beach County homes, according to property records cited by the Palm Beach Post, and is filing up to 18 new deeds a day.
And while Blackstone has reduced acquisitions in many of its other markets, purchases made by the investment giant have remained consistent in Palm Beach over the last year, a Blacksone spokesperson told the Palm Beach Post.
Whether it is Blackstone or another Wall Street firm, many investors in area real estate aren’t shying away from market prices.
“I don’t know who they are but this is a gated, luxury community in a very exclusive area,” said Realtor Diane Jeffers, who lives in a Delray Beach neighborhood where Invitation Homes paid $320,000 recently for a 3,000-square-foot home. “It’s not like they’re buying some super deal. They paid market value, which is odd.” [PBP] – Christopher Cameron