Why Blackstone is selling houses in Florida.

Blackstone is selling yet another house in Florida, this time at a loss of $15,000. This house is located in the city of Palmetto, south of Tampa. And reflects a continued effort by corporate real estate investors to leave the Florida housing market before the downturn gets worse in 2024 and 2025.

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The number of homes for sale in the area has spiked due to these investors selling. And values are now going down. But they are still very high compared to long-term norms. Reventure's home price forecast suggests that values will keep declining in markets like Tampa, Sarasota, Naples, and Bradenton so long as inventory levels remain high.
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