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Big-dollar investors squeeze into San Antonio s tight housing market
Richard Webner, Contributor
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Out-of-town real estate investment firms, some of them backed by large institutional investors, are snapping up houses across San Antonio to rent or sometimes flip. These firms have acquired multiple properties on the same block on this street, Forest Canyon, in the Canyon Crossing neighborhood.Billy Calzada /Staff Photographer
In 2019, Lennar Homes of Texas finished construction of Escondido North, a subdivision of 334 one- and two-story homes packed onto thin lots in one of the few remaining wedges of undeveloped land within Loop 1604 in Converse.
By the end of the year, all the Northeast Side homes had been sold and it’s easy to see why.
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Bill Wilmering’s buyer has disappeared.
An agent with Wood Brothers Realty in the St. Louis area, Wilmering recently told Inman that he had been working with a man who found the perfect home. Together, they put together an offer that they thought could work. And then as has happened to so many agents this spring, they lost a bidding war.
Bill Wilmering
“I haven’t heard from him in days, which is very unusual for him,” Wilmering said. “The last comments I had from him were that he was very discouraged.”
The anecdote is just one of many that highlights the brutal market buyers face in much of the U.S. right now. It’s a market that has been shaped by supply shortages, rising material costs and the coronavirus pandemic all of which have sent prices soaring.
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