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Selling out: America s local landlords Moving in: Big investors
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Selling out: America s local landlords Moving in: Big investors
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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.
Inman Connect
Brian Evans thought his clients were going in with a strong offer.
Evans, a Redfin agent in the Washington, D.C., area, told Inman he was recently working with buyers who wanted a home that was listed for $850,000. Homes in the area have in the past sold for around 10 percent over their asking prices, so when his clients offered $150,000 over it seemed like they’d be strong contenders.
They weren’t.
Instead, the home ultimately generated 14 offers and sold for a whopping $230,000 over its asking price. What had seemed like a strong offer had in the end only put Evans’ clients “in the middle of the pack.” They weren’t even close to winning.