Jordan Kavana
Hedge funds and private-equity firms are buying up single-family homes across Florida, helping to push up home prices by 20 percent or more, the Tampa Tribune reported.
Jordan Kavana, whose Miami-based investment firm, Transcendant Investment Management, owns single-family homes in Florida and throughout the Southeast, described investors’ appetite for buying in bulk as “scary,” according to the Tribune.
“Honestly, we see another bubble coming,” Kavana said.
About 46 percent of all single-family homes purchased in Florida in May were cash purchases, Florida Realtors statistics show with the majority bought by investors, Florida Realtors chief economist John Tuccillo said last month.
Jack McCabe, a real estate consultant and researcher in South Florida, thinks the investors are bidding up prices on homes too high and squeezing out end users, such as families that want to live in them, the Tribune said.
“The appreciation here is artificial,” McCabe was reported as saying. [Tampa Tribune] –Emily Schmall
via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/7Ra3GIi3i5c/
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