Remember when I casually mentioned about institutional investors -- "big money"-- investing in real estate? I said that when big money comes, markets -- whether stock or housing -- move in a BIG way. I was browsing through the April issue of Time magazine and read about the private equity firm Blackstone Group gobbling up wholesale real estate (subscription required):
"...real estate investment outfit Real Capital Solutions, saw mounting evidence of a housing bubble in 2005, they sold nearly their entire portfolio. Yet when the pair was asked to invest in a new condo project in Miami, a city with more than 20,000 unsold condos at the bottom of the bust, they jumped on it."
The title's question of "Is Reno Real Estate Next for Big Money?" is actually a rhetorical question. Blackstone may not be investing in the Reno housing market, but we sure have deep-pocketed investors in our market. They've been here for a couple of years.
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