Tampa ranks fifth among metro areas in prevalence of all-cash home purchases

Institutional investors largely have withdrawn from the Tampa market as local companies and individuals loom larger in cash sales.

The Tampa area ranked fifth among U.S. metro areas in prevalence of all-cash home purchases, according to a study by ATTOM Data Solutions.

In the second quarter, cash deals accounted for 43 percent of sales of Tampa-area house, townhouses and condos, ATTOM reported.

Cash deals were particularly prevalent in sales of homes for under $300,000 – a price point where many all-cash investors compete against first-time buyers.

Blackstone and other large financial institutions bought thousands of Tampa-area homes during the Great Recession and rented them.

In recent years, however, institutional investors have withdrawn from the market to a large extent as local companies and individual investors have loomed larger in cash sales. [Tampa Bay Times] – Mike Seemuth

from The Real Deal Miami https://therealdeal.com/miami/2017/09/30/tampa-ranks-fifth-among-metro-areas-in-prevalence-of-all-cash-home-purchases/