Mega-Real Estate Investors on $84 Million Buying Spree

Two major real estate investors seeking rental properties have bought 522 single family homes, totalling $84 million, the Sarasota Herald Tribune reports.

The Blackstone Group and Colony Capital have been buying properties from Parrish to North Port since last fall. The rapid purchases are raising concern that tighter inventory will inflate prices, create another real estate bubble and keep traditional buyers out of the market.

Real estate consultant Jack McCabe told the Herald Tribune:

"We're shifting from a market controlled by individuals to one that's controlled by institutions, and that's very dangerous. They have great potential to manipulate prices."

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