BLACKSTONE, ELON MUSK & ALL-CASH OFFERS: The Real Story of the US Real Estate Market
By Berit Anderson
Last week, SNS member and seven-time FiRe attendee Elon Musk did something that, given his billionaire status, could've been considered almost yawn-worthy. He made an all-cash offer on a property.
According to Redfin, nearly one-third (30%) of US home purchases this year were paid for with cash.
The only difference in Elon's case is that the property he had his eye on was virtual: Twitter. After reportedly divesting from his entire real estate portfolio in 2021, he was living in a rented tiny home at SpaceX's Texas HQ worth just $50k when he made the $43 billion bid on what he hoped would be his next virtual property.
But while Elon's offer may have been rebuffed (for now), another significant all-cash offer, just a few cities away, was not....