Foreign Buyers See Big Opportunity

Foreign Buyers See Big OpportunityOctober 7, 2010 By kjd769

Foreign buyers see big opportunity in housing bust

European Estate Agent working in South Florida with over 30 years experience in property investment. Partners with several property investment companies including Volkare Ltd, Heritors Ltd, N2 Buriano and N2 Renaissance.  Ken Duncan Jensen Beach Florida 1-772-224-6378 or kjd769@gmail.com

**Please read on for examples of some of the deals on offer**

MIAMI – Oct. 5, 2010 – The Viceroy, a swanky condominium complex in downtown Miami, gives the impression that the United States is in another real estate boom. The sales office is strangely exuberant. Buyers gush about the glam condos – designed by hipster tastemaker Kelly Wearstler – and their hotel-like amenities: poolside libations, daily housekeeping and room service food stirred up by a celebrity chef.

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Since January, 262 of the Viceroy’s 372 units have sold. But there’s a twist: Almost 90 percent of the buyers are foreigners. And they all paid cash.

The Viceroy’s story is playing out across Miami. Individual investors from as far as Argentina, Canada, Colombia, France, Israel, Italy, Norway and Venezuela are swarming the city’s sales offices to get in on what they see as one of the greatest real estate fire sales in the history of the United States.

At one time, these people would have invested in the U.S. stock market. Now they see the opportunity of a lifetime in the nation’s debilitated housing market. The idea is to rent out the properties and then sell them once the economy turns around.

The math is seductive: Prices at the Viceroy are roughly 52 percent off the 2007 peak. Units once sold for as much $670 a square foot. Today the average price is $319.

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“I have never seen such a high concentration of foreign nationals acquiring real estate,” says Peter Zalewski, who has been in real estate for 15 years and founded Condo Vultures, a consulting and brokerage firm. “Eighty percent of the sales in downtown Miami are foreign-based. This is unprecedented.”

Miami is hardly the only hot spot for buyers from outside the United States. Real estate brokers say they’ve seen a surge in Washington, New York, Las Vegas, Los Angeles and San Francisco. In Seattle, Asians are buying property sight unseen, says Joe Brazen of Brazen Sotheby’s International. In New York, 25 percent of buyers at the Armani-designed 20 Pine building, near the World Trade Center site, are from overseas. Condo Vultures

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“It’s a positive in a sea of negatives,” says Jonathan Miller, chief executive of Miller Samuel, a real estate consulting firm in New York Condo Vultures.

This year in Phoenix, for the first time, there have been more buyers from Canada than from California, according to real estate data outfit Information Market. With the Canadian dollar approaching parity with its U.S. counterpart, the opportunity was simply irresistible to Jim Chuong, a 38-year-old Novartis sales manager from Toronto.

Chuong, whose house in Canada is already paid off, used to invest in U.S. stocks. Now he’s investing in Phoenix condos, paying $50 a square foot for units that would cost $500 a square foot in Toronto.  “It’s ridiculous is what it is,” Chuong says.

For foreigners with cash, the deals can make them money from day one. Chuong buys two-bedroom condos for less than $40,000 in low-crime areas. He only picks up units that already have renters. After paying association fees and taxes, he walks away with $300 a month, pre-tax, on each. The deals are now easy to do, thanks to the cottage industry of companies that has grown up to manage virtually everything for foreign buyers, down to badgering renters for the monthly check.

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For the international investor class, the United States’ bloated inventory of homes, high unemployment and weak currency make for an unusually attractive buyer’s market.

“Never before have all these things come together like this,” says Patrick O’Neill, chief executive officer of the Hong Kong-based O’Neill Group, which helps Chinese invest in international real estate. O’Neill says Chinese buying in places like New York is on track to double this year.

“Unless you want to go to Baghdad,” O’Neill says, “the United States is the best you can get.”

“I was going to invest in the stock market, but I decided to invest in real estate instead,” says Diego Garcia, a Mexico City native on assignment in New York City with Pfizer Inc., where he is a regional finance director. Garcia paid $850,000 for a Manhattan one-bedroom in a gleaming new high-rise that he plans to live in for now. “I’m a conservative guy,” Garcia says, “and this was more conservative.”

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That’s not to say there aren’t steep risks. An economic jolt could easily throw the whole plan into disarray. The housing market is far from a recovery. In many places, prices continue to fall. What happens if currency values reverse and a foreign owner needs a quick sale? Or a renter bolts in the middle of the night, leaving an empty unit and no cash flow?

It’s not as if foreign buying can be counted on for a housing market turnaround. Overseas buyers represent a mere 7 percent or so of today’s total. Yet in some cities, such as Miami and Washington, the foreign sales are helping to stabilize the markets.

In past downturns, buying a property in the U.S. was the prestigious purview of the wealthy, but today the market is within reach of the swelling ranks of the global upper-middle class.

Colombians, who often call Miami the most beautiful city in their country, have always been drawn to Florida. The difference now is the upside-down economics. It is cheaper to buy in Miami than in Bogota, and you can fly between the two cities for $59 each way.

“Muchos muchos muchos muchos opportunity,” says Elsa de Blaschke, who owns a construction company with her husband in Barranquilla, Colombia, and is hunting for an investment property to buy in Miami. De Blaschke chose not to invest the capital at home because she says Florida offers a better chance of a bigger return. “The international buyer pool is better than we have ever seen it before,” says Phillip White, president of Sotheby’s International, based in New York.   To match demand, U.S. brokerages are hiring agents who can speak foreign languages and are pouring more resources into marketing overseas.

In October, agents from 11 Sotheby’s International branches will descend on Hong Kong’s convention center to regale wealthy buyers there with slick visuals on showcase properties. In Toronto, agents from Florida Home Finders play to crowds of 800 every other Sunday at a Holiday Inn banquet hall. Jenny Huertas, Condo Vultures’ international sales director, throws seminars for potential clients across South America.

“Their jaws drop. They can’t believe it,” Huertas says. “They think these deals are too good to be true.”
Copyright © 2010 The Associated Press;  Michelle Conlin, AP real estate writer.

Ken Duncan Estate Agent     

Lang mae yur lum reek   

Office                       1-772-497-9057
Mobile                     1-772-224-6378
Fax                           1-772-497-1156
Email                       kenduncan@keyes.com
Skype Int               kjd769

                                                      “Purveyor of Luxury Homes”                                                    

        

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Don’t want to lose money in the stock market?

Dont want to lose money on the stock market?

Invest in solid equity Treasure Coast realty.

•  There has never been a better time to buy investment property, with some properties selling at 75% off the original selling price , the capitol value will continue to rise over the coming years.
•  Good investment property will provide income to cover expenses over the coming years, the investment bonus is not from the rental income but from the capitol value appreciation over the coming 5-7 years.
•  A good quality investment property Treasure Coast costing $175,000 with a 25% down payment of $43,750.  If the investment property rises at 6% over the next 5 years to $185,500. The capitol value increase of  $10,500 offer a return of  24%  on the $43,750 investment.
•  I have been involved in property investment for 30 years; I look for sound good quality homes in good areas that will show a good return in capitol value over the coming years.
•  Good homes in good areas make it easier to rent to good tenants who appreciate a quality home.
•  South Florida is one of the hottest property markets in the USA, investors from all over the world are taking advantage of the great deals available.
• A few examples of the bargains available.

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With sales of condos and luxury homes rising over the past year there has never been a better time to buy  than right now. Hutchinson Island Treasure Coast Florida has a large selection of ocean front condos and luxury homes on offer. If you are thinking of selling I would be happy to help you.

From Dune Walk right down to Islander there are 34 large ocean front condo developments on Hutchinson Island to choose from with prices ranging from $100,000 to $1,000,000 or if an ocean front home is what you desire Sailfish Point and Sewalls Point may have exactly what you are looking for.

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Buying or Selling My Commitment to You

In the least amount of time possible, I will get you the best price on a home that is perfectly suited to your needs and lifestyle, not just today, but for years to come. Choosing an estate agent who has the tools, skills and experience to make your dreams come true can be as challenging as the home buying process itself. Let me make it simple for you. Good communication is the cornerstone of any successful relationship. You can count on me to provide you with the information you need on a schedule and in a manner that suits you best…

• Author : Meghan and Al

 ”Ken is the best and together we found exactly what we were looking for! We were referred to Ken from our friends Mike and Janet after their great experience. Shopping long distance for the perfect house was not easy but Ken had the patience and humor to make it all work. He was always available to show us whatever properties, wherever and whenever we wanted. He had a great understanding of what we wanted and wouldn’t stop until we found it. He was always quick to respond to questions and inquiries. Throughout the whole transaction, he did whatever it took to get it done! We love our new home! Thanks, Ken”

Ken Duncan Estate Agent

Lang mae yur lum reek

• Office                       1-772-497-9057
• Mobile                     1-772-224-6378
• Fax                           1-772-497-1156
• Email                       kenduncan@keyes.com
• Skype Int               kjd769

“Purveyor of Luxury Homes”

Contact me and I will start searching for your luxury ocean front condo or home.

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Florida’s existing home, condo sales up in July 2009

Florida’s existing home, condo sales up in July 2009

ORLANDO, Fla., Aug. 21, 2009 – Florida’s existing home sales rose in July – the 11th month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide existing home sales in July also rose over the previous month’s sales level.

Existing home sales rose 37 percent last month with a total of 15,882 homes sold statewide compared to 11,595 homes sold in July 2008, according to FAR. Statewide existing home sales in July increased 0.2 percent over June’s statewide activity. Florida Realtors also reported a 48 percent rise in statewide sales of existing condos in July.

Eighteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in July; the same number of MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for more than a year (13 consecutive months).

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. According to the recent second quarter 2009 survey, investor confidence in the outlook for business and availability of money are reasons for cautious optimism.

“I think we’re on the road to recovery and even though most markets report they’ve seen the bottom, it’s going to be a long climb,” said Timothy Becker, the center’s director. He noted that the investment outlook for single-family development increased to its highest level since the survey began, with more respondents than ever believing it is a good time to buy.

Florida’s median sales price for existing homes last month was $147,600; a year ago, it was $193,800 for a 24 percent decrease. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in June 2009 was $181,600, down 15 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $306,000 in June; in California, it was $274,740; in Maryland, it was $274,008; and in New York, it was $189,900.

Several positive market factors are influencing the housing sector, notes NAR’s latest industry outlook. “Historically low mortgage interest rates, affordable home prices and a large selection are encouraging buyers who’ve been on the sidelines,” said NAR Chief Economist Lawrence Yun. “Activity has been consistently much stronger for lower priced homes. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions.”

In Florida’s year-to-year comparison for condos, 5,035 units sold statewide compared to 3,396 units in July 2008 for a 48 percent increase. The statewide existing condo median sales price last month was $108,300; in July 2008 it was $168,700 for a 36 percent decrease. The national median existing condo price was $183,300 in June 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.22 percent last month, down significantly from the average rate of 6.43 percent in July 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Pensacola MSA reported a total of 371 homes sold in July compared to 321 homes a year earlier for a 16 percent increase. The market’s existing home median sales price last month remained level compared to a year ago at $157,800. A total of 48 condos sold in the MSA in July, up 23 percent over the 39 units sold in July 2008. The existing condo median price in July was $250,000; a year earlier, it was $325,000 for a 23 percent decrease.

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I  have been involved in the property and building industry for 30 years. My experience together with my personal knowledge of the market in Florida is an extremely valuable asset to have working for you in your search for a Florida vacation home or investment property.I would be happy to act as your Realtor in Martin County

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Depression Fears Subside on Bernanke Remarks, Stocks

March 16 (Bloomberg) — The biggest four-day surge in U.S. stocks since November and reassuring comments from Federal Reserve Chairman Ben S. Bernanke soothed concern that the U.S. is headed for its first depression in seven decades.

“The financial meltdown and accompanying depression scenario has been taken off the table,” said Jack Ablin, chief investment officer at Chicago-based Harris Private Bank, which oversees $60 billion. “The heart of the problem is the banking system, and news coming out of that sector suggests that we may have turned a corner.”

Banks from Citigroup Inc. and Bank of America Corp. to Barclays Plc indicated in the past week that earnings have been rising since the start of the year, and government data showed U.S. retail sales may be stabilizing after a six-month rout. With officials working on details of their bank-rescue plan, Bernanke said in an interview with CBS television’s 60 Minutes that the main risk is a shortage of political will to complete the task.

While the Standard & Poor’s 500 Stock Index surrendered a gain of as much as 2.4 percent today, closing down 0.4 percent, the gauge is still up 11 percent in the past week, the best performance this year.

Bank must get rid of the back log of empty foreclosed houses at a much faster rate than they are presently working at. If more of these homes were being sold it would clear the way for new building in the not so distant future.

Banks helped to get us into this mess and banks are slowing down the rate at which we get out. Their actions have to be questioned.

The Wall Street Journal Says “Its a good time to buy”

Six reasons why it’s still a good time to buy

NEW YORK – March 31, 2009 – The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.

Want to learn more about the home buyer tax credit? You can sign up for NAR’s upcoming Webinar, “Build Your Business Using the Improved Home Buyer Tax Credit” set for April 28.  For more information click here.

Source: The Wall Street Journal, June Fletcher (03/27/2009)

By the way this is not an April Fools Joke!!!!