C5 Advisors announced the closing of the first proprietary C5 Asset Recovery Company (“ARC5(TM)”) for an $800 million commercial bank client which had no options for public sector assistance. This particular bank client will realize significant benefits not available in the current market via the private or public sector and expects to close additional follow-up ARCs over the next 6 months. C5 is currently structuring ARCs for 12 other banks nationwide (ranging in size from $20-300+ million per ARC5(TM)).
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The Western Australian government is so worried about the impact of the next boom on the state’s property prices that they are running an emergency meeting including State government officials and developers to consider how the state is going to avoid a repeat of the last property price bubble in Western Australia.
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The new Prime Minister of Greece, Georges Papandreou, made a powerful statement of intent when he announced that the Greek government would be seeking to push through its first green property development in Greece. Whilst visiting the Ilia prefecture, home of the site of Ancient Olympia and a region devastated by fires two years ago, the PM announced a scheme to completely redevelop the area and make it into a showpiece for sustainable development.
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Tourist arrivals continue to fall on the popular holiday island of Lanzarote. Making unpleasant reading for the many overseas owners of Lanzarote holiday villas and apartments as they struggle with declining occupancy levels and falling rental returns.
At the time of writing the Australian dollar is worth around US$0.92 – up from US$0.67 in less than eight months. That is one huge appreciation and anyone who is exposed to the currency risk will certainly have noticed it. The rise of the Australian dollar is most spectacular against the US$ but its also up against almost every other currency from pounds to Euro to the New Zealand dollar. So what does the Australian dollars rise have to do with the Australian property investor? Plenty – even if you don’t think you are exposed to currency risk – you should understand what drives currencies and their close cousins: interest rates.
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As the new government attempts to make sense of the mess left by the outgoing administration, a belligerent Georges Papandreou laid down his vision for the future. As Greeks listened, waiting for a sign of optimism and hope, the new Prime Minister shared his vision for tackling the real economic problems faced by this small country.
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The American banking system is slowly destroying the real estate market. After 6 months of delays, two deals I was supposed to sign on last week have been delayed once again because of the bank’s inability to agree to sign on the dotted line. This is insane. After 6 months of haggling, and an agreement in principal but not in writing, the bankers cannot get their fat arses off their comfy chair to sign the papers.
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West Australian Property Under supply Threatens Recovery.
Unlike almost anywhere else in the developed world Western Australia seems to have a claim that its housing stock is seriously holding back its recovery. Lets look at why property prices are set to skyrocket in WA in 2010.
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As the world economy struggles along, and economists frantically attempt to uncover the notorious ‘Green Shoots of Recovery,’ the newly installed PASOK government has little time to waste. Prime Minister, George Papandreou, has named his cabinet and proposed a 100 day plan to boost the economy. Lowering some of the barriers to Greek Property investment is a keystone of this call to arms, a promise that may lure back some of the investors currently looking at Eastern Europe and Turkey.
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Property investors and first-time home buyers often go head to head for the same property. The big bad property investors in Australia though have been at a disadvantage because of the Federal government’s first home buyers grant. The on-going scaling back of that grant gives both first home buyers and investors an opportunity – here’s how.
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