Is the U.S.A the next hot overseas property market for U.K investors?
With the dollar at $2.11 to the pound, if you already own property in the US, you have just seen the value in pounds drop by over ten percent this year alone. On the other hand, if you do not own property in the US, it is now 10% cheaper.
With US construction companies offering substantial discounts, particularly in markets traditionally bought into by Brits, such as Las Vegas and Florida, the opportunity to pick up a bargain seems too good to miss at the moment. KB homes in Las Vegas, for instance, are selling at 20% or $50,000 discounts.
Foreclosures are running at all-time highs in Florida, new builds are being discounted by tens of thousands of dollars and the dollar is at it's lowest point in 20 years. The UK market is going nowhere for the forseeable future, so it would appear to be time to take a look across the pond for investment opportunities. Our feeling is that there is a ways to go yet and the best time to buy will be after the first quarter of 2008.
Our favorite picks for early 2008 include, New York, Florida and Las Vegas.
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Comments on Is the U.S.A the next hot overseas property market for U.K investors?
I couldn’t understand some parts of this article IPI, but I guess I just need to check some more resources regarding this, because it sounds interesting.
I am a Realtor. A Developer/Builder-client has sold out all but 40 condo units in a subdivision near Ft. Pierce, Florida’s southeast coast. All condos are ground level, some town houses, NEW construction, never occupied nor lived in, The developer wants the units off his inventory to start another project in south Florida. All the units are top of the line, including all appliance and washer and dryer, some with lake frontage, cement block construction with garages and electric openers, 1200 to 1400 sq ft under air and community pool, ect., ect. The developer will sell the block of 40 units for $5,600, 000.00. Property is a few miles to Atlantic Ocean.
Let me know if you have any ideas. see pictures of typical units below
More information and web site available upon request and registration. This is an ongoing concern, we must be sensitive to the existing operation.
Please pass this information. I have other properties for sale, income producing, land, industrial, commercial and office buildings.
Thank you.
Regards,
Rich Horvath
Hoven RE
PH (561) 818-4960