Florida property buying ‘more investor-led’

Friday, May 29th, 2009
Those buying property in the US - which includes Florida property buyers - are increasingly doing so for investment purposes, rather than for lifestyle, it has been suggested.

Head of overseas at Rightmove.co.uk Rob Wilson said casual buyer property searches were tending to fall in the south-eastern parts of the country.

He stated: "We think that more lifestyle-oriented buyers are acting more cautiously against continued negative to neutral sentiment in the media, whereas more focused investors are zeroing in on distressed sales and bargains."

Those searching for Florida property may concentrate on these latter two categories, as the state is one of the hardest hit by the subprime crisis.

This week’s Standard & Poor’s/Case-Shiller Home Price Indices showed that the average house price in the US as a whole fell 19.1 per cent year-on-year over the course of the first quarter of 2009, the highest figure ever recorded by the survey for a three month period.

Among the cities with large falls was Miami, down 28.7 per cent.
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Angelina interested in Portugal property?

Friday, May 29th, 2009
Angelina Jolie is reportedly seeking to buy a Portugal property.

The film star and partner of Brad Pitt is said to be looking for a beachfront home on the Algarve, giving her the chance to move away from Hollywood.

An unnamed source stated: "She loves Portugal and wants to raise her kids there. She’s looking in a quaint village called Lagos. She wants to move there ASAP."

If the move does go ahead, it could help raise the profile of the Algarve and Portugal property market, which in turn could boost the value of homes there.

With the actress and Brad Pitt currently raising six children, this may help focus attention on the family attractions of the area.

Comments by overseas mortgage firm Conti indicate that it is not just wealthy film stars who are looking to buy in Portugal.

Operations director for the company Clare Nessling noted recently that there has been a surge in interest by British buyers in Portugal and other eurozone countries due to the pound gaining in value and prices falling, making such investments more affordable.

Visit Rightmove Overseas for the best selection of Portugal property. Stop dreaming, start searching!
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Italy property buyers drawn to Sicily, says report

Friday, May 29th, 2009
Britons are increasingly looking to Sicily to fulfil their Italy property ambitions, it has been stated.

In a feature on the island, Country Life saidthat Sicily has become increasingly fashionable and modern, with Britons starting to buy in numbers around two years ago.

The magazine stated that the British preference is for the east side, where properties in places like Ragusa have seen year-on-year price increases of around ten per cent.

At the same time, it commented, prices remain below the mainland Italy property average.

The island’s ancient monuments and the presence of Mount Etna - Europe’s largest active volcano - are also noted by the publication, along with the ease of accessibility, something that the opening of a fourth airport should soon improve further.

Earlier this week, Fly-2let.co.uk reported that a British banker who was made redundant in 2004 made a very successful investment in southern Italy property, purchasing a house for €98,000 (£85,000) that is now worth €145,000 and can be rented for as much as €750 a week.

Visit Rightmove Overseas for the best selection of Italy property. Stop dreaming, start searching!
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French property buyers given top tips

Thursday, May 28th, 2009
Good research and finding English-speaking notaires are among a series of tips provided to French property buyers by an overseas investment portal.

French Property News said a key move for purchasers is to study closely the area in which they wish to buy, noting that to simply target a region such as south-west France would be to ignore the variety within the region from the Biarritz beaches to the Pyrenees.

The portal advised a wise tactic is to "scour" the market for the best agents, some of whom might be little known.

Being honest with agents over matters like budgets and using their contacts to get the best service is another helpful measure, which can save time and obtain good services, like English-speaking notaires.

Such advice may prove useful for those looking to invest in property in the country.

French prices have become more affordable in the last year, according to the latest Knight Frank global house prices survey.

This revealed that in the 12 months to the end of the first quarter of 2009 the average value dipped by 5.7 per cent.

Visit Rightmove Overseas for the best selection of French property. Stop dreaming, start searching!
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Redundancy investment works for Italy property buyer

Thursday, May 28th, 2009
An Italy property investor has revealed how he gained from purchasing a house in the south of the country using money from his redundancy package.

Tony Manzi, a banker from Kent, invested €98,000 (£85,000) in a property in Metaponto, Basilicata, in 2004, Fly-to-let.co.uk reports.

His move was doubly successfully, both in terms of his capital gains and his rental income, with the property now worth €145,000.

In addition to this, Mr Manzi has been able to let out the home, commenting: "We often rent the property out, either to our family and friends who take it for several weeks at a time, or for holiday periods to the Italians."

This can bring in as much as €750 a week in high season, he added.

Linda Travella of Casa Travella told the portal that as the area is off the beaten track for investors it can offer some "excellent opportunities" for Italy property buyers.

Italy is among the countries that have seen an increase in interest from UK buyers as sterling has clawed back ground in the international currency markets against the euro.

Visit Rightmove Overseas for the best selection of French property. Stop dreaming, start searching!
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Sterling surge may boost Florida investment

Thursday, May 28th, 2009
The pound has surged in value against the US dollar this week, topping $1.60 as assessments of the two countries’ economies indicate that Britain’s prospects of recovery from recession look better in comparison.

Sterling hit a seven-month high on Wednesday this week, although it dipped slightly below the $1.60 mark today.

Such figures are in contrast with the plunging value of the British currency over the winter months, which saw it dip below $1.40 in January.

The improved buying power of sterling may help those looking to buy Florida property to stretch their budgets further and enjoy a greater choice of possible investments in the state.

Buyers looking for Florida property were advised this week to appoint an appraiser if they are looking to acquire foreclosed property.

US real estate firm Findire.com said that as there is no seller with an obligation to guarantee utilities are working this should be checked first to ensure there are no unexpected extra costs to the purchaser.

Visit Rightmove Overseas for the best selection of Florida property. Stop dreaming, start searching!
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Spanish property prices still getting cheaper, survey shows

Wednesday, May 27th, 2009
Spanish property is continuing to increase in affordability as the downward trend in prices continues, a new study has shown.

Knight Frank’s quarterly survey of house prices around the world revealed that these are tending to fall in most countries, of which Spain is one.

In the Spanish property market, the first quarter saw a drop of three per cent, while the year-on-year figure for the country in the period saw a reduction of 6.8 per cent.

Such a situation could be advantageous for those looking to pick up a property in Spain at a bargain price.

Head of international research at Knight Frank Nick Barnes said there is "evidence of buyers snapping up relative bargains", although he noted that many are holding out for further price falls.

A recession proved a good time to buy for one investor in Spanish property in the 1990s.

The buyer told the Daily Telegraph recently that the decision to do so in 1994 meant he was easily able to access labour to carry out improvements on the home he had bought.

Visit Rightmove Overseas for the best selection of Spanish property. Stop dreaming, start searching!
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Portugal property named as cheaper destination

Wednesday, May 27th, 2009
Portugal property is among the lower-priced real estate that investors can now look to buy, it has been stated.

The country is one of those where "more affordable" homes means that Britons are increasingly keen to buy there, according to overseas mortgage firm Conti.

Operations director for the company Clare Nessling said: "Over the last few weeks we’ve seen an increase of around 20 per cent in the number of enquiries received and quotes given out for European mortgages."

She said that confidence among investors has been increased by factors such as the recent cut in euro interest rates by the European Central Bank (ECB) and the increase in value against the euro by sterling.

These factors may prompt those thinking of buying Portugal property to look more closely at the country.

Earlier this month the ECB voted to lower its main refinancing rate by 0.25 basis points to one per cent, something that may help cut mortgage rates.

Visit Rightmove Overseas for the best selection of Portugal property. Stop dreaming, start searching!
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Florida property buyers advised to check up on foreclosed property

Wednesday, May 27th, 2009
Florida property seekers buying foreclosed homes have been advised of how to avoid any unexpected additional costs.

US real estate firm Findire.com has noted that such properties do not have a guarantee for their condition from the seller.

It advised that those who buy should appoint an appraiser to make sure everything is well with the house, such as the utilities being in working condition.

"This will save the buyer from any unnecessary expenditure when it comes to maintaining the property," the company noted.

Findire also stated that Florida property investors looking to the rental sector should make sure they are doing so in the right location to ensure they achieve the income they are looking for.

Those seeking new build properties may find Orlando a good place to look, according to new figures.

Housing research firm Metrostudy noted that the Florida city had one of the highest levels of unoccupied new dwellings in the US, the Orlando Sentinel reported.

Metrostudy’s chief economist Brad Hunter said this situation is having a downward effect on prices.

Visit Rightmove Overseas for the best selection of Florida property. Stop dreaming, start searching!
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Devon couple invest in French property dream

Tuesday, May 26th, 2009
A couple from Devon have found that now is a timely occasion to follow their dreams of owning a French property.

Lorraine and Norman Tuck sold their home in the West Country two years ago and have waited until now to pick up a bargain across the channel, renting a UK property in the meantime, the Financial Times reports.

As a result, they have been able to acquire a home in western France for €100,000 (£88,000).

Speaking to the paper, Mrs Tuck explained how waiting until the right French property could be located has seen them secure the bargain, with a 15 per cent discount on the asking price.

This has helped offset the disadvantage of the fall in the value of sterling, she explained, stating: "The pound is better than it was, although still much worse than a couple of years ago, but the saving on the property cancels that out."

Sellers of French property have been offering new kinds of incentives, such as cookery and archery lessons, the Independent reported last week.

Visit Rightmove Overseas for the best selection of French property. Stop dreaming, start searching!
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