Prices have not been this affordable since 2004, when real estate started its rapid ascent to over-inflated levels

W hether it is a residence in New York City or a beachfront property on the south west coast of Florida, prime properties are once again available and affordable. Especially in view of a favourable Euro, Pound or Canadian Dollar exchange for the foreign investor.

New York City
In Manhattan, many investors and first time buyers, who had for some time been priced out of the market, are now seeing an opportunity to get in. Brokers are looking at contract sales data for the past quarter and feel that the climate has definitely changed, producing sales at all price points. Many purchasers, after a long period of looking and waiting, are seizing the moment and buying at attractive prices.

As the Broker of Luxus Manhattan Realty, a boutique real estate brokerage firm in Manhattan, I recently represented a client from London who had her eye on a particular pre-war elegant condominium building on Park Avenue. In early 2009, she knew the time was ripe to purchase when a flat came up in that building for 20 percent less than it would have been in the previous years, even previous months. It was tremendous value at 1.5 million USD and we advised her to place a full price offer.

Properties with unique and favourable characteristics are in high demand and are selling quickly. Her bid was accepted and as the excited new owner of this spacious, corner three bedroom, three bath flat with wood burning fireplace, she stated “Not long ago I couldn’t have imagined getting this much space, for this price”

Sunny Florida
Real Estate agents along the sandy beaches are reporting “there have been more houses sold within the last month than in any other month since we have been keeping track of such things!” And it’s no wonder. Second home prices have not been priced this low, in some areas, since 1995 and the home choices have never been broader. Many believe that the prices will not get any lower. In Florida, home sales traffic has been turning around as well and experts are seeing this upturn in prices and believe this indicates that now would be a good time to look at that home or investment.

According to one South Florida agent, Gregg Fous of Market America Realty Group: “I am offering homes today for sale at prices that are one half of what they were just three years ago. Furthermore, I see buyers that thought they could never own on the beaches, waterways or championship golf courses of Florida and are surprised at how far their money will go: Three bedroom houses with a pool and garden for under 300,000 USD!”

“I never like to say U.S. real estate is on sale, but today’s prices are bargains” says Fous. “Even the luxury upper end is seeing prices that are well below replacement costs – and this is a wise benchmark for savvy investors. I have waterfront homes, nestled on the beach with a pool for millions of dollars less than just two years ago”

The good news is that the banks have now got behind the developers and from waterfront apartments to stylish city flats not only are prices attractive and choices plentiful but sellers are more willing to make concessions in financing, try and buy programmes and other financial incentives. One project, for example, Parkside at Rivers IV in Cape Coral, FL will let you live as a renter for one year before you buy. This for a luxury three bedroom waterside apartment complete with boat slip, marina, pool, and spa.

If golf is your attraction, think Florida. There are over 1,200 courses in Florida alone, and there are more golf courses per resident than any other city in the United States. Some of the golf course communities are bundling golf ownership with homes.

However, it’s not all about a favourable exchange rate or discounted prices in the United States real estate market. Cultural activities, shopping, dining, golf, beaches and of course the warm weather in Florida, are all grand attractions. The lower price tag just makes all this luxury that much more enjoyable.

The heady days of 2006/07 when purchases of trophy addresses in new developments were the focus, have receded to a more number conscious approach to residential purchases. Home sales to foreign buyers show the numbers have increased in areas where an established address or recession-level prices have given the best value overall.

As with any investment, there are considerations to be aware of in purchasing properties abroad and it is important to consult with industry experts to best serve your individual real estate needs. Luxus can offer you expert advice through multi-lingual staff of industry professionals who have diverse professional backgrounds encompassing: international accounting, legal expertise, interior design and most importantly, respect for your time..

Contact
Susan V. Csikos
www.luxusmanhattan.com
www.marketamericarealty.com
Tel: 212-655-9655 Fax: 646-201-9494
svc@luxusmanhattan.com