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Florida property prices have hit base, says expert
Florida property prices have fallen as low as they are going to go and are at the bottom of the market, an expert has claimed.
Speaking to the Times, agency network manager at international property firm Savills International Joanna Leverett commented: "Prices have reached rock bottom."
Examples of bargains available in the state included waterside homes in the cities of Miami, Tampa and Sarasota, she noted, with the latter offering a case where two bedroom flats prices at $583,500 ( £418,500) have been reduced to $358,000.
The paper commented that Florida property remains highly sought-after for Britons because of its many beaches and golf courses.
Florida property seekers hoping to pick up foreclosed bargains could also have more chances to do so, a recent report may indicate.
A study of where the most mortgages in 60 days arrears or more were in the US during the fourth quarter, by credit reference agency TransUnion, revealed that the highest rate of these was in the state, at 9.5 per cent of all home loans.
French Riviera hailed as place for couples
Provence Alpes Cote d'Azur, which includes the French Riviera, is an ideal place for couples to come to and enjoy the peace and quiet, it has been suggested.
The region offers "peace, quiet, wine and sun", commented press and marketing representative for Provence Alpes Cote d'Azur Melody Raynaud.
She added: "Provence is a destination for couples: active couples who like to be outdoors and have some peace of mind."
Such attributes may be of interest to those considering the purchase of French Riviera property.
Ms Raynaud also noted that the region is "very well connected" to Britain by air, with its appeal extending to the cities such Avignon, Marseille and Nice, as well as smaller centres such as Arles with its many Roman ruins.
French Riviera property remains among the most popular markets in France for UK buyers, the Times reported earlier this week.
Tax boost for Spanish property buyers
British owners of Spanish property are to be taxed less after a new court ruling, it has emerged.
The rules on capital gains tax meant that any overseas owner of a Spanish property has hitherto been charged at a rate of 35 per cent, compared with 15 per cent for Spanish nationals.
However, a court ruling has found that this is discriminatory and Britons who have sold properties and been charged more will be able to claim the money back with interest from the Spanish government.
As well as being good news for those who will be compensated, the move means that those who buy Spanish property in the future will be charged less if and when they sell it on.
Those seeking property in Spain may find it cheaper to get a mortgages there after eurozone interest rates were cut last week.
The European Central Bank trimmed its main refinancing rate from two per cent to 1.5 per cent.
Obama has boosted property in the USA, says expert
British interest in buying property in the USA has soared in the wake of the election of Barack Obama, an expert has stated.
Director at property firm Mayfair International Realty Annette Reeve said the effect the election of the first African-American president has had on UK buyers has been "huge" and "amazing".
He added: "I've never known a US election inspire as much interest in the UK as this one did."
Ms Reeve observed that there is a strong sense of optimism that the policies being instigated by the new president will help boost property in the USA through the successful revival of the nation's economy.
Those seeking bargains in the country may find good opportunities to do so in the larger cities, recent figures have indicated.
The Standard & Poor's/Case-Shiller Home Price Indices for November 2008 showed that in the 20 largest metropolitan areas the average house price had dropped 2.2 per cent since October and 18.2 per cent in a year.
Euro rate cut tipped in possible overseas property boost
Overseas property buyers may be boosted today by a cut in the euro interest rate.
Investors on the foreign exchanges priced in a cut by the European Central Bank (ECB) yesterday, causing the euro to fall in value against the dollar, the International Herald Tribune reports.
The expectation is for the ECB to reduce the rate from two per cent to 1.5 per cent, something that could make euro mortgage rates lower for overseas property buyers.
A cut may also impact on the exchange rate between the euro and sterling, with any favourable movement meaning that those starting off with pounds could enjoy more purchasing power.
The governing council of the ECB voted to hold the rate last month, following a series of cuts in previous meetings.
January saw a 0.5 per cent reduction to the main refinancing rate, which was previously trimmed by 0.75 per cent in December and 0.5 per cent in November.
Scam Warning to Overseas Sellers
We’ve issued a statement today urging overseas vendors and people selling property abroad to be wary of companies offering to buy their properties and claiming to be associated with Rightmove’s Overseas division.
We heard from several sources that a company is contacting vendors, usually via another website they are advertising on. They imply they are commercially associated with Rightmove and tell the vendor that they represent large investors who can make an offer on the property. They explain that they already have the funds available to purchase the property outright, but the vendor must pay a security bond, typically 1% of the property value, in order to release a 10% deposit.
If it sounds too good to be true, it probably is and these schemes are nothing to do with us.
Rightmove Overseas deal directly with property advertisers and have no relationships with companies that purchase property from vendors. The only companies Rightmove do have relationships with are www.holidaylettings.co.uk who are part of the Rightmove Group and The Rightmove Abroad who are officially licensed to introduce projects meeting minimum quality standards to subscribers. Neither company would ever offer to buy property.
Scams in the overseas market have been around for a while, but what’s really disturbing in these recent cases, is that the Rightmove Overseas brand is apparently being used to imply credibility, through claims of an acquisition or partnership.
Rightmove Overseas only markets properties for sale from our advertisers. We don’t get involved in any transactions with companies offering to buy overseas properties and are categorically not engaged with, intending to acquire or looking to partner with anyone operating like this. |
