European Buyers Could Provide Opportunity
With Europeans fleeing instability, now could be the right time for the Federal Reserve to sell off some of the $1.7 trillion in mortgage-back securities and Treasury bonds it purchased to offset the financial meltdown, says Harvey Rosenblum, the Dallas Fed’s head of research.
Rosenblum said the Fed didn’t go into the crisis with a plan to get out, but he called the influx of foreign investors a “wonderful opportunistic situation. … What better time to sell it off in small quantities,” he said.
Source: Reuters News, Ann Saphir (06/03/2010)
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Declining Dollar Brings Foreign Investors
Falling prices for real estate and the declining value of the dollar are luring investors from all over the world to purchase properties for as little as half what they might have paid four years ago.
“This could be a once-in-a-generation opportunity for real estate investment,” says Arthur Wong, whose Calgary, Alberta-based U.S. Real Estate Fund has invested $5 million in properties in the U.S. Southwest and plans to buy millions more.
Buyers from countries like Brazil, Canada, France, and the Netherlands, whose currencies are particularly strong against the dollar, are spending millions on luxury condos in New York City, Las Vegas, and Miami. Foreign buyers also find the warm climates of California, Texas, and Arizona attractive.
Peter Zalewski, a principal with Miami-based Condo Vultures, says he has sold foreign condo buyers seven bulk deals in downtown Miami alone, with investors coming from Argentina, Canada, Colombia, Italy, Norway, and Venezuela.
Source: MSNBC (11/22/09)
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Foreign Investors Bullish on U.S. Real Estate
Foreign real estate investors expect the U.S. real estate market to recover by the end of the second quarter of 2010, according to a survey released Wednesday by the Association of Foreign Investors in Real Estate (AFIRE).
Survey respondents were optimistic about the prospects for good returns, with more than two-thirds planning to invest in U.S. real estate before the end of the year.
About 31 percent said they were more hopeful now about the health of the U.S. real estate market than they were in January, 16 percent said they were more pessimistic, and 53 percent said their opinion had stayed the same.
The 200 members surveyed predicted that Washington, D.C., New York City, and San Francisco would be the first cities to recover, followed by Boston and Los Angeles.
Source: Association of Foreign Investors in Real Estate (06/17/2009)
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