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Real estate investors plan to buy more

MEMPHIS, Tenn. – Sept. 21, 2012 – Despite rising prices and shrinking foreclosure inventories, 65 percent of active real estate investors plan to buy as many homes over the next 12 months as they bought in the previous 12 months, according to a survey conducted by ORC International for BiggerPockets.com and Memphis Invest.

Founded in 1938, ORC International has conducted the CNN|ORC International poll since 2007.

Future activity

The survey found that 39 percent of active investors intend to increase their purchases over the next twelve months, while 26 percent plan to buy as many in the upcoming year to come as they did in the past year. Added together, the two groups equal about 4.5 million investors. Only 30 percent of survey respondents planned to buy fewer properties.

Last year, investors purchased 1.23 million homes, a 64.5 percent increase over 749,000 in 2010, according to the National Association of Realtors®.

Who are the investors?

Some 3 percent of American adults – 7 million people – consider themselves to be real estate investors. An additional 9 percent of all Americans own investment property today but have no current plans to buy more. Thus, one out of eight – 28.1 million Americans – either consider themselves to be residential real estate investors or own residential investment properties today, according the survey.

“Hundreds of thousands of foreclosures and short sales are coming to market and rents are continuing to improve in most markets, creating a positive environment for the nation’s 28.1 million residential real estate investors,” says Joshua Dorkin, founder and CEO of BiggerPockets.com. “We’re talking about a group of Americans that is about the same in number as the number of Americans who own Roth IRAs (28.5 million) or the total number of money market fund shareholders (29 million). They have significant buying power.”

Housing repair

At a median expenditure of $7,500 per property, investors are spending a total of $9.2 billion per year to repair the damage caused by foreclosures and rehabilitate the nation’s housing stock – about four times more than the federal Neighborhood Stabilization Program.

“This survey puts some hard numbers behind the contribution that investors are making towards … driving the economy,” says Chris Clothier, a partner with Memphis Invest. “Those investors are driving their local economies by spending billions in repair costs with local electricians, plumbers, flooring companies and laborers.”

Promoting real estate investment

The survey found that lower interest rates and removing financing access limits would provide incentives to investors. Survey respondents said lower interest rates would make active investors more willing to invest in additional properties (70 percent). A distant second was additional tax incentives for capital spent to purchase, rehab or renovate investment properties (54 percent).

Third place went to elimination of limits imposed by lenders on the amount they will lend an investor (46 percent) and fourth to easing of rules on section 1031 Exchanges (44 percent).

Only 30 percent said that the easing of securities laws limiting the pooling of capital by investors for purchases would encourage them to buy more.

© 2012 Florida Realtors®

Wealthy Latin Americans desperate to buy in Miami

Miami’s housing market has long benefited from Latin America interest, especially of the Brazilian, Argentinian and Venezuelan varieties. But with Latin American governments cracking down on capital flight, wealthy South Americans are becoming desperate to pump their money into Miami and Manhattan properties, the New York Times reported.

Despite rising condo prices, rich Latin American’s still view Miami and New York as safe places to store their wealth. Political and economic uncertainty within the region’s governments has driven many locals to try and illegally smuggle hundreds of thousands of dollars’ worth of currency into more favorable tax climates. If they can, they are buying sight unseen and, of course, in all cash, according to Jorge Sanchez, a broker with Douglas Elliman that recently flew to Argentina and returned with four sales contracts in Miami’s 60-story Opera Tower.

“They wanted to act fast and get their money out [of Argentina],” Maria Velazquez, a Prudential Douglas Elliman broker, told the Times. “Whoever buys in New York already has four or five apartments in Miami.” [NYT] – Christopher Cameron

The Distressed Property Market and Shadow Inventory Updated June 2012

Press on the link to view the report.
The Distressed Property Market and Shadow Inventory Updated June 2012

Axis September Special

Dizengoff flips Palm Beach units to Jeff Greene affiliate for $13 million

A group of 71 units at the 2560 South Ocean apartment building in Palm Beach has been sold to a company affiliated with developer Jeff Greene for $12.78 million, according to a deed filed last week in Palm Beach County Circuit Court.

The buyer was listed as 2560 S. Ocean, a limited liability company based in Palm Beach. Edward Leevan is listed as the LLC’s managing member. The address for 2560 South Ocean is listed as 95 North County Road in Palm Beach.

That address is the historic Palm Beach post office, which Greene, a onetime Senate candidate, purchased in February 2011. It is also the office of Greene’s Florida Sunshine Investments.

The aforementioned Leevan is a co-manager in 2842 S. Ocean, a limited liability company through which Greene purchased the Omphoy Ocean Resort in Palm Beach in May.

The seller was Israel-based Dizengoff, which paid $6.9 million for the remaining 65 units at the building from MCNA Properties in a bulk deal at the end of 2010. That bulk buyrepresented an $11 million discount off the property’s mortgage.

The 2010 purchase was made through a limited liability company called Dizengoff-Palm Beach. Dizengoff has since purchased several more units in the building.

The property has a total of 94 units.

Continuum South Beach condominium unit sells for $6.6 million

A 4,004-square-foot condominium unit has closed for the price of $6.58 million at Continuum South Beach, according to Zilbert International Realty, which brokered the deal. It is the largest non-penthouse condo of its size sold at the South of Fifth building this year. Continuum was the site of  a record-setting $25 million deal for a penthouse in May. That remains the biggest purchase price for a single condo unit in the history of Miami-Dade County. Another penthouse transacted at Continuum in May for $16.25 million. The recent Continuum deal was brokered by Zilbert’s Bill Hernandez and Bryan Sereny. “The Continuum continues to be one of Miami Beach’s great success stories,” said Mark Zilbert, managing broker at Zilbert. — Alexander Britell

Fannie sells interest in 699 Florida properties

San Diego-based Pacifica Companies has purchased a managing interest in 699 Fannie Mae-owned residential properties throughout Florida, near or at market value, according to an announcement made today by the Federal Housing Finance Agency. The deal closed Sept. 6 when Fannie Mae sold the equity cashflows of a newly created LLC, which held the 699 single-family units, to Pacifica and made it the managing member. Pacifica paid more than $12 million for the managing member interest, representing a rough transaction valuation of $78 million for Fannie Mae and a third party valuation of $81.5 million.

However, Fannie Mae will retain an interest in the LLC’s equity cashflows. Its stake entitles it to receive 90 percent of distributions until approximately $50 million is received, at which point Fannie Mae will split distributions with Pacifica evenly at 50 percent. Pacifica will also receive 20 percent of gross rental income collected from the properties as a management fee. – Christopher Cameron

Miami Beach, FL Real Estate - Miami Beach, FL Real Estate Agent, Antonio Aguirre

Miami Beach, FL Real Estate - Miami Beach, FL Real Estate Agent, Antonio Aguirre

Departamento en Orlando por US$700 el metro

Un departamento en Orlando, FL de 2 dormitorios y 2 baños, de aprox 90 metros cuadrados, y ya alquilado, se vende con la posibilidad de pagar esos dolares en USA o Argentina.
Esta es una novedad dado que las restricciones cambiarias y de envio de dinero hacen que el costo del mismo haya trepado alcanzando en algunos momentos el 8%.
Para mayor informacion contactarse con aaguirre@remax.net 

REO inventory posts big drop from a year ago

WASHINGTON – Aug. 31, 2012 – The amount of foreclosed homes on banks’ books has dropped by 18 percent in the last year, the Federal Deposit Insurance Corp. reports. The FDIC also says that levels have been dropping since the third quarter of 2010.

As of June 30, banks held $41.7 billion in REO properties – that’s down from $51.2 billion one year prior.

But more foreclosures are likely on the way, a recent report by CoreLogic warns. About 1.3 million homes are in the foreclosure process. While that’s down from 1.5 million reported a year ago, the numbers are still elevated.

Still, while “levels of troubled assets and troubled institutions remain high … they are continuing to improve,” says Martin Gruenberg, FDIC acting chairman.

The improvements are leading more banks to post greater profits and even start to lend more. Lending rose 15 percent compared to last year, according to the FDIC report.

Source: “Bank REO Down 18% From One Year Ago,” HousingWire (Aug. 28, 2012)

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