The Middle East Is Not So Rich
The number of millionaires in the United Arab Emirates fell by approximately 10,000 during 2008, according to a report from Merrill Lynch. The number of individuals who had investable assets of US$1 million, or Dh3.6 million, fell by 13 percent in the UAE to 67,100. The wealthiest residents of the Emirates and the Middle East still fare better than others around the world, as the number of millionaires globally fell by nearly 15 percent for the year.
Saudi Arabia saw a 10.9 percent drop in the number of millionaires to 91,600 from 102,800 in 2007. “Given the difficulties in the Middle East region, it has outperformed many western regions, particularly in Saudi Arabia,” said Amir Sadr, the head of Merrill Lynch’s global wealth management business in the Middle East.
The company predicts that by 2013 the financial wealth of millionaires around the globe will have recovered to account for some US$48.5 trillion. Wealth in the Middle East is expected to grow 5.7 percent to $1.9 trillion in 2013, from $1.4 trillion in 2008. Real estate will continue to be a major investment focus, as well, said Mr. Sadr. “People are really looking into real estate now; it’s not just a general interest,” he noted.
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Retirement in Auckland is Easier
Two new retirement villages are set to open in Auckland and will highlight a couple of high-growth areas of the New Zealand city. Metlifecare is opening part of its brand new village on the North Shore, and Summerset has just opened its NZ$90 million South Auckland village.
Metlifecare, which has 16 retirement villages in New Zealand, is opening the first stage of what it says will be the country’s largest new retirement village. It is located at the corner of Shakespeare Road and Taharoto Road. When completed it will have 246 apartments, 15 serviced units and five care suites next to the North Shore Hospital. The first 78 units are opening in the first stage of the development, and another 62 will be completed in the second stage.
Summerset has 10 retirement villages on the North Island and just opened its new village at the intersection of Flatbush School Road and Chapel Road. The main building and villas in the first stage were completed in March, and residents began moving into the complex in May. There are 72 villas, 72 apartments, 23 serviced apartments and a 52-bed hospital on the site. When completed, the village will be home to more than 300 people.
A number of other new retirement villages are planned for the Auckland area in the coming years. Currently the city has about 400 retirement villages, occupied by some 22,000 residents. The city has approximately 12 percent of its current population over 65, and by 2039 that is supposed to be around 25 percent. With such an increase, retirement villages should be very popular in the coming years.
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Beachfront Land Brazil
FORTALEZA BEACHFRONT LAND PLOTS FOR SALE BRAZIL
Fortaleza in the North Eastern region of Ceara offers buyers considering Brazil some of the best beaches and facilities and is considered the place that Brazilians would want to take a holiday. Fortaleza offers low prices a major international airport and low land prices.
FORTALEZA LAND PLOTS AN OPPORTUNTY
We are bringing you the opportunity to profit from the global financial situation, with a specially selected project that is at the top of most investors “to buy” list. If you are looking for a second home, again, now is the time, as the opportunities would never have been so good had the financial situation never happened. We invite you to take advantage of a secure freehold real estate option in the project everybody is wanting to get a piece of.
WHY WOULD YOU CONSIDER BUYING THIS BEACHFRONT LAND IN FORTALEZA?
Front line beach resort
Unrivalled price & location
Luxury villas to meet the demands of all purchasers
Credit crunch defying - find out more
Land plots with ALL licenses available
Full due diligence by MZG Advogados
Massive expected return on investment
BEST price GUARANTEE
A truly must see project
Beachfront land for sale Brazil
The Coral Lake & Beach Resort is an outstanding development, which is the result of a fusion of visions from well established and respected architects and constructors in the Fortaleza region. The project consists of various styles of villa, from Moorish to Modern, which are brought together through common grounds and features that unite the homes together. There are 6 low apartment buildings, nestled in the grounds with private parking and access, with a range of apartments available, ranging from modern studios to luxury penthouses.
Beachfront land for sale Brazil
We are bringing you the opportunity to profit from the global financial situation, with a specially selected project that is at the top of most investors “to buy” list. If you are looking for a second home, again, now is the time, as the opportunities would never have been so good had the financial situation never happened. We invite you to take advantage of a secure freehold real estate option in the project everybody is wanting to get a piece of.
Transferring money to Switzerland
If you are buying a holiday home or investing in property, money transfers to Switzerland at the best exchange rate can make thousands of pounds difference.
The Swiss Franc is known as a “safe haven” currency, which means international investors hold assets in Swiss Francs (CHF) at times of economic uncertainty. Due to the worldwide economic crisis, demand for Francs has increased and as a result the currency increased in value by over 26% during the height of economic problems in 2008.
Recently, as risk appetite has come back to the markets, investors have sold off Francs, leading to an improvement in the exchange rate back up to the 1.70s in June 2009, from a low of 1.52 at the end of 2008.
Anyone sending money to Switzerland therefore has to consider the overall economic climate when judging exchange rates. Don’t forget it is nearly always cheaper to use a currency broker than your bank, when sending money overseas in any foreign currency, and a reputable company will help you decide when to buy by providing simple explanations of what is happening in worldwide markets.
Also, currency brokers can offer fixed rates of exchange up to 2 years ahead. So, if you have more than one payment to make for a ski property purchase for example, you can lock in to an exchange rate for all your payments, to give you a fixed price for your property in pounds sterling.
Currency Index Ltd, 0800 043 2623, www.currencyindex.co.uk[
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Luxury cottage for sale in Devon
I love to look into the way millionaires live and when a home fit for a millionaire comes on to the housing market it’s simply irresistible not to have a peek inside the home. In the UK there is one home that is featuring in news items, newspapers and magazines and many luxury property websites. This home is a stunning cottage in Devon England where you will find some of the UK’s best countryside.
What the Papers Say
Recently featured by the UK’s biggest selling weekly magazine as one of the eight best properties in the UK on the market in areas of outstanding natural beauty, the Totnes Times said “it is considered to be one of the most spectacular homes in the region”. The Western Morning News said, “Nothing can prepare you for the stunning attention to interior detail”, and The Independent summed it up nicely “This one’s got it all” and it really has. The testimonials go on and on, from just about everyone whose opinion matters. It is definitely a landmark property described by one local paper as “Iconic” and “Historic” by another. So what is your view on this luxury cottage in Devon
Check out this video and make your mind up
Cottage Has Price Tag of 2 Million Pounds
The house restored to the highest standard with the following specifications:-
*Solid oak doors with locks and Simonswerk TECTUS concealed hinges
*New oak truss roof, beam and joists
*Hand crafted terned stainless steel dormer and side roofs
*Argon filled double glazing window units in oak frames with concealed hinges
*Master Locksmith designed high security lock system throughout house
*Grant condensing oil fired boiler with the highest SEDBUK efficiency rating *Two solar panels to heat hot water
*Insulated internal/external walls/roofs/ground floor to make house thermally efficient
*Underfloor heating in dining room, kitchen, entrance hall, living room and utility room
*Contemporary Firebelly log burner stoves in living room and dining room *Bedrooms with thermostatically controlled radiators
*En suite bathrooms with programmable electric underfloor heating
*State of the art computer controlled lighting system
*Internal/external CCTV security system that allows recording and viewing via internet connection and compatible mobile phones anywhere in the world.
*Sophisticated sensors which detect movement and light levels
*Broadband internet connection
*Delta 8 system wire based network installed in each bedroom, living room, dining room and kitchen which allows use as a telephone point, data point, TV aerial or DAB digital radio point
See more of this cottage or make an enquiry here: Luxury property in Devon
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The architects selected are from Gehry Partners, William McDonough + Partners, Atelier Hitoshi Abe, Los Angeles–based Kappe Architects/Planners, the Chilean studio Elemental, and three New Orleans firms—Bild Design, buildingstudio, and Waggoner & Ball Architects. These architects are different from the original 13 that Pitt commissioned in 2007 for the first phase of the Make It Right project.
The architects will design duplex homes, which are a long-standing tradition in the Lower Ninth Ward, according to Make it Right’s executive director Tom Darden. Each new building is estimated to cost approximately $200,000. Overall, eight homes have been finished, and another 13 are currently under construction. Darden hopes to complete as many as 100 homes by the end of 2009.
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The home is brand new and was completed in March. It has seven bedrooms, eight bathrooms and a total of 15,000 square feet of space. That includes 8,500 square feet of air conditioned space and another 6,500 square feet of covered patios and garages. It overlooks the Intracoastal Waterway in Fort Myers along the southwest coast of Florida.
Ricciani has registered the domain name www.themilliondollarcoupon.com, where potential buyers can download the million dollar deal. The couple are offering seller financing for the new home.
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Hood River is about 50 miles northeast of Portland, and the beautiful area offers visitors and house hunters plenty to do in addition to enjoying the famous gorge. Mount Hood towers over the area and gives its name to the river that flows into the Columbia. There is the Columbia River National Scenic Area which has amazing views of the river and many waterfalls, including Multnomah Falls.
Real estate investors like this area because it is a year-round destination and not too far from the city of Portland. There is skiing on Mount Hood during the winter and well into the summer, and plenty of other outdoor activities as well. Homes come in all shapes and sizes, from small apartments in town to large, custom-built country homes. It is a beautiful area to spend time, and you’ll never get bored here.
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Invest in Farmland
Agricultural land investments are popular and a good option international real estate buyers for a number of reasons. They offer stability, are relatively low cost to get into, provide consistent returns and also allow companies to develop land for cultivation. The largest returns for agricultural investments come from countries that have a strong need for food, but don’t have the current infrastructure, capital or ability to bring local land on line for farming.
Argentina has a strong need for cropland, particularly as its neighbors don’t have nearly enough to provide for themselves. The country is relatively stable, and the opportunities to invest are available. There are large tracts of land that are farmable and can be purchased for very low prices. But to make it profitable a farmer or company needs both a lot of land and some very expensive equipment, which takes large amount of money to make the investment payoff.
Farmland investments like SCS Farmland in Argentina bring together many small investors who put in a fraction of the total amount needed. The money is then pooled to buy the land and equipment needed, and the investment company manages its production. Investors can keep their money in the land for a number of years, and at the end the management company buys it back. Investors receive income from the crops being harvested every year as well as from the final payout when the land is sold. The final payout is typically much larger than the initial investment – depending on when the investor sells – and the returns make it a very good deal. You can find more property in Argentina here
More Information
Greengold Leads to New Farmland Investment
Overseas Property Investors Buy Farmland in Argentina
Investment Land Plots Argentina
Investment land South America
Money Transfer Advice
If you are buying a holiday home or investing in property, transferring money to Cape Verde at the best exchange rate can make thousands of pounds difference.
The local currency, the Cape Verdean Escudo, is not traded commercially outside of the islands. Therefore, properties and investments in Cape Verde are priced in Euros.
The value of the Escudo is fixed at €1 = CVE 110.265, so paying for property in Euros does not present any additional exchange rate worries – indeed on the islands themselves goods can be bought interchangeably with either currency, so all local businesses will be used to dealing in Euros.
Anyone sending money to Cape Verde islands therefore has the luxury of dealing in Euros which are easy to get hold of at commercial exchange rates from UK currency brokers. Don’t forget it is nearly always cheaper to use a currency broker than your bank, when sending money overseas in any foreign currency.
In addition, currency brokers can offer fixed rates of exchange up to 2 years ahead. So, if you are buying off plan, you can fix an exchange rate for all your payments through to completion, to give you a fixed price for your property in pounds sterling.
Brokers will also be happy to monitor the markets for you and inform you when there are opportune moments to buy your Euros at a preferential rate.
Currency Index Ltd, 0800 043 2623, www.currencyindex.co.uk
Find Buy or Sell Cape Verde Property
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The home is cantilevered over a ravine and offers spectacular views of the surrounding woods. The original home was designed by A. James Speyer, a protégé of Mies Van der Roh and well known in his time. The house was designed in the International Style that Mies Van de Roh helped to promote during his career. An additional pavilion building was later constructed, designed by David Haid, to mimic the first one and is used as a showplace/garage.
The four bedroom house and pavilion have 5,300 square feet of space. The separate Pavilion is where Ferris Bueller and his friend Cameron ended up inadvertently pushing a vintage red Ferrari out the glass back and into the ravine. Unfortunately, the Ferrari, new or smashed, does not come with the home. But the showpiece home is definitely a bargain for the $2.3 million asking price.
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The land acquisitions include additions to the state’s pheasant range and the western prairie pothole regions, a prime duck-breeding habitat. There will also be 1,200 acres in Waterfowl Production Areas by the US Fish and Wildlife service, which are popular hunting and wildlife-watching areas. The state’s Wildlife Management Area program, administered through the Department of Natural Resources, will get significant additional funds through the new act.
The new acquisitions will take place over the nest two fiscal years, ending in 2012.
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The Village at Burns Harbor is the first development to be awarded the National Green Building Standard, which was recently approved by American National Standards Institute (ANSI). The community is served by the South Shore Rail Line with several nearby stations, making an easy commute to Chicago possible. The developer protected environmentally sensitive areas and preserved natural water and drainage on the property. The high-density residential areas are all connected by sidewalks and there is a town center.
This idyllic new community combines new and old ideas and styles to create a livable local neighborhood. There are two large parks and plans for several more, a local playground, fishing pond and more. The homes in the village, though all new, are an assortment of styles that don’t provide that cookie-cutter feel of many new developments. There are individual homes, townhouses, Victorian-style homes and modern designs. A total of 265 homes will be constructed when complete.
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Styron purchased the house in 1954 with his wife, poet Rose Styron, and lived there until he passed away in 2006. The writer wrote several award-winning novels at the house, including Sophie’s Choice, which won the National Book Award, and The Confessions of Nat Turner, which won the Pulitzer Prize in 1968.
The spacious property includes a pool, cabana and a guest house. The main house was built in 1850 and has 4,500 square feet of space, including a great room that the Styrons added with a vaulted ceiling and stone fireplace. The house has five bedrooms and six bathrooms.
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Designers and manufacturers premiered some innovative and interesting ideas in furniture, such as reconfigurable armoires, repurposed and recycled pieces made from old glasses and multitasking tables. Many of the new items will show up in showrooms in the coming weeks and months, so be sure to keep your eyes open.
There were several items that would make a delightful addition to any home at this year’s show. A chandelier made from vintage glasses, called Nebu, was a popular item. Each glass can be lifted out for cleaning when needed – or for additional drinks if you should run out. In yet another interesting take on the chandelier, designer Rachel O’Neill created one made of black lace panties.
Maarten De Ceulaer managed to come up with a new take on the armoire. He created one from six aqua colored leather suitcases bolted together, which can be taken apart and put together in different shapes when you’re bored with the current configuration.
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The median sales price for new homes in April was $209,700, which is 14.9 percent lower than in April, 2008. Overall, new home sales were down by 38 percent from April, 2008.
The new home figures are similar to, but a bit slower, than existing home sales, which rose nationally in April by 2.9 percent, according to the National Association of Realtors. The seasonally adjusted annual rate of existing home sales in April was 4.68 million units, up from 4.55 million in March.
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Lawrence Yun, chief economist for the National Association of Realtors, noted the double whammy that the economy is doing on commercial real estate in a press release. “Significant job losses have reduced the demand for commercial space, while a lack of credit has stalled transactions and refinancing activity.”
“Because commercial real estate always lags an overall economic recovery, it will take some time for the commercial real estate market to rebound,” he continued.
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The Rimes purchased property in the gated Avalon subdivision in 2006. On over five acres of land they constructed a three story mansion that has 13,380 square feet, 4 bedrooms, 6 full bathrooms and amazing views. The kitchen is 550 square feet with a 60” range and one of the home’s four wine refrigerators. There is also a large den, media room, entertainment area and a second kitchen.
The home also has guest quarters, a workout room, a 400 square foot master bedroom with raised ceiling and fireplace. The property is fully fenced and has a large circular driveway, and there is an infinity pool as well.
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The project is located on state-owned land in the Meadowlands Sports Complex in northeast New Jersey. It is near the where the Giants and Jets are building a new football stadium, not far from the current Giants stadium and next to the Izod Center indoor arena. The banking crisis is blamed for the current problems with the new mall’s completion and opening.
The mall will have the first indoor ski slope in the United States, as well as five different sections distinguished by flooring and lighting effects. There are sections for younger people, sports, entertainment and the home. A unique mixture of tenants are ready to move in, whenever the mall is ready for them.
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Morocco
If you are buying a holiday home or investing in property, transferring money to Morocco at the best exchange rate can make thousands of pounds difference.
Typically, properties may be priced either in Moroccan Dirhams (MAD) or in Euros. A reputable currency broker in the UK will be able to help you with either requirement, and save you money on the exchange rate compared to using your bank.
In addition, they will be happy to monitor the markets for you and inform you when there are opportune moments to buy at a good rate.
When sending money to Morocco, make sure your solicitor registers your transfer with the Moroccan Exchange Control Office. This will ensure you are able to transfer money back to the UK if you need to in the future, and should reduce any tax liability.
For any currency transaction, your bank is unlikely to offer you the best available deal. Checking with a specialist currency company is quick and easy and could get you a rate up to 4% better. If you are moving a large amount, the extra money is better off in your pocket – and even on relatively small transactions the saving could still be significant. Generally, if you are sending more than £3,000 abroad, it is normally worth using a currency company.
Currency Index Ltd, 0800 043 2623, www.currencyindex.co.uk
Find Property in Morocco
Most Expensive Cities in US
Forbes Magazine is out with its latest list of the most overpriced American cities. Topping the list for 2009 is Los Angeles, thanks to some of the highest housing prices in the country, an expensive cost of living and high unemployment. Following the California city is Chicago, and Miami comes in third. High unemployment hits both the Chicago Miami areas particularly hard. In fact, unemployment tends to stand out for the cities at or near the top of the Forbes rankings for this year.
New York City takes fourth place, and it has some of the highest cost of living and housing opportunities anywhere in the country. Since the pay is also very high and helps to balance out those costs, it doesn’t top the list. Providence Rhode Island ranks fifth on the list.
Riverside, California, which has one of the highest unemployment rates in the country, is ranked number six, followed by Nassau-Suffolk Counties, New York, which make up Long Island. At number eight is Cleveland, and the top ten on the list conclude with San Diego and Newark, New Jersey.
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Additionally, the Grammers leased out a home in the Holmby Hills neighborhood as they were not able to sell it. They originally paid $13.7 million for the home in 2007, and it has been renovated since then. It sits on approximately one acre of land, has a cobblestone drive, pool and media room.
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MGM Mirage, the casino and gaming company, agreed to cover potential cost overruns and Dubai World agreed to repay several CityCenter payments covered by MGM Mirage. Additionally, lenders agreed to fully fund the money needed to finish construction of the project.
CityCenter is considered by many in Las Vegas to be the most important construction project in the city and for the gaming industry. With the resolution of the outstanding issues, it should proceed on schedule and open in December of 2009. The entire project offers as many as 12,000 new jobs when everything is up and running.
It will have 18 million square feet of mixed-use development and is located on the Las Vegas Strip between the Bellagio and the Monte Carlo. There will be several hotels, thousands of residential units, as well as a huge retail and entertainment complex on the site when complete.
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Sending Money To Canada
If you are emigrating to Canada or investing in property abroad, transferring money to Canada at the best exchange rate can make thousands of pounds difference.
There are 2 elements to think about when transferring money abroad. These are firstly when to secure your exchange rate, and secondly, who to buy your currency from.
Timing is important, specially in troubled times in financial markets. It pays to have a basic understanding of what is moving exchange rates, so that you don’t end up buying at the wrong time. Is there an anticipated change in Canadian interest rates which might make the Canadian Dollar more expensive? Is there some inflation data out in the UK which could affect the Pound?
Speaking to a dedicated currency company should help you make sense of the market, since in most cases this will be the first time you have dealt with exchanging a large sum of money.
You should start to look at rates as soon as you have exchanged contracts on your UK property, the reason being that currency brokers will also be able to offer fixed exchange rates up to 2 years in advance, so if rates are preferable you can lock in – before you have received the proceeds of your property sale.
Similarly, if you already have funds available but don’t need your currency yet, it is worth your while monitoring rates straight away.
This could make a difference of tens of thousands of dollars, compared to leaving the timing to chance when you are a week away from completing on your Canadian purchase.
In 2008, Canadian dollar exchange rates varied from 1.69 to nearly 2.05 – a difference of 21%.
For any currency transaction, your bank is unlikely to offer you the best available deal. Checking with a specialist currency company is quick and easy and could get you a rate up to 4% better. If you are moving a large amount, the extra thousands of dollars are better off in your pocket – and even on relatively small transactions the saving could still be significant. Generally, if you are sending more than £3,000 overseas, it is normally worth using a broker.
Currency Index Ltd, 0800 043 2623, http://www.currencyindex.co.uk
Property For Sale in Canada
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Ben Affleck and Jennifer Garner
Celebrity couple Ben Affleck and Jeniffer Garner have made the most of the drop in US house prices by snapping up an absolute bargain. They managed a huge saving of about $10 million made on a house purchase in Los Angeles.
The house which was sold by film producer Brian Grazer went for a cool $17.5 million the original asking price of $27.5 million! for the Pacific Palisades home.
So what do you get for your Dollar these days in LA?. Well the celebrity couple got a cliffside home with 9,000 square foot main residence. It has fantastic views of Los Angeles and the Pacific Ocean.
Mr. Affleck and Ms. Garner married in 2005 and have two children. She is starring in the new movie Ghosts of Girlfriends Past, and he has starred in several major movies and most recently
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Miami Beach
Miami Beach, and its fashionable enclave of South Beach, has not suffered the same fate as much of the rest of Florida when it comes to real estate. The market in this part of the state – just south of Miami – has cooled, but it hasn’t seen the same drop as the rest of the area and state.
Condominiums in Miami Beach, which is its own city, are much more expensive than in the Miami area as a whole. The Florida Association of Realtors indicates that the median sales price in March for a condo in the Miami area was $151,000. In Miami Beach, however, condos are typically priced at the low end from $500,000 to $1 million, and the larger units and more exclusive properties run from $1 million to $5 million.
Many of the newer developments in Miami Beach were completed and sold prior to 2006, so they didn’t experience the run up and fall in prices that the newest properties did. Even so, there are still some good deals to be found in this part of South Florida, if you spend the time to find them. Former New York Mets catcher Mike Piazza has his three-bedroom condo for $4.3 million, down from $4.9 million, and there are more bargains like that for those who can afford them.
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UK property could serve overseas investors well
UK Property Investment Opportunity
With the current economic crisis taking a bite out of the real estate market around the globe, investors are finding it harder to know what a good investment is and what isn’t. Many overseas markets that were great opportunities just a few years ago have now taken a plunge. As a result, many people are now mindful of investing too much money and are not sure where to buy.
While the high-flying London property market has fallen a bit over the past year, much of the rest of the real estate market in the UK has held reasonably steady. Indeed, many areas have a need for new housing, but not many people are willing to take the risk and build new developments or, even if they wanted to, have the money to do so right now. For those who don’t want to risk a lot, but who want a good investment, there is an exceptional opportunity along the southern coast of the UK.
Landmark Developments has found an ideal tract of land for new homes in an area that is desperately in need of new housing. The local council and the county government have both identified a need for housing in the coming years, and this is a chance to get a piece of property that will make a good home site. Investors only need to pay for the plot – as little as £3,500. This is an unheard of opportunity for overseas investors to get into the UK housing market.
The city of Fareham has identified the property as an ideal location for new housing, and it could accommodate as many as 100 new homes in the coming years. This is a chance to invest in UK property without a lot of money at risk, in an area that is growing and has a definite need for new housing.
For more information, UK Land For Sale
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The larger of the homes, which is going for $3.45 million, is 13,176 square feet and is located on Prytania Street. It has 6 bedrooms, 5 full and 2 half bathrooms, and is considered one of the nicest homes in the district. There are wide covered porches, iron balustrades and four kitchens. The main living and dining area is fit for a very large crowd at over 2,000 square feet with high ceilings and four fireplaces. It’s a nice place to call home.
The LaLaurie Mansion comes in at 10,284 square feet and its asking price is $3.55 million. The house is quite famous in the city and is said to be haunted. It was constructed in the early 19th century for French royalty but it was Dr. Louis LaLaurie and his wife Delphine who gave it their name when they occupied it in the 1830s. The house is located at the corner of Royal and Governor Nicholls Streets and has 6 bedrooms.
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Saving Money Sending Money To Australia
If you are emigrating down under, transferring money to Australia at the best exchange rate is crucial.
There are 2 elements to think about when transferring money abroad. These are (1) when to secure your exchange rate and (2) where to buy your currency.
Timing is important, especially in volatile times in financial markets. It pays to have a simple understanding of what is moving exchange rates, so that you don’t end up buying at the wrong time. Is there some inflation data out in the UK which could affect the Pound? Is there an anticipated change in Australian interest rates which might make the Aussie Dollar cheaper?
Speaking to an experienced currency broker should help you make sense of the market, since in most cases this will be the first time you have dealt with exchanging a large amount of money.
If you are selling a property in the UK to fund your move, you should start to look at rates as soon as you have exchanged contracts on your UK property. The reason being that currency brokers will also be able to offer fixed exchange rates up to 2 years in advance, so if rates are preferable you can lock in – before you have received the proceeds of your property sale. This could make a difference of tens of thousands of dollars, compared to leaving the timing to chance when you are a week away from getting on the plane. You might also consider splitting your transaction into 2 or 3 currency contracts at different times to protect yourself against market movement.
In 2008, Australian dollar exchange rates varied from 2.03 to nearly 2.65 – a difference of 24%.
Concerning where to buy your currency, don’t assume that your bank will give you the best exchange rate. They usually won’t. Checking with a specialist currency company is quick and easy and could get you a rate up to 4% better than your bank. Again if you are moving a large amount, the extra thousands of dollars are better off in your pocket – and even on relatively small transactions the saving could still be significant. In general if you are sending more than £3,000 overseas, it is normally worth using a broker.
Currency Index Ltd, 0800 043 2623, www.currencyindex.co.uk
Foriegn Currency Quotes
The 21,000 square foot mansion has an indoor pool, handball court and 70-foot outdoor reflecting pool with fountain. It has 14 bedrooms, 13.4 baths (according to the listing) and another 75-foot outdoor swimming pool, as opposed to reflecting pool. The house looks over Long Island Sound and has just about everything anyone could ever want or need.
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Moving Home
Its a fact that fewer Americans are moving home and to top that fewer overseas buyers are moving to the US to settle in America. Is this purely down to the credit crunch and global slowdown or is this a deeper problem?
The lowest percentage of Americans since 1962 moved to a new home in 2008, according to new census data. Additionally, immigration from abroad was the lowest it has been in over a decade.
The United States Census Bureau released its annual report that showed the annual rate at which residents moved fell to 11.9 percent. For 2007, the rate was 13.2 percent, and the highest number ever recorded was in 1984-85 when it was 20.2 percent.
The fall in mobility rates can be tied directly to the housing crisis, according to analysts. “It represents a perfect storm halting migration at all levels, since it involves deterrents in local housing-related moves and longer distance employment-related moves,” said William H. Frey, a demographer with the Brookings Institution, quoted in The New York Times.
As low as the percentage rate was, the actual number of people moving was less than any year since 1949-1950. According to the report, 35.2 million people over age 1 changed residences. Among regions, the South had the largest net gain of people moving into the area, while the Northeast lost more residents.
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Prince Charles Speaking His Mind Re New London Development
Chelsea Barracks Plan Stirs ControversyPrince Charles has put his neck out by getting involved in the work taking place in London’s former Chelsea Barracks. He has apparently wielding his influence to try and change the design plans of the new development.
Does Prince Charles have the right to do this?
Prince Charles has now got world-renowned architects criticizing him for his attempts to change the plans.
Apparently Prince Charles is reported to have asked the Qatari Royal family, who own the site, to consider more traditional brick and stone buildings for the project than the modern plans that had been proposed. Richard Rogers and his firm Rogers Stirck Harbour have submitted plans that have modern glass and steel buildings for the proposed site, and the Prince has indicated that he would prefer an alternate plan by classicist Quinlan Terry.
A group of prominent architects, among them Norman Foster, Zaha Hadid, Renzo Piano, Frank Gehry, Jean Nouvel, Jacques Herzog and Pierre de Meuron signed a letter to the Sunday Times which attacks the prince to attempting to subvert the planning process.
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David Chipperfield
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U2 Guitarist why is he upsetting the locals?
More celebrity news indicating that they are immune to credit crunch The Edge, U2’s guitarist, is planning an extensive home and additional buildings on property he currently owns in Malibu, California. The project, however, is running into resistance from neighbours who are worried about its size and impact on the environment.
The U2 star has plans for a house with 19 overlapping roofs which he wants to call Leaves in the Wind. Additionally, he wants to construct four additional buildings on his 156 acres of land. This beachfront community, home to many celebrities, has not embraced the guitarist’s plans.
“The Edge has more money than God-why does he need to spoil the mountains for everyone?” ( love that quote!) said local activist Candace Brown in an interview with the London Times. The California Coastal Commission overseas all construction along the coast and is expected to review the plans in June.
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U2.com > Official site of the rock group from Dublin, Ireland. Get the latest band news and events. www.u2.com/
Why have foreclosures leapt
With many real estate professionals feeling that there are green shoots of recovery in the US real estate markets it may come as a surprise that there has been a rapid increase in foreclosure filings.
The Obama administration has introduced a foreclosure prevention program, which lenders are beginning to implement. The administration hopes to help up to 4 million homeowners with the program.
According to RealtyTrac figures are up 17 percent from February and 46 percent from March, 2008. For the first quarter of 2009, filings rose 9 percent from the previous quarter and 24 percent from the same time in 2008. Nevada and Arizona both had
Meanwhile Homesgofast.com the UK based overseas property portal report a rush of interest in low priced investment homes in Western New York State. It seems European property investors cannot resist a bargains offered by specialist companies such as Colossal investments and Dollar Property Investment Ltd
So what is the reason for the leap in foreclosures? your comments welcome
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Best beach in Brazil?
One of Nine beaches recommended by Conde Nast Traveller is at Praia de Sibauma, in the country’s northeast corner. Just south of Natal, capital of the Brazilian state of Rio Grande do Norte, boastss one of the best beaches in the country?
The strand of beach is as yet undiscovered by the masses of tourists who visit Natal each year and offers an idyllic place to relax and enjoy the Brazilian coast.
But what makes the best beach?
The beach is not far from Pipa, a small village which also has some nice beaches of its own. It is located next to a turtle sanctuary, so there is not the development you might expect for such a gem. There are some places to stay, and when you get a little farther away from the beach there are plenty of opportunities for overseas property buyers to find their own slice of heaven.
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Transferring money to France
Buying overseas property will usually mean you need to send money overseas to pay for your deposit, stage payments, and/or completion in a foreign currency.
In France, this will usually mean sending Euros to a notaire for your 10% deposit and some time later your 90% completion.
There are 2 elements to think about when transferring money abroad. These are (1) when to secure your exchange rate and (2) who to buy your currency from.
Timing is important, specially with volatile times in the financial markets. It pays to have a simple understanding of what is moving exchange rates, so that you don’t end up buying at the wrong time. For example, is there an anticipated change in European interest rates which might make the Euro cheaper? Is there some inflation data out in the UK which could affect the Pound?
Most buyers of overseas property are not experts in the financial markets – thankfully there are currency brokers who exist purely to help you through the process. They will be able to explain in simple terms what is happening and help you make an educated decision on when to buy.
In addition, usually your bank will not offer the best possible exchange rate on any given day. By using a currency broker, you can save up to 4% compared to your high street bank, or £4,000 on a £100,000 purchase sending Euros to France.
Currency brokers will also be able to offer fixed exchange rates up to 2 years in advance, so if rates are preferable you can lock in – without having all your funds available – and potentially save significant amounts compared to waiting until the last minute to buy your Euros.
Currency Index Ltd, 0800 043 2623, www.currencyindex.co.uk
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Mamma Mia Greece
The hit musical and movie Mamma Mia, featuring songs that were made popular by the Swedish pop group Abba, has given a renewed interest in the Greek islands. International property seekers have often overlooked much of Greece and its many islands, going to more popular destinations in Spain, France and Turkey. While Greece has been a favorite for some buyers and travelers, Mamma Mia, has given new life to the property market here.
In addition to the island of Crete, which is a favorite for travelers and buyers, Corfu and Mykonos are the popular tourist destinations, and have plenty to offer prospective buyers. They have a good infrastructure and are easy to get to, but they also have the most crowds. Corfu is in the Ionian Islands on the west side of Greece, while Mykonos is in the Cyclades, southeast of Athens. Santorini, at the southern end of the Cyclades, has grown increasingly popular in recent years and is becoming a favorite for travelers and home buyers who like its combination of beauty and options for housing.
For those who want to see where Mamma Mia was filmed and dance along the same paths as Meryl Streep, Skopelos is the destination. Located in the Sporades, a small chain of islands north of Athens and the large island of Eva, Skopelos is an enchanting place to see and live. It is known for its beautiful beaches and their clear blue waters, green pine forests and the main city, which has the same name as the island. It is an ideal time to visit Greece and discover its charms.
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BootJack Ranch, located in southwest Colorado not far from the popular vacation town of Durango, is located in the midst of the San Juan Mountains. It is surrounded on three sides by protected park land and has plenty of opportunities for the new owners and guests to enjoy the land. There are 14 guest cabins, a commercial lodge, an aquatic center, helicopter pad and a nearly 14,000 square foot home.
The ranch is currently owned by David Brown and his wife Carol. Mr. Brown is the founder of Orchard Properties, a commercial real estate developer in California.
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Much like everywhere else, the recession is hitting even this wealthiest of enclaves. Homes for sale have dropped their prices so far this year by approximately 20 percent, according to the Corcoran Group. For the first quarter of 2009, the number of leases signed and the dollar value has been roughly half of what it was in 2008.
One couple, according to a news item in The New York Times, recently signed a lease for the summer for $30,000; the same home last summer was rented for $40,000. Another home that was listed for a mere $50,000 for July and August each, was rented for a total of $70,000 for both months. It’s a sign of the times that even in these exclusive haunts, prices and sales have dropped dramatically.
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In 2008, the two companies sold nearly 40,000 homes across the country, but the recession has hit builders particularly hard.
“Combining these two industry leaders with proud legacies into one company puts us in an excellent position to navigate through the current housing downturn, poised to accelerate our return to profitability,” Pulte President and Chief Executive Officer Richard J. Dugas Jr. said in a statement released by the company.
“Centex’s significant presence in the entry level and move-up categories is complemented by Pulte’s strength in both the move-up and active adult segments, the latter through our popular Del Webb brand.”
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Sal Cape Verde Property Investors Paradise
The island of Sal in the Cape Verde Islands is the one of the hottest property destinations anywhere these days. It has just about everything an investor could want: great year round weather, beautiful beaches, an international airport and several very nice new property developments.
Sal is 34 kilometers from north to south, and at its widest is about 12 kilometers. It has a tropical climate with an average year round temperature of 25 C. The island has some of the nicest beaches anywhere, with long white sandy stretches and clear blue water. It is probably the most developed of the Cape Verde Islands in terms of infrastructure and tourism, but it is still just beginning to reach its potential. The most popular tourist town is Santa Maria, on the southern tip of the island, and in recent years it has become largest town with over 15,000 residents.
Many visitors come to the island to enjoy the water and sporting activities. The beaches are ideal for sunbathing and relaxing, and the water is a perfect place for adventurers to explore. Sal is considered one of the top windsurfing destinations in the world, and there is also kite surfing, diving, snorkeling and plenty of great fishing.
Getting to Sal is easy, as it has the main international airport on the islands, Amilcar Cabral International Airport (SID). The airport is near the town of Espargo, which is the municipal capital and was, for many years, the largest town on the island. There are a number of airlines that serve Sal, and there are also direct flights from several UK cities to Sal.
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Murdeira Beach Resort Sal
HIP PROVIDERS
So you are thinking about selling your house in the UK and have read that you need a HIP or Home Information Pack you have seen lots of HIP providers and wonder which one is the best to use. In the majority of cases HIPS are now a legal requirement. HIP documents give consumers a clear, up front picture of what they are buying and selling.
The Private Sales Website Little House Company have supplied some useful questions to ask HIP providers
1.) Will your HIP provider be able to guarantee compliance with complex regulations?
2.) How long will it take to produce a HIP
3.) Show me an example of your HIP
4.) Will the HIP link in to the conveyancing process?
5.) Is the HIP transferable if supplied by an estate agent
6.) What fees will you incur if an agent supplies one ‘FREE” of charge and you decide to find another estate agent
7.) Will your HIP provider be able to supply the Energy Performance Certificate (EPC) and voluntary Home Condition Report (HCR)
8.) Can you incorporate your own existing suppliers?
9.) Will your HIP provider be able to advise on legal issues surrounding the HIP and/or property in question?
10.) What is the bottom line are there any additional costs?
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Yamba Australia
You may be surprised that a small seaside village of Yamba along the northern coast of Australia’s New South Wales has been named Best Town in Australia by a panel of tourism and travel experts. The survey was conducted by Australian Traveller magazine and listed the top 100 tourism hot spots in the country. The small town was a surprise winner, beating out more famous destinations such as Port Douglas, Port Fairy and Byron Bay.
Australian Traveller editor Greg Barton noted that “Yamba…may be upset at being named the Best Town in Australia. Their idyllic secret is out and they may have to share.” The magazine notes that Yamba has a perfect climate, quasi-bohemian lifestyle and one of the best surf breaks in the world – the Angourie point break.
Participants were asked how they would recommend to a friend a one hour visit to any town on a scale from one to ten, and the answers were tabulated for the top 100. The top 10 towns, in order, are: Yamba, NSW; Esperance, WA; Port Douglas, Queensland; Broome, WA; Port Fairy, Victoria; Beechworth, Victoria; Byron Bay, NSW; Apollo Bay, Victoria; Strahan, Tasmania, and Margaret River, WA.
In a state-by state breakdown of the listings, NSW had 29 towns in the top 100, Victoria 16, Queensland 16, South Australia 13, WA 13 and Tasmania seven.
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Transferring money to Spain
Buying overseas property will usually mean you need to send money overseas to pay for your deposit, stage payments, and/or completion in a foreign currency.
When sending Euros to Spain, it is worth knowing about the Spanish banking system. Spanish banks tend to charge fixed percentages for various services, including receiving, sending or converting sterling into Euros.
If you are sending a large amount to pay for a property, obviously you want to avoid any percentage charges, as these can end up being disproportionately large – a fee of €500 to receive a transfer of €100,000 is not uncommon.
Thankfully, currency brokers are usually able to ensure you do not pay these fees in Spain. Because they send large amounts every day, they are able to negotiate transfers which mean that you do not have to pay any charges at all.
In addition, usually your bank will not offer the best possible exchange rate. By using a currency broker, you can save up to 4% compared to your high street bank, or £4,000 on a £100,000 purchase.
Currency brokers will also be able to offer fixed exchange rates up to 2 years in advance, so if rates are preferable you can lock in and potentially save significant amounts compared to waiting until the last minute to buy your currency.
The same applies if you are selling property in Spain and transferring money back to the UK – avoid all the charges and poor exchange rates by contacting a reputable currency company in good time.
Article supplied by Currency Index Ltd, 0800 043 2623, www.currencyindex.co.uk
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One major reason for the plummeting home prices in California is the large number of foreclosures in the state. The state is the most populous in the country, and foreclosures accounted for 58 percent of existing home sales according to analyst MDA DataQuick.
The price drop did have one benefit, as there was an 83 percent increase in the number of homes sold in February, 2009 compared to a year earlier. Sales jumped to 620,410 on an annualized basis in 2009 and were just 228,970 in 2008.
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That may soon change, however, as McCaffery Interests, a Chicago-based real estate developer, and US Steel, the site’s owner, are currently planning to construct a large mixed-use project on the land. They are also partnering with Westrum Development Co. The plans call for some 17,000 housing units, a million square feet of retail space and a 1,500 slip marina.
The project is currently in the planning and application stages. The McCaffery venture has submitted its zoning application to the city and is awaiting approval. In addition to the land currently owned by US Steel, there is a 118 acre parcel on the south end of the property that is now owned by Solo Cup Co. that the group wants to purchase. This parcel was part of the original South Works mill, but it was sold to Solo, which later decided not to construct a new plant.
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Turkish property
Buying overseas property will usually mean you need to transfer money overseas to pay for your deposit, stage payments, and/or completion in a foreign currency.
With Turkish property, you will find some transactions priced in Euros, some in Turkish Lire and some in sterling. Whichever currency your property is priced in, it can pay to make sure you get the best deal when sending money to Turkey.
While it might seem convenient for British buyers to pay in Sterling, sometimes asking for a price in an alternative currency can save you a significant amount.
While the Euro is relatively expensive at present, the Turkish Lire rate has been relatively stable over the recent months of financial turmoil. So, if your property is priced in Euros or Pounds, ask for a Lire price and check with a currency company to see if you could save money by transferring your money in Turkish currency instead.
Of course, all exchange rates are subject to volatility, so the cheapest option will change depending on the position of the currency markets.
Whichever currency you end up paying in, usually your bank will not offer the best possible exchange rate. By using a currency broker, you can save up to 4% compared to your high street bank, or £4,000 on a £100,000 purchase.
Currency brokers will also be able to offer fixed exchange rates up to 2 years in advance, so if rates are preferable you can lock in and potentially save significant amounts compared to waiting until the last minute to buy your currency.
Article supplied by Currency Index Ltd, 0800 043 2623, www.currencyindex.co.uk
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This was the largest jump in monthly sales since July, 2003, according to the NAR. Home sales activity has now returned to December levels, but is still lower than it was for much of 2008.
The median selling price for homes during the month fell to $165,400, down from $195,800 in February of 2008. That is the second largest drop on record. One reason for so many low priced homes is the large number of foreclosures and distressed home sales. According to the report, as many as 45 percent of home sales in the US came from foreclosures or distressed sales.
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Motor racing and overseas property investment
Motor racing and property investment are not normally spoken in the same breath however this is now all changed with a brand new motor circuit race track in the Algarve Portugal
Private investors have funded 200 million Euros to create one of the world’s best race circuits near Portimao and a motor sports complex that includes luxury apartments. The bonus is that these unique properties offer a guaranteed annual rental return of 7% for 3 years.
More details of the investment properties at the race track can be found here
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Mayor Michael W. Tucker indicated that the arena would be a better use of the funds. “As far as community benefit, the rink is better than the ramp,” Tucker said. “It’ll be a draw.”
If approved, the grant could give the project just about enough capital to construct the first sheet of ice, along with several other grants and donations. The overall price tag is currently estimated to be approximately $3.9 million. The rink is planned for opening in early 2010, according to its promoters. It will be constructed by a not-for-profit organization that plans to purchase the former Jubilee supermarket on Chestnut Street and renovate the building.
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