American real estate for "Bulgarian" price: the sale of mortgage villas and apartments





30.09.2010 09:34
Over the past few years in the global economy, much has changed, but the U.S. continues to be perceived by Russians as a kind of paradise on earth. Stars of the domestic show business have apartments on the coast of the coveted States, and the business elite has acquired real estate in New York.

After the crisis of the apartment across the ocean and become available to ordinary Russians. Banks sell the collateral property is practically on the "bell" prices.

Governmental programs and other measures to help

The financial crisis that originated in the United States in 2008, caused serious damage to the property sector. Outstanding mortgage debt has led to serious damage in well-functioning system of housing finance. Stanislav Singel, President of International Real Estate Agency Gordon Rock, the magazine reminded Metrinfo.ru, that the mortgage market in the U.S. in 2008-2009, suffered more than any other market in the world. Some banks were forced to abandon their mortgage programs, while others - has substantially curtailed.

Two years later, the real estate market of the country is not in the best condition. As noted by Vadim Orishak, CEO Pleiada International, concerns remain high unemployment, its level is projected at 9.6% in 2010, whereas in 2006-2007 did not exceed 5%. This includes reducing the rate of construction: in 2009, was started about a half-million of new projects against the average 1.5 million in pre-crisis time.

According to Eugene Skomorovsky, Managing Director of Century 21 West, Nevada about a year leading the list of states with" bad debts "(where borrowers are unable to settle with the banks. - Ed.). In the capital of the state`s Carson City banks for debt were a property for $ 17 billion next is Michigan: Detroit, outstanding debts in real estate is about $ 3 billion in a lot of problem real estate in Miami, Florida.

According to the National Association of Realtors USA, the number of transactions involving the sale of houses and apartments in condominiums totaled 3.83 million, as noted Igor Indriksons, director of overseas property investment company IntermarkSavills, falling sales for the data in June 2010 amounted to 27.2 % - it`s about two times more than analysts expected. According to the previous year decline was 25.5% and that - the minimum level since the beginning of the publication of these data in 1999

To rescue the housing market from collapse, the U.S. government has developed a new program of assistance to mortgage borrowers. It is aimed at citizens who regularly repay the loan, but who have a risk of default. According to the officials, the number of borrowers is about 0,5-1,5 million. Under this program, lenders, the loan is debited to a level below the cost of housing, may sell the loan to the Government that they will refinance.

It would seem that the situation can improve customers who first came on the market, but their number decreased. These buyers have purchased just over 38% of total sales in July (in June the figure was 43%), said Igor Indriksons (IntermarkSavills).

"The assistance program mortgage borrowers can stabilize the housing market and prevent a deeper fall, but a fundamental change in the situation will not happen" - says Ekaterina Thain, Partner, Director of the residential real estate company Chesterton.

Progress in slow motion

Experts with great caution note positive developments in real estate. According to Stanislav Singel (Gordon Rock), on the I half of 2010 on a number of states there is a "plus" "speaker. First of all - it`s California and New York.

Vadim Orishak (Pleiada International) said that the number of transactions in New York increased by 47% compared to the same period last year and 17% in comparison with I quarter of 2010. "This is the highest number of deals, starting with the III quarter of 2008," - said the expert.

Igor Indriksons (IntermarkSavills) among the causes of revival called price stability, contributing to the growth of consumer confidence, low interest rates, as well as a more flexible policy on the part of the mortgage banks.

Mortgage rates are now at the level of 3,5% - 4,75% per annum - this is the lowest interest rates over the past half century, said Sanislav Singel (Gordon Rock). But such terms will only be available for borrowers who are legal residents in the U.S. for more than 2 years old, having formed a positive credit history and a source of income in the United States.

In addition, mortgage lenders, which the sum of the debt exceeds the cost of housing, are eligible to apply for a change in credit terms. And lately, some 80% of loan applications received was from such borrowers.

As for foreign buyers and, in particular from Russia and other CIS countries, then these conditions it is impossible to get a mortgage. Stanislav Singel explains the difficulty of assessing credit quality. As a result, banks offer loan programs with minimal evidence of income, offsetting the risks of higher interest rates, which, depending on the term loans are at 6.0% -7.5% per annum.

In addition, imposes strict restrictions on the objects of pledge, therefore, not be able to fully utilize the potential of international lending in Florida, California and Nevada. In particular, the company Gordon Rock works with five mortgage banks in the U.S., which lend both resident and non-United States. They offer several programs.

When the first program loan amount may be more than $ 500 thousand, and the first installment - at least 45% of its value. In these conditions, the bank is ready to give loan at 5 - 6% per annum, require a minimum set of documents. But if the loan amount from $ 100 thousand, down payment of at least 30% of project cost rate on the loan will be 6 - 7% per annum, but the bank will request a full package of documents. Thus, the more money for the object brings the buyer, the more loyal the condition of the bank.

Seasonal sales continues

The price situation on a property in the U.S. usually considered from two perspectives. On the one hand - the prices have fallen dramatically - it`s good for buyers. On the other - lower prices has played a cruel joke. Americans tend to buy real estate mortgages. And at the time of purchase prices on many trades were higher, and therefore they have to pay the price, the transaction.

Describing the overall picture of Vadim Orishak (Pleiada International), told us that if we consider the period starting with the IV quarter of 2008, when prices peaked, according to the II quarter of 2009, when prices reached their bottom, the average price of apartments fell by 18%.

In the segment of the prestigious real estate decline was considerably less - about 10%. And for the period from II to II quarter 2009 quarter 2010 average price of home ownership has increased by 7% and 4% increased the average cost per square meter. According IntermarkSavills, the average price of all types of secondary houses was in July 2010 $ 182.6 thousand, rising by 0.7% per year.

According to estimates CoreLogic, the most significant price increases occurred in several states and districts. First place was shared by Colombia and South Dakota, where the average price rose by 6,3%, the second - also in California (4.4%). However, the biggest drop occurring in Nevada, Arizona and Michigan - 6,8%, 5,8% and 4,8% respectively.

However, obscherynochnye indicators, as they say, show "the overall temperature of the hospital, whereas in many specific cases of lost property for the crisis in the price of 50% of its value and even more.

Offers discount and mortgage

Today, the U.S. real estate market is oversaturated with suggestions. Before the crisis in the country was erected a large number of objects that are not in demand. According to Ekaterina Thain (Chesterton), exceptions are apartments in New York on Manhetene near Central Park, which relate to superexpensive segment. Such "flat well give up, but compared with the pre-crisis period in the dynamics of sales decreased significantly", - said the expert.

For example, a small two bedroom apartment on the area of 42 sq.m. on the ninth floor of a 40-storey skyscraper in Manhattan sold for $ 489 thousand in the home central air-conditioning, soundproof windows, a swimming pool, sauna, gymnasium, round the clock security. Monthly utility bills are $ 493, while the annual real estate tax - $ 265.

According to Vadim Orishaka (Pleiada International), an interesting project in New York - have already built apartments in the complex TRUMP PLAZA - 55 storey building with spectacular views of Manhattan. The building has a rich infrastructure that includes an outdoor pool, indoor fitness center, playground, SPA. The cost of one-bedroom apartments start at $ 412 thousand apartments can be easily hand over employees of companies working in this quarter and in fact Manhattan.

Stanislav Singel (Gordon Rock) said that the Russians are interested in the U.S. are basically two types of real estate. If you want to earn at lease, then buy apartments under the change. For example, a ready-made apartments in Orlando cost from $ 50 thousand can pass with a return of 8%. Prized as a prestigious real estate on the coast or in large cities. Here budgets differ by an order. "In general maloriskovye proposals those that are located in towns with good infrastructure, including social, where there is population growth, "he said.

The popular among Russians, Florida prices are lower and the area of flats more. For example, suites of two bedrooms with a total area of 98 square. m in a condo with two swimming pools, gym, tennis court, a beach within walking distance retails for $ 145 thousand and a separate building with total area of 202 square meters. m with a garage, indoor swimming pool and patio would cost $ 360 thousand

However, now in Florida, you can find some very interesting suggestions. For example, in Orlando to buy apartments at fantastically low prices. One of these objects LCD in the city of Orlando, a 10-minute drive from the international airport, about 25 minutes. drive from Disney World,.

The house provides infrastructure: swimming pool, spa, fitness center, volleyball. The territory is fenced and equipped with automatic gates. The apartments are offered fully finished, furnished and appliances. Currently, there are discounts of 70%.

For example, a one bedroom apartment had cost $ 154 thousand, and now sells for $ 55 thousand apartments are two bedrooms have been sold for $ 213 thousand are now giving $ 70 thousand

Another way to acquire real estate is cheap - to buy mortgage apartment, confiscated by the banks for debt. Banks need to return the money as quickly as possible, so the "selling" property value, usually equal to the residual amount of credit.

The price of this apartment or house can be below the market at 20-60%, and even more. Interesting suggestions can be found both on the sites of banks and U.S. and international real estate agencies. In particular, in the company of Gordon Rock, there is a very interesting options for real estate collateral in the most popular among Russians and citizens of CIS states: Florida, New York, California, Arizona, Texas and elsewhere.

The database of more than 1000 verified, the selected proposals. For example, in Florida apartments of two bedrooms in the appraised value of $ 809 thousand sold for $ 299 thousand for the purchase of a home to three bedrooms and three bathrooms, priced at $ 1 029 million for $ 449.9 thousand invited to present a car brand Lexus . The car also will get another home buyer has five bedrooms and seven bathrooms who buys a home for $ 1.186 million with its estimated value of $ 2 million

Benefit in the long term

Journal Metrinfo.Ru asked experts to speculate on a profitable investment in U.S. real estate. Basically, they believe that the decline in property prices in the U.S. on hand to investors because, by buying property today, a record low price, they can earn good money in the future when the economy in the country and the real estate market will bounce back. Stanislav Singel (Gordon Rock) declares that the country is interesting for investment by those "who understands why he is U.S.."

And Vadim Orishak (Pleiada International) says it is an opportune time to buy property for personal use and for medium-and long-term investments, but only in such popular places as Miami, New York. But the Catherine Thain (Chesterton) has its own position. In her view, "in the medium term, the real estate market in the U.S. will not be attractive to investors because it is expected to total instability and very slow growth."
Metrinfo.Ru

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