Hi all,
Ok so something isn’t right about these prices http://www.bouklisgroup.com/index.cfm?page=search&state=results (if the link doesnt work just have a look on the bouklis group website) there are some ridiculous prices on this site for apartments in New York. Considering we do not actually live in dream land, what are these prices referring to I meant obviously an apartment doesn’t go for $2000.
On another note, anyone in here bought apartment etc abroad? Recommend it, or stick within Aus you reckon?
Cheers
JoeI have just returned from the US this week. On the surface prices do appear too good to be true, however once you understand the reasoning behind the current pricing situation it starts to make more sense. $2,000 for a NYC apartment is definatly something not to get too excited about as it will most likely need a complete rehab and be situated in 'The Hood'. There are plenty of great buying opportunities in the US right now, but if you are serious about buying there do as I have just done, and go there, familiarise yourself with an area, understand the difference between a good and bad buy, then go for it. I am in the process of buying a 3 x 2br unit block for $35,000 and a 2 x 1br duplex for $17,000 in Atlanta, Georgia. The 2 bedroom units are rented at $500 ea p/month and the 1 br units will rent for about $450 p/m ea. The US is definatly worth investigating for these types of returns. Hope this helps.
Hey mate,
Wel the US certainly sounds like a great place to invest in, and with returns like that its highly positive geared and a no brainer. If its not too much trouble, do you mind telling me anything I may need to know in terms of buying a house in the US from Aus? I mean is there ANYTHING I should know, different tax systems I am sure etc. Sounds like you got yourself a nice couple of houses, good stuff. Do you go to the USA just to do this kind of thing, or is it more you hapen to be over there for whatever and thought to check it out. Just trying to work out if it financially makes sense to go there just for the house hunting.
On another note, these are indeed great buys. Why the heck arent all the americans going nuts and buying up? Better yet, savvy business people from other countries like europe,china etc I would have thought such bargains would have fierce competition?
Cheers
So I just did a quick search, check this out http://realestate.yahoo.com/Georgia/Atlanta/5686-campbellton-rd-sw:6ceb7f562ce4b8f93d6ec0f5d37bfd91;_ylt=ApS9.KWGsIma2GyFc315zIxn47Qs
A bit absurd right, I mean it clearly cannot be sold at this price what is the hidden agenda and there has to be one because legal fees would cost more than the house haha,Hey Joe & Chels,
You can rest assured that NO apartment in NYC will sell for $2000, no matter how crappy / destroyed / small or the neighbourhood it is in.
I’m not an expert on the matter, nor do I think I could give you an indication of why these prices are advertised for this price. I have a few ideas why this is the case but don’t think I could articulate them into an answer for you, sorry!
In terms of your other comment, investors in the US are a lot different to Australians. For some (odd) reason it has almost become the expectation that once you finish school or uni and start full time work you should immediately start saving for a deposit for a house. I’d almost say it is an integral part of our culture as our young move in to adulthood. I don’t know what it is, but we seem to have that “must own a home” mentality in Australia. They don’t have this mentality in the US, at least not on the scale that we do. Further more, the USA is big, and I mean BIG. There is over 300 million people! There is no doubt in my mind that there is a huge number of US investors snapping up these bargains all over the place. Again, I refer to my previous point, the US is one giant marketplace – there is room for a lot of property investors!
I might be pointing out the obvious here, but the first link referenced in the original post is for a one-month rental. While prices have fallen nationwide, it's certainly never going to get that bad:-)
Oh yeah your right, my bad. But still check out the second link and the other houses associated with that website for sale?
I am considering buying into the USA market if I can find a good deal, anyone else thinking about this?
hey,
Which link are you referring to – the one from Yahoo real Estate to the house on Campbelltown Rd? It's the same thing – also a monthly rental amount. The MLS allows for listings of both rentals and sales!As for buying into the United States – you bet it's a good time. <moderator: delete advertising>
Lol advertisement deleted?
Well what type prices , on the low end can you expect to pay in Atlanta, Detroit, Texas or whever you are buying? Looks like an unreal opportunity, but just awaiting the catchWhat do you guys make of this. Is there something else I don’t know about, I mean it says in the advert that the buyer must basically do their own due diligence , but what could possibly go wrong? Maybe I am an optimist.
http://www.bid4assets.com/auction/index.cfm?auctionid=500136
“Buyer is also responsible for all back owed taxes, assessments, liens, or encumbrances.”
There is probably $40,000 owing on the place! Also, with no inside pictures showing you can be assured of the worst inside.
Maybe you should read up a bit more on terminology / general USA investing – I think these ‘bargin’ sites can be dangerous if you don’t know what you’re doing.
hi morpheusbusy
Thanks for the reply. Ok yeah that is the catch, glad I found out what the catch was I knew there was one.
Cheers
Wow, it didn't take much to trigger the <Delete Advertising> on that one! All I was saying is what we do and where, but fair enough.
I would say, from the mid $30'S, you can get a property with a yield of 12% net P/A in those cities, better I say nothing moreHey if you dont mind can you PM me I would be interested in getting to know some more.
cheers
Message sent:-)
joeandchels wrote:Hey if you dont mind can you PM me I would be interested in getting to know some more.cheers
Hi Joeandchels,
It has been said by some of the world’s best investment experts as “Best Investment Market since the great Depression of the 1930’s” where you can purchase US Real Estate at cents in the dollar. In fact, current economic crisis has turned the clock of US Real estate 30 years back and prices are stabilising in many areas. Wise investors recognise that now is the perfect time to invest when all cards have fallen in their favour.
US foreclosure market presents such a lifetime opportunity where you may get the advantage of buying properties that were previously sold in 2007 for around $200,000 and now may be purchased by investors for $50,000 or sometime even less. What’s more, even a Condo may be bought only in $25,000. You may get profit from the current global financial crisis by buying distressed properties at discounted prices of up to 70% or sometime even 80%. Therefore, the upside of the growth in such properties is phenomenal.
To be honest I dont believe it. Unless I see an exact example of a house for say $50,000 or less that was worth $200,000 or so in 2007. It sounds too good to be true.
joeandchels wrote:To be honest I dont believe it. Unless I see an exact example of a house for say $50,000 or less that was worth $200,000 or so in 2007. It sounds too good to be true.The above example is just an average. You may find bigger drop in house prices sometimes. This is primary factor why, out of 7000 US banks, around 2000 banks either have bankrupt or going to be in near future.
Hi Joe, if you don’t believe this, then you definitely can’t believe the another fact – you can buy a house in US with $1 or 0.50c. However, you will not find any tenant EVER, that’s a different story. Firstly, you have to spend few thousands for buying legal fees/charges, and few thousands every year to run the property. Also, you may get any capital gain EVER because such house may be ghost town.
But YES, you can buy one.
Hi there,
I don't even need to open the link to tell you that you will never get an apartment in New York for $2,000, unless it's a burnt out property in Harlem or the Bronx that just has it's foundations left (sarcasm).
I should know, I live in Manhatten and we can barely find a one bedroom rental appartment for $2,500/month.
I've been reading a lot of press lately about the capital and income advantages of NYC, however, I'm still not sold. Personally, the maintainance and co-op fees are ridiculous. I love this city, but I would rather invest in Florida.
-Kev
http://realestate.yahoo.com/Georgia/Atlanta/4627-legacy-sq:22557767daf721b08017c872371e3d60
If you check out the link it looks like the best $1100 you could ever spend, but read further and it has over 200k owing in taxes that the buyer must pay…
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