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Issue 15: US Mortgages Finally Available for Discounted Properties
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| Torcana Ltd Investment Newsletter |
September 2009 |
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Good morning and welcome to Issue 15 of our newsletter.
As Dusty Springfield famously sang, "the world goes round without even a sound, and it looks like summer is over".
Dusty was spot on regarding the second part of that lyric but the property and financial worlds were making plenty of noise over the past few months.
Growing confidence in the markets
Stockmarkets have rebounded, as have equities and commodities. Investors have regained their appetites for debt and the interest rates at which banks lend to each other has fallen back to near pre-crisis levels. Ben Bernanke, the Fed Reserve chief, has announced that the worst recession since 1929 was " very likely over at this point". The Sage of Omaha himself (aka Warren Buffett), told CNBC yesterday that " the US housing crisis was over".
Confidence is also growing rapidly amongst large investors. I'm not just talking about hedge funds starting to actually buy shares again rather than short them, but also about pension funds and private equity groups buying huge amounts of distressed property in places like Florida.
Twice in the last 4 weeks I've seen developments with 100-300 units for sale taken off the market because single groups have purchased them outright, swiping the rug out from under the feet of those who were considering purchasing one or two units.
 Dramatic Inventory Falls in Florida At the beginning of 2009, Florida seemed to have an unimaginably large supply of property: 23.6 months worth. It is now 8.4 months and because new construction activity is still minimal, it is set to fall further. A market with 6 months supply is considered by economists to be balanced between buyers and sellers.
Let's look at it another way - the last nine months in Florida has been a little bit like one huge Brown Thomas or Selfridges sale. While there'll still be products discounted at 60-70% in six months time, the best quality merchandise and the best deals will always be snapped up by those queuing to get in at the start. We know this because we've been right in the thick of it all year and can see it happening everyday.
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THIS WEEKS OFFERS!!
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Hot Topics in this Issue..
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Torcana.com Interactive Site
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Mortgages for foreigners have finally arrived
Hundreds of you have asked us about mortgages in Florida and we have been in negotiations with dozens of US based banks over the past year in attempts to secure them. It has proved very difficult to say the least - there were far too many brokers and banks talking the talk and nothing more. However, and at long last, we are delighted to announce that we have finally managed to secure local financing for our clients.
Superior Bank successfully arranged mortgages recently for foreign nationals this summer and I've seen the proof with my own eyes. In a nutshell, if you have a job with steady income and you can prove that you have a 30% deposit and no bad credit history your application will be successful.
Request your Mortgage Information Packs on Torcana.com
Think about it - two bed tenanted waterfront properties costing $90,000 can now be financed for just $27,000 (€18,400 / �16,375). Three bed two bath tenanted properties near Disney costing $116,500 can be financed for just $34,950 (€23,800 / �21,150). Details of both these projects are below.
If you'd like to receive a full information pack on financing packages available, simply visit the new US Mortgage Section of our website and we'll send one right out to you.
Why not review the opportunities below and contact us afterwards to discuss further?
The combination of market changes and availability of finance strongly suggest that there will not be many once in a generation bargains left after the end of this quarter.
I'm certainly convinced that the chance to purchase high quality properties at rock bottom prices in places like Waterside and Flora Ridge (see below) will soon be gone.
Or as Dusty would have put it "the breeze hurries by without even goodbye"
Kind Regards
Colin Murphy
Director
Torcana Ltd
Tel: +353 1 4433 991
Fax: +353 1 2586 016
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USA - Waterside at Coquina Key, St Petersburg, Florida, Ref 371
Purchase in this spectacular location from just $22,800 / €15,540 / �13,800 down!
Waterside at Coquina Key is in St Petersburg, one of the most famous towns in the State of Florida being renowned for its natural beauty, coastline and national parks.
Based on an 'island' on the coast of St Petersburg, it consists of two villages: one in the north and the other in the south. Each property is waterfront facing with a variety of canal, lake and bay views.
Community amenities are second to none with restaurants, pools, spas, fitness centres and yacht club.
Purchasing direct from the developer, there are long term tenants in place who will be generating an income on the property from the day you complete. Torcana clients benefit from exclusive discounts on current developer sales prices and very healthy net rental yields.
- Condos starting from $76,000 / €51,800 / �46,000
- 70% mortgage finance available over 30 years
- Choice of four floor plans
- Tenants in place
- Full after-sales services available
- Net Rental yields in the region of 6%
Availability is limited and sales have been brisk. Please contact us asap for an information pack including the full brochure, floor plans, price lists, further images and to register your interest.
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| USA - Flora Ridge, Kissimmee / Lake Buena Vista Area, Orlando, Florida Ref 370
Invest from just $34,950 / €23,800 / �21,150 !!
Flora Ridge is a beautiful gated condo community based around a small lake in this popular and wealthy suburb in south west Orlando.
Torcana are pleased to be able to bring our clients a selection of discounted condo investments direct from the developer with excellent returns.
Fully tenanted, these units offer instant rental income from the day you complete. Better still the developer is also offering two years HOA repayments generating superior net yields of well over 8%! This yield generates a huge $19,200 net profit in years 1 and 2 alone.
Based in the Kissimmee / Lake Buena Vista area which is a popular and wealthy suburb in south west Orlando, Flora Ridge is made up of 3 bedroom, 2 bathroom condos ranging in size from 1,433 sq ft to 1,779 sq ft and a choice of four floor plans. Many benefit from upgrades and prime views.
- 3 Bed 2 Bath Condos
- $116,500 / €79,400 / �70,650
- Up to 70% financing available
- Choice of four floor plans
- Tenants in place
- Full aftersales services available
- Over 8% Net yield
- $19,200 Net profit in years 1 and 2
Availability in this resort is very limited and judging by the success of our previous tenanted products we expect units to be reserved very quickly.
View further information, images or request a full information pack on our website.
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| 3 Bed Single Family Home, Land O Lakes, Tampa Area Ref 197
Finance this amazing property from just $46,800 / €31,850 / �28,300
- Gorgeous property including many upgrades
- $156,000
- 3 Bedroom
- 2 Bathroom
- 1,722 sq ft
A one story single family home covering 1,722 sq ft, it is in move-in/rent ready condition and has been lovingly cared for by its original owners. Features include leaded glass front door, screen covered lanai, oak cabinets with 42" upper cabinets and Coran Counters in the kitchen, custom ceiling fans and decorator lighting, custom window blinds, oversized glass sliding doors to lanai area, dual showerheads and bench seat in master bathroom, is pre wired for surround sound and is cable ready in all rooms including kitchen and lanai.
For further information and images please view our website.
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Tenanted Waterfront 3 Bed Single Family Home, Keystone Park, Florida - Ref 196
Finance this lake side property from just $82,500 / €56,200 / �50,000
- Stunning waterside location
- $275,000
- 1,727 sq ft
- 3 Bedrooms
- 1 Bathrooms
- No HOA Fees !!
- Tenant in place
This beautiful lakefront home is ready to move into. It comprises of 3 bedrooms, 1 bathroom, fully fitted kitchen, living area and study. There is a screen enclosed rear porch and open deck area perfect for entertaining. There is also a detached workshop and carport able to accommodate at least two vehicles.
Wooden floors throughout and lots of space and light make this property a beautiful family home. The estate itself is fenced and oak tree lined with electronic gated access. Stunning views of the 8 acre Lake Jackson.
For further information and images please view our website.
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