Issue 17: Launch of Villas at LaCita in Florida's Space Coast!
Plus: Comments on currency markets & analysis of revealing new housing statistics
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October 2009 |
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Good afternoon and welcome to Issue 17 of our newsletter.
As you may have gathered from the spectacular image above, we are very excited to be launching a brand new project on Florida's Space Coast.
The development is called Villas at LaCita: the location is stunning, the prices are terrific (from $53,000) and the rental yields on the best units are a rock solid 7-8%.
Like our previous Madison, Tradewinds, Waterside and Flora Ridge developments, these are high quality tenanted units with long term leases in place & available to investors at up to 75% below previous sales prices. You'll find full details below.
 Currency Issues...With the pound and euro continuing to strengthen relative to the dollar, your hard earned cash can now stretch very far indeed. If you wanted $60,000 in late May it would have cost you around €45,000/£40,000. Now it will cost €40,000/£36,500. That's quite a difference.
So a weak dollar is great news for those seeking to purchase US property from abroad, but as many of our readers working in the financial industry will know, the prospect of a consistently weak dollar is of real concern to finance ministers, company bosses and traders around the world.
If one were to listen to the US authorities the message is pretty much the same every week, " it is very important for the US to have a strong dollar". They haven't been taking much action to backup that message though.
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In this edition
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Invest in a beautiful gated community with 75% discounts and 8% net yields
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Torcana.com Interactive Site
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As any first year economics student will tell you, a weak currency boosts exports and restricts demand for imports, thus improving the economy and lowering the trade deficit. This might suit the US in the short term but it certainly doesn't suit the EU or Asia, both of whom want to sell their goods and services to the US as cheaply as possible to kick start their own economies.
The other big worry revolves around the strategies big countries like the US, Britain, Germany, Japan and China will pursue to withdraw the massive assistance they've been providing to prop up their economies. That's an article for another newsletter though.
Florida - Very Revealing Statistics
I've been making quite a big effort over the past six months to emphasize the speed at which the Florida market has been recovering from the credit crunch and property slowdown. Yesterday morning I received two graphs from one of my main contacts on the ground that will illustrate this far more clearly than my words have ever done.
Graph 1: Supply in Florida has been falling dramatically for almost a year. This is because developers are not starting new construction projects and prices of existing stock have been slashed by up to 75%, thereby boosting consumer and investor demand (with a little help from US subsidies for first time buyers).
Graph 2: The market bottomed out in December 2007 and it took another 15 months before activity reverted back to late 2006 levels. Over the past six months, it has been quite frantic, which huge volumes of new contracts being issued to a wide variety of buyers.
Breaking through the pain barrier
In short - developers, banks, agents, investors and homeowners all had to go through a world of pain between September 2006 and September 2009. Their counterparts in Ireland, Britain and mainland Europe have had it easy in comparison.
Prices are still low, but they are not going lower, of that I am quite sure. There will always be good deals out there for the shrewed and well connected buyer, but the days of snapping up a high quality unit for $50-60k that used to cost $200-$230k are numbered.
The Villas at LaCita is one such untapped gem, and we've only 20 units to sell. They are tenanted, they are cash flow positive and they are in a great location. Some have very high rental yields and some have modest rental yields.
If you want to take your pick of the very best, please see further details below and contact our offices for further information.
Many thanks as always for reading these newsletters. Previous issues and blog entries can be found on www.torcana.com.
Kind Regards
Colin Murphy
Director
Torcana Ltd
Tel: +353 1 4433 991
Fax: +353 1 2586 016
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USA - The Villas at LaCita, Space Coast, Florida Ref 375
Torcana USA are delighted to offer our clients a tenanted investment opportunity on Florida's stunning space Coast.
Located 35 miles east of Orlando, our latest investment opportunity The Villas at LaCita enjoys a stunning location being two minutes to the beach, fifteen minutes to the world famous Kennedy Space Center, Merritt Island, Coco Beach and Port Canaveral.
The Villas at LaCita boasts a beautiful tree-lined setting offering a residential resort style lifestyle to all owners and tenants, with a large swimming pool and cabana, lighted tennis court, 24 hour fitness center, shuffleboard courts, beautiful deck with BBQ and picnic area with professional onsite management. The beautiful Royal Oak Golf and country club is located on the door step of The Villas at LaCita.
The community consists of 200 condos over 18 buildings and Torcana are able to bring you 20 tenanted condos at up to a 75% discount. Units range in price from $53,000 - $86,000 (including all fees and closing costs) and offer net yields of between 6% and 8%.
A full Torcana service pack is also available which includes overseas tax services, bank account opening, currency transfers, condo insurance, currency transfers and more.
 
If you would like to receive a full information pack please visit The Villas at LaCita page on our website.
Availability in this resort is limited and judging by the success of our previous tenanted products we expect units to be reserved very quickly.
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