by Suzy Jane
With its golden and white sand beaches fringed by lush tropical vegetation and an average year-round temperature of 25° Celsius, the Dominican Republic beckons travellers; for here amongst its cool breezes can be found sport, geography and nightlife to suit any lifestyle.The north coast of the Dominican Republic boasts the hip, youthful atmosphere of Cabarete. Bordered by both a sunny beach and a peaceful lagoon, Cabarete offers windsurfing and kite boarding as well as scuba diving and mountain biking. The night comes alive with a wide assortment of restaurants and clubs. This modern, sun drenched city is easily accessible from the Puerto Plata
International Airport, which is only twenty minutes away.In contrast to Cabarete, life in Puerto Plata has a slower pace, making it the perfect locale to kick back and relax. The city is home to several tourist resorts, but the all-inclusive nature of the resorts means there is little overflow of tourists into the residential areas of the city. Santiago, the second largest city in the Dominican Republic, nests in the island's interior. World-class restaurants with well stocked wine cellars can be found in number along Santiago's cosmopolitan streets.
The nation's capital, Santo Domingo, lies on the south coast. La Romana, home to two 18-hole championship golf courses, sits on the south coast as well.In between Cabarete and Puerto Plata is the popular town of Sosua, with it's friendly Dominican and expat community. Real-estate here is destined to rocket in price as outsiders realise how undervalued it is. New schools catering to the influx of expats have sprung up making 'moving to the Caribbean' for families a realistic option.
The native language in Dominican Republic is Spanish but English, French, Italian and German are also widely spoken. A booming economy, which has experienced explosive growth in the last twenty years, makes the Dominican Republic home to one of the most politically and socially stable governments in the region. Gambling is legal all over the Dominican Republic. Seven international airports make air travel convenient.
Miami Beach is only three and a half hours away by plane and the UK only eight hours and well served by chartered flights.A brief visit may encourage a more permanent return. Real-estate for rent and real-estate for sale are abundant. The starting price range for a newly built luxury property may be as little as $70 per square foot. Villas, apartments and condos are available in all price ranges and there are many real-estate agents who can assist in finding property for sale.Foreigners may buy or sell real-estate at will and closing costs on a cash transaction may be as little as six percent.
A home owner may choose to reside in the Dominican Republic only part of the year and rent his/her property out the rest of the year. In that case, rental income is tax free.For more information on buying real-estate in the Dominican Republic, visit Dominican Real-Estate and Dominican Property. For more general information on the Dominican Republic, visit Dominican Republic Index.
About the Author
Suzy Jane lives and works in the Caribbean island the Dominican Republic. For more information on the Dominican Republic, visit Dominican Republic Index.
Wednesday, January 31, 2007
Friday, January 26, 2007
British Virgin Islands Travel Real Estate Anegada Caribbean
Lavenda Breeze - a Beach Lover's Dream Villa!
Location: Loblolly Bay, Anegada, British Virgin Islands BVI, Caribbean (On Loblolly Bay, Anegada's Best Swimming & Snorkeling Beach)
Accommodations: Luxury Beachfront Villa - 3 Bedrooms - 3.5 Baths - (Sleeps 6)
Anegada is the most remote and unique of the British Virgin Islands!
A flat coral atoll about 12 miles from Tortola and Virgin Gorda, it has long been noted for its miles and miles of uninterrupted white sand beaches, extraordinary snorkeling from the beach, and swimming. It is a haven to interesting wildlife such as flamingoes and the Anegada iguana.
Because it is remote, however, it has remained unspoiled and quiet. With a total population of about 180 on an island the size of Manhattan, one is never pressured by crowds. The pace is easy and the people friendly.
Lavenda Breeze is one of Anegada's few luxury villas; it certainly is the newest. It sits midway in the crescent of Loblolly Bay, the finest of Anegada's beaches, looking out in all directions over miles and miles of open Anegada terrain and to the sea. It is about a 50 foot walk into the ocean!
Each of the comfortable seaside bedrooms has its own bathroom and private outdoor shower. The second floor contains the living room, dining area, game area, kitchen, and powder room. It's an open setting with giant doorways that make the 360 degree covered deck an extended part of the daily living space.
If you love the beach and like your comforts too, Lavenda Breeze is guaranteed to be the villa you will return to year after year!
Tuesday, January 23, 2007
Travel real estate: Houses & hotels for sale in Amorgos Greece
Author: S Pappas
Amorgos island real estate in Amorgos Greece. Houses villas hotels for sale in Amorgos island. Within this article one can find what to consider, and the steps one needs to take when purchasing a property on Amorgos island.
1. Find first a property that is of your liking via the internet or even better after a couple of visits to Amorgos island. Keep a record of all the properties you visited in Amorgos Greece. Prices of Amorgos island real estate will vary greatly. One will also note a big gap in the city evaluation, and the market value usually the city evaluation being lower up to five times, however in some case the city evaluation will be greater than the market value, so don't get taken for a ride.
2. Pay special attention when purchasing land, on Amorgos island in Greece.If one decides to purchase land and wants to build, the building laws in Greece change frequently therefore you will also have to hire an engineer or a topographer who will inform you about the specific piece of real estate in Amorgos Greece. A lawyer and a notary cannot help you out in this step. If they do you will be getting wrong input, and might end up with some Amorgos island real estate which is not usable.
3. The costs when purchasing Amorgos island real estate are as follows. Calculated on the city evaluation or the price put on the deed of sale, which ever is greater, the notary will charge you about 2% the lawyer from 1.5% to 2%, and the government transfer taxes today are about 13%, however the government tax rates concerning real estate in Amorgos Greece change from time to time. Engineer costs for land purchasing may vary from 300 to 1000 euros. Also if a real estate agent in involved the agreed fees must be paid or else action may be taken against you down the line.
4. After the job is done from the lawyer and notary ask from the Amorgos island real estate registry the 4 certificates concerning your real estate in Amorgos Greece. These should be a certificate of ownership, one that states there are no existing loans or leans, a certificate that there are no claims private or government against your Amorgos island real estate, and a certificate of transcription or in simple words that your deed is actually registered at the Amorgos island real estate registry.
5. Don't forget that after all of the above you will be required to submit income tax for the next fiscal year. In the income tax form you submit you will be required to prove where you got the funds to purchase real estate in Amorgos island in Greece. For more details don't forget to ask you lawyer, before purchasing your favorite piece of real estate in Amorgos island. Be careful with this step, you don't want any unexpected surprises down the line. If you can't prove where you got the funds, the purchase value on the deed of sale as well as the notary fees will be calculated as an income and you will be taxed on this amount in an escalating form, from 0% to 43% about, which is the same scale as one has to pay for Greek income tax or income tax in Greece.
This article is designed to help people interested in purchasing Amorgos island real estate. Here are also a few more tips about Greece.Rooms Apartments in Athens Greece Athensrooms. Free Greek travel information traveling in Athens Greece Greekster. Apartments in Athens Greece Self catering.
Amorgos island real estate in Amorgos Greece. Houses villas hotels for sale in Amorgos island. Within this article one can find what to consider, and the steps one needs to take when purchasing a property on Amorgos island.
1. Find first a property that is of your liking via the internet or even better after a couple of visits to Amorgos island. Keep a record of all the properties you visited in Amorgos Greece. Prices of Amorgos island real estate will vary greatly. One will also note a big gap in the city evaluation, and the market value usually the city evaluation being lower up to five times, however in some case the city evaluation will be greater than the market value, so don't get taken for a ride.
2. Pay special attention when purchasing land, on Amorgos island in Greece.If one decides to purchase land and wants to build, the building laws in Greece change frequently therefore you will also have to hire an engineer or a topographer who will inform you about the specific piece of real estate in Amorgos Greece. A lawyer and a notary cannot help you out in this step. If they do you will be getting wrong input, and might end up with some Amorgos island real estate which is not usable.
3. The costs when purchasing Amorgos island real estate are as follows. Calculated on the city evaluation or the price put on the deed of sale, which ever is greater, the notary will charge you about 2% the lawyer from 1.5% to 2%, and the government transfer taxes today are about 13%, however the government tax rates concerning real estate in Amorgos Greece change from time to time. Engineer costs for land purchasing may vary from 300 to 1000 euros. Also if a real estate agent in involved the agreed fees must be paid or else action may be taken against you down the line.
4. After the job is done from the lawyer and notary ask from the Amorgos island real estate registry the 4 certificates concerning your real estate in Amorgos Greece. These should be a certificate of ownership, one that states there are no existing loans or leans, a certificate that there are no claims private or government against your Amorgos island real estate, and a certificate of transcription or in simple words that your deed is actually registered at the Amorgos island real estate registry.
5. Don't forget that after all of the above you will be required to submit income tax for the next fiscal year. In the income tax form you submit you will be required to prove where you got the funds to purchase real estate in Amorgos island in Greece. For more details don't forget to ask you lawyer, before purchasing your favorite piece of real estate in Amorgos island. Be careful with this step, you don't want any unexpected surprises down the line. If you can't prove where you got the funds, the purchase value on the deed of sale as well as the notary fees will be calculated as an income and you will be taxed on this amount in an escalating form, from 0% to 43% about, which is the same scale as one has to pay for Greek income tax or income tax in Greece.
This article is designed to help people interested in purchasing Amorgos island real estate. Here are also a few more tips about Greece.Rooms Apartments in Athens Greece Athensrooms. Free Greek travel information traveling in Athens Greece Greekster. Apartments in Athens Greece Self catering.
Sunday, January 21, 2007
Travel real estate: Charleston South Carolina Restaurants
By Seth Miller
Charleston, South Carolina is a city of romance with a 300-year-old history. You can explore its historic district, sprawling parks and greens, cultural delights, and any number of other attractions as a tourist or resident. Charleston is also a hub of delectable and delicious cuisine. World-class restaurants in town offer many treasures of delicacies. Once you decide to come to Charleston for vacation, prime your senses for an experience of excellent food: the flavor Charleston.
The restaurants offer a wide range of tempting and tantalizing cuisines. You can mix and match flavors to excite your taste buds. Whether it is traditional cuisine, international cuisine, or fast food, the food prepared in Charleston restaurants is made with the love and richness of the tradition and culture. And since Charleston is the cultural hub of South Carolina, you know you will be getting a real slice of regional deliciousness. Here you can come across some of the finest dishes in America.
The flavors are authentic. Ranging from affordable to moderately priced, to expensive and luxuriant, Charleston cuisine is a treat, no matter what your budget is. Try different styles and locations to get a complete feel for Charleston restaurants. Apart from delectable recipes, these restaurants have ambience, with the setup and music at the backdrop making for an impressive dining experience.
There are restaurants that offer dance floors and live performances where you can request your favorite number. From grilled to roasted, from steamed to boiled, from cocktails to exotic mocktails, Charleston restaurants are complete. Charleston SC provides detailed information on Charleston SC, Charleston South Carolina Hotels, Charleston South Carolina Real Estate, Charleston South Carolina Restaurants and more. Charleston SC is affiliated with San Antonio Jobs.
Charleston, South Carolina is a city of romance with a 300-year-old history. You can explore its historic district, sprawling parks and greens, cultural delights, and any number of other attractions as a tourist or resident. Charleston is also a hub of delectable and delicious cuisine. World-class restaurants in town offer many treasures of delicacies. Once you decide to come to Charleston for vacation, prime your senses for an experience of excellent food: the flavor Charleston.
The restaurants offer a wide range of tempting and tantalizing cuisines. You can mix and match flavors to excite your taste buds. Whether it is traditional cuisine, international cuisine, or fast food, the food prepared in Charleston restaurants is made with the love and richness of the tradition and culture. And since Charleston is the cultural hub of South Carolina, you know you will be getting a real slice of regional deliciousness. Here you can come across some of the finest dishes in America.
The flavors are authentic. Ranging from affordable to moderately priced, to expensive and luxuriant, Charleston cuisine is a treat, no matter what your budget is. Try different styles and locations to get a complete feel for Charleston restaurants. Apart from delectable recipes, these restaurants have ambience, with the setup and music at the backdrop making for an impressive dining experience.
There are restaurants that offer dance floors and live performances where you can request your favorite number. From grilled to roasted, from steamed to boiled, from cocktails to exotic mocktails, Charleston restaurants are complete. Charleston SC provides detailed information on Charleston SC, Charleston South Carolina Hotels, Charleston South Carolina Real Estate, Charleston South Carolina Restaurants and more. Charleston SC is affiliated with San Antonio Jobs.
Thursday, January 18, 2007
Travel real estate: Turks and Caicos Vacation Rentals
Author: Caitlin Moore
Sometimes you feel as though it doesn’t even matter where you go for vacation, as long as the picture involves a comfortable bed, a warm breeze and the chance to forget all the responsibilities of daily life. If a holiday is in the works however, it’s worth it to pick a place that will provide a drop-dead-gorgeous backdrop to all the lounging, playing and peaceful slumbering you plan to do. Make it easy on yourself and reserve a vacation home in the lovely location known as the Turks and Caicos Islands. They may not be as well-known as some of their Caribbean siblings, but a visit here can hardly be considered a risk.
After electing to stay in a villa, cottage or beach house in the Turks and Caicos, the resulting details and good times will simply fall into place. Laying a solid foundation is the first step to any successful trip, and in this case all that requires is going online and choosing one of the many attractive properties available on this island chain of natural and cultural delights.
Pick a place within earshot of the calming turquoise sea in order to achieve the loftiest of all goals: falling asleep and waking up to the sweet sound of the rolling surf. The white sandy beaches are exceptionally conducive to nursing the wounds of overwork, and here they are well protected, extensive and a little wild, too. Between the flora and fauna, the impressive reef system and the ample opportunities for diving and eco-touring, it will make perfect sense to settle into a place in reach of it all.
About the property itself, it might be difficult to decide which one looks best. Some have pools, some have four-poster beds, some are modern, some are traditional…gut reactions and secret whims often play a role in making this decision; when an overwhelming urge to recline in a gazebo with a tropical drink takes hold, it’s best to go along with it. Likewise, when the layout, color scheme or 270 degree view strikes a chord, just accept the fact that now is the time to reap the rewards of months of hard work and give yourself what you really want.
Practical details like wireless internet connections, kitchen appliances, extra linens and towels make life easier. Nothing is better than having your needs anticipated while on vacation, and most rental properties are like well-oiled machines in that visitors are taken care of and made to feel at home by the simple presence of surprisingly helpful extras around every corner. From meal time to movie time, social hour to nap attacks, every minute of the day there’s a chance for the comforts of a vacation rental to come in handy.
Search the listing for the property that calls your name. Hopefully you have enough time to properly relax, too; many people regret coming all the way down to this island paradise and not allowing themselves as many days to be immersed as they’d like. You can’t rush the perfect vacation, so plan accordingly so as not to leave before you’ve been given your due.
One more pleasant thing about vacation rentals is that the planning process is a bit more fun than usual. Sorting through the listings, ogling the pictures and reading about the vast array of enticing activities surrounding your beguiling little temporary abode are all things that make putting the trip together more of joy than a duty. All aspects of vacation should be enjoyed, including the build-up to the main event.
If the Turks and Caicos sound as intriguing to you as they do to most people, then definitely consider incorporating a vacation rental into the mix. Elevating an already stratospheric holiday might seem a bit much, but if you’re going to go, why not go all the way? Take a look at the available Turks and Caicos Vacation Rentals and just see what develops.
HomeAway.com is an extensive marketplace for vacation rentals located all over the world.
Sometimes you feel as though it doesn’t even matter where you go for vacation, as long as the picture involves a comfortable bed, a warm breeze and the chance to forget all the responsibilities of daily life. If a holiday is in the works however, it’s worth it to pick a place that will provide a drop-dead-gorgeous backdrop to all the lounging, playing and peaceful slumbering you plan to do. Make it easy on yourself and reserve a vacation home in the lovely location known as the Turks and Caicos Islands. They may not be as well-known as some of their Caribbean siblings, but a visit here can hardly be considered a risk.
After electing to stay in a villa, cottage or beach house in the Turks and Caicos, the resulting details and good times will simply fall into place. Laying a solid foundation is the first step to any successful trip, and in this case all that requires is going online and choosing one of the many attractive properties available on this island chain of natural and cultural delights.
Pick a place within earshot of the calming turquoise sea in order to achieve the loftiest of all goals: falling asleep and waking up to the sweet sound of the rolling surf. The white sandy beaches are exceptionally conducive to nursing the wounds of overwork, and here they are well protected, extensive and a little wild, too. Between the flora and fauna, the impressive reef system and the ample opportunities for diving and eco-touring, it will make perfect sense to settle into a place in reach of it all.
About the property itself, it might be difficult to decide which one looks best. Some have pools, some have four-poster beds, some are modern, some are traditional…gut reactions and secret whims often play a role in making this decision; when an overwhelming urge to recline in a gazebo with a tropical drink takes hold, it’s best to go along with it. Likewise, when the layout, color scheme or 270 degree view strikes a chord, just accept the fact that now is the time to reap the rewards of months of hard work and give yourself what you really want.
Practical details like wireless internet connections, kitchen appliances, extra linens and towels make life easier. Nothing is better than having your needs anticipated while on vacation, and most rental properties are like well-oiled machines in that visitors are taken care of and made to feel at home by the simple presence of surprisingly helpful extras around every corner. From meal time to movie time, social hour to nap attacks, every minute of the day there’s a chance for the comforts of a vacation rental to come in handy.
Search the listing for the property that calls your name. Hopefully you have enough time to properly relax, too; many people regret coming all the way down to this island paradise and not allowing themselves as many days to be immersed as they’d like. You can’t rush the perfect vacation, so plan accordingly so as not to leave before you’ve been given your due.
One more pleasant thing about vacation rentals is that the planning process is a bit more fun than usual. Sorting through the listings, ogling the pictures and reading about the vast array of enticing activities surrounding your beguiling little temporary abode are all things that make putting the trip together more of joy than a duty. All aspects of vacation should be enjoyed, including the build-up to the main event.
If the Turks and Caicos sound as intriguing to you as they do to most people, then definitely consider incorporating a vacation rental into the mix. Elevating an already stratospheric holiday might seem a bit much, but if you’re going to go, why not go all the way? Take a look at the available Turks and Caicos Vacation Rentals and just see what develops.
HomeAway.com is an extensive marketplace for vacation rentals located all over the world.
Tuesday, January 16, 2007
Travel Bahamas: Lake Havasu Real Estate
By: Jennifer Bailey
Lake Havasu real estate is a hot commodity. With surrounding attractions such as the London Bridge, English Village, Mohave Desert, and Lake Havasu, it's no wonder that the place has become a popular place to live. When tourists decide to turn the growing city from their vacation spot into their hometown, local real estate agents are a great resource.
When purchasing real estate, buyers should consider the real estate market at the time of their purchase, builder reputation, local schools, and other neighborhood services. Most people find that securing a real estate agent to assist them in their purchase is the easiest way to go. Further, a real estate agent can also assist buyers in safeguarding their interests, negotiating prices, arranging financing, and managing the closing.
Real estate agents can also help buyers with their home search, which is especially important for long-distance travelers who may not be able to frequent Lake Havasu too many times prior to making a purchase. By providing the buyer with photos, prices, and floor plans currently available, the buyer can save numerous hours that would have otherwise been spent searching newspapers and online advertisements.
Regardless of whether or not a buyer decides to use an agent, they will find many Lake Havasu real estate options available, regardless of their preferences. Golf lovers can choose between Gleneagles Estates, which offers a 17 acre single family home development that is adjacent to the London Bridge Golf Course, or the Refuge at Lake Havasu, which sports a lush golf course surrounded by beautiful homes, all inside a gated community. Canterbury Estates, Lakeridge Estates, and Sunlake Village also offer security-conscious buyers with gated communities. For buyers more interested in the area's natural beauty, Lake Havasu Foothills Estates, a 640-acre development, sits in the Mohave Mountains.
From golf courses to mountains, lakes to historic bridges, Lake Havasu real estate offers buyers something for everyone.
About the Author:
Lake Havasu provides detailed information on Lake Havasu City and Falls, Homes and Real Estate, Spring Break, RV Resorts, and more. For more information go to http://www.e-lakehavasu.com/ and/or visit its sister site at http://www.e-bahamasvacation.com for related information.
Lake Havasu real estate is a hot commodity. With surrounding attractions such as the London Bridge, English Village, Mohave Desert, and Lake Havasu, it's no wonder that the place has become a popular place to live. When tourists decide to turn the growing city from their vacation spot into their hometown, local real estate agents are a great resource.
When purchasing real estate, buyers should consider the real estate market at the time of their purchase, builder reputation, local schools, and other neighborhood services. Most people find that securing a real estate agent to assist them in their purchase is the easiest way to go. Further, a real estate agent can also assist buyers in safeguarding their interests, negotiating prices, arranging financing, and managing the closing.
Real estate agents can also help buyers with their home search, which is especially important for long-distance travelers who may not be able to frequent Lake Havasu too many times prior to making a purchase. By providing the buyer with photos, prices, and floor plans currently available, the buyer can save numerous hours that would have otherwise been spent searching newspapers and online advertisements.
Regardless of whether or not a buyer decides to use an agent, they will find many Lake Havasu real estate options available, regardless of their preferences. Golf lovers can choose between Gleneagles Estates, which offers a 17 acre single family home development that is adjacent to the London Bridge Golf Course, or the Refuge at Lake Havasu, which sports a lush golf course surrounded by beautiful homes, all inside a gated community. Canterbury Estates, Lakeridge Estates, and Sunlake Village also offer security-conscious buyers with gated communities. For buyers more interested in the area's natural beauty, Lake Havasu Foothills Estates, a 640-acre development, sits in the Mohave Mountains.
From golf courses to mountains, lakes to historic bridges, Lake Havasu real estate offers buyers something for everyone.
About the Author:
Lake Havasu provides detailed information on Lake Havasu City and Falls, Homes and Real Estate, Spring Break, RV Resorts, and more. For more information go to http://www.e-lakehavasu.com/ and/or visit its sister site at http://www.e-bahamasvacation.com for related information.
Saturday, January 13, 2007
Travel Real Estate Sydney
By Bruce Gow
For the 10th consecutive year Sydney has been voted one of the world's best cities (Top 10 Cities Overall) by the international "Travel & Leisure Magazine". It scored an 87 per cent approval rating among travellers and tourist industry workers. It was fourth after Florence (87.09%), Rome (86.15 %), and Bangkok (86.11%).
The last two years it has been number one on this list. Judge by yourself and take a trip to one of the worlds most beautiful cities!
Size
Sydney is one of the largest cities in its land size. It reaches across 1580 square kilometres. This is the same as London and more than double New York's 780 square kilometres. Amsterdam is 167 square kilometres, and Paris is a mere 105 square kilometres. There are 1, 426, 266 dwellings in Sydney.
Population
Sydney's population is 3,536,000 people.
Sydney is Australia's oldest city, the economic powerhouse of the nation and the country's capital in everything but name. It's blessed with sun-drenched natural attractions, dizzy skyscrapers, delicious and daring restaurants, superb shopping and friendly folk.
Although it's come a long way from its convict beginnings, it still has a rough and ready energy, and offers an invigorating blend of the old and the new, the raw and the refined. While high culture attracts some to the Opera House, gaudy nightlife attracts others to Kings Cross.
It's a city blessed with long stretches of heavenly beaches, a pleasant climate that sees over 300 sunny days a year, an economy that's stronger than it should be, a stable local government, and a population of open-minded, outgoing entrepreneurial types who are itching to show the whole place off.
Orientation
Sydney wasn't a planned city and its layout is further complicated by its hills and the numerous inlets of the harbour, its focal point. The centre of Sydney is on the south shore of the harbour, about 7km (4mi) inland from the harbour heads. Skyscrapers in the Central Business District (CBD) vie for dominance and harbour views, but the city's relentlessness is softened by shady Hyde Park and The Domain parkland to the east, Darling Harbour to the west and the main harbour to the north. The Sydney Harbour Bridge and the harbour tunnel link the city centre with the satellite CBD of North Sydney and the suburbs of the North Shore. Sydney Airport is about 10km (6mi) south of the city centre. Central station, Sydney's main train station, is in the south of the city centre, and the main bus terminal is located outside it.
Currency
Dollars and cents. Notes: $5, $10, $20, $50 and $100 bills. Coins: 5 cents, 10 cents, 20 cents, 50 cents, $1 and $2. The Australia dollar is floated on the world currency market and is presently fluctuating at around 74 to 75 cents to the US dollar.
Health
Sydney, like most parts of Australia, presents no real health risks for foreign visitors. Tap water is good, restaurants and eating places are required by law to maintain a high standard of food preparation, and the city is generally clean. Smog is less of a problem than with cities such as London, Hong Kong and Bangkok, but is still quite high. Exposure to the sun can be a problem for those who are fair-skinned. Also, those with little experience in swimming in the surf should be cautious when swimming at Sydney's famous surf beaches, Bondi and Manly, and should always swim between the warning flags erected by lifeguards. Medical costs in Australia are not exorbitant like in the United States and Europe, but travel insurance is still recommended.
Handy to Know:
Electricity voltage: 240. Units of measure: metric. Public phones: 50-cent local calls (Sydney metropolitan area). Phone directory assistance: 1223 (Sydney area), 1223 (Australia), 1225 (International). Phone international dial out prefix code: 0011 Coffee: around $3.50 a cup, sometimes less, quite often more in tourist areas. Petrol (gas) in cents per litre: approximately 120 (as at October 2006) Emergency phone number for police, ambulance and fire is 000.
Sydney is also one of the safest cities to live in, with a reputation for fine eating. Two Sydney restaurants have been named in the world's top 50 for 2006, with Tetsuya's ranked fifth and Rockpool coming in at 30th.
About the author:
Bruce Gow is the owner of http://www.bestrealestate.com.au , an Australian real estate agent guide .
For the 10th consecutive year Sydney has been voted one of the world's best cities (Top 10 Cities Overall) by the international "Travel & Leisure Magazine". It scored an 87 per cent approval rating among travellers and tourist industry workers. It was fourth after Florence (87.09%), Rome (86.15 %), and Bangkok (86.11%).
The last two years it has been number one on this list. Judge by yourself and take a trip to one of the worlds most beautiful cities!
Size
Sydney is one of the largest cities in its land size. It reaches across 1580 square kilometres. This is the same as London and more than double New York's 780 square kilometres. Amsterdam is 167 square kilometres, and Paris is a mere 105 square kilometres. There are 1, 426, 266 dwellings in Sydney.
Population
Sydney's population is 3,536,000 people.
Sydney is Australia's oldest city, the economic powerhouse of the nation and the country's capital in everything but name. It's blessed with sun-drenched natural attractions, dizzy skyscrapers, delicious and daring restaurants, superb shopping and friendly folk.
Although it's come a long way from its convict beginnings, it still has a rough and ready energy, and offers an invigorating blend of the old and the new, the raw and the refined. While high culture attracts some to the Opera House, gaudy nightlife attracts others to Kings Cross.
It's a city blessed with long stretches of heavenly beaches, a pleasant climate that sees over 300 sunny days a year, an economy that's stronger than it should be, a stable local government, and a population of open-minded, outgoing entrepreneurial types who are itching to show the whole place off.
Orientation
Sydney wasn't a planned city and its layout is further complicated by its hills and the numerous inlets of the harbour, its focal point. The centre of Sydney is on the south shore of the harbour, about 7km (4mi) inland from the harbour heads. Skyscrapers in the Central Business District (CBD) vie for dominance and harbour views, but the city's relentlessness is softened by shady Hyde Park and The Domain parkland to the east, Darling Harbour to the west and the main harbour to the north. The Sydney Harbour Bridge and the harbour tunnel link the city centre with the satellite CBD of North Sydney and the suburbs of the North Shore. Sydney Airport is about 10km (6mi) south of the city centre. Central station, Sydney's main train station, is in the south of the city centre, and the main bus terminal is located outside it.
Currency
Dollars and cents. Notes: $5, $10, $20, $50 and $100 bills. Coins: 5 cents, 10 cents, 20 cents, 50 cents, $1 and $2. The Australia dollar is floated on the world currency market and is presently fluctuating at around 74 to 75 cents to the US dollar.
Health
Sydney, like most parts of Australia, presents no real health risks for foreign visitors. Tap water is good, restaurants and eating places are required by law to maintain a high standard of food preparation, and the city is generally clean. Smog is less of a problem than with cities such as London, Hong Kong and Bangkok, but is still quite high. Exposure to the sun can be a problem for those who are fair-skinned. Also, those with little experience in swimming in the surf should be cautious when swimming at Sydney's famous surf beaches, Bondi and Manly, and should always swim between the warning flags erected by lifeguards. Medical costs in Australia are not exorbitant like in the United States and Europe, but travel insurance is still recommended.
Handy to Know:
Electricity voltage: 240. Units of measure: metric. Public phones: 50-cent local calls (Sydney metropolitan area). Phone directory assistance: 1223 (Sydney area), 1223 (Australia), 1225 (International). Phone international dial out prefix code: 0011 Coffee: around $3.50 a cup, sometimes less, quite often more in tourist areas. Petrol (gas) in cents per litre: approximately 120 (as at October 2006) Emergency phone number for police, ambulance and fire is 000.
Sydney is also one of the safest cities to live in, with a reputation for fine eating. Two Sydney restaurants have been named in the world's top 50 for 2006, with Tetsuya's ranked fifth and Rockpool coming in at 30th.
About the author:
Bruce Gow is the owner of http://www.bestrealestate.com.au , an Australian real estate agent guide .
Thursday, January 11, 2007
Brazil: The Latest Exciting Emerging Real Estate Market
Author: Rhiannon Williamson
Since 2003 the Brazilian Government have committed to making major fiscal, political and fundamental changes to the country to improve the entire environment for foreign direct investment, as a result GDP growth rate is up, inflation is down and real estate prices are beginning to soar as overseas interest in the stunningly beautiful and amazingly diverse country of Brazil is intensifying.
Because Brazil is such a large country covering such a huge landmass it traverses many different geographic, environmental and climatic changes and offers a lifestyle alternative to suit everyone. The appeal of the country is immediately obvious to anyone who travels to Brazil on holiday and because the path has been smoothed for foreign freehold ownership of real estate in Brazil, more and more people who visit the country are choosing to buy a holiday home or investment property in the country.
The most popular area with holiday makers, second homers and now retirees is the north east of Brazil where the weather is at its best and where the coastal regions are home to stunning palm fringed beaches and growing communities of expatriates who are enjoying the laid back, low cost lifestyle they can achieve in Brazil.
It is in this part of the country that real estate prices are really starting to go up. The demand for real estate to buy and let is growing rapidly and the purchasing power of those overseas investors entering the market place is strong enough to support property price increases.
Anyone considering the world's emerging real estate markets for maximum opportunity will find what they're looking for in Brazil. The country has an active commercial property market, an active tourism market and local and overseas demand for housing is strong, therefore sufficient demand for real estate in Brazil exists creating the perfect environment for profit and gains.
A final additional tick in the suitability box for Brazil as a destination for investment is the fact that the real estate buying process for foreign purchasers is straightforward, and additional taxes and fees associated with purchasing and owning property or land in Brazil are very low.
Rhiannon Williamson writes about real estate investment in emerging markets worldwide. To read her Brazil Real Estate Buying Process Guide click here.
Since 2003 the Brazilian Government have committed to making major fiscal, political and fundamental changes to the country to improve the entire environment for foreign direct investment, as a result GDP growth rate is up, inflation is down and real estate prices are beginning to soar as overseas interest in the stunningly beautiful and amazingly diverse country of Brazil is intensifying.
Because Brazil is such a large country covering such a huge landmass it traverses many different geographic, environmental and climatic changes and offers a lifestyle alternative to suit everyone. The appeal of the country is immediately obvious to anyone who travels to Brazil on holiday and because the path has been smoothed for foreign freehold ownership of real estate in Brazil, more and more people who visit the country are choosing to buy a holiday home or investment property in the country.
The most popular area with holiday makers, second homers and now retirees is the north east of Brazil where the weather is at its best and where the coastal regions are home to stunning palm fringed beaches and growing communities of expatriates who are enjoying the laid back, low cost lifestyle they can achieve in Brazil.
It is in this part of the country that real estate prices are really starting to go up. The demand for real estate to buy and let is growing rapidly and the purchasing power of those overseas investors entering the market place is strong enough to support property price increases.
Anyone considering the world's emerging real estate markets for maximum opportunity will find what they're looking for in Brazil. The country has an active commercial property market, an active tourism market and local and overseas demand for housing is strong, therefore sufficient demand for real estate in Brazil exists creating the perfect environment for profit and gains.
A final additional tick in the suitability box for Brazil as a destination for investment is the fact that the real estate buying process for foreign purchasers is straightforward, and additional taxes and fees associated with purchasing and owning property or land in Brazil are very low.
Rhiannon Williamson writes about real estate investment in emerging markets worldwide. To read her Brazil Real Estate Buying Process Guide click here.
Tuesday, January 9, 2007
Travel Real Estate Career: Real Estate Auctions - Helpful Tips
Author: Paul Schmitt
The popularity of real estate auctions are growing in the USA. Commercial and residential property are available to upper and middle class people. No longer is being wealthy a prerequisite of having the ability to bid on property.
Why are real estate auctions so popular? This is something you should investigate before you commit to your first auction. Some believe that both buyer and seller are benefiting from such auctions. It is a fact, the popularity a real estate auction will drive up the sales price.
As the seller, you can determine the selling date of your home. This means, if you are currently sitting in a home valued at $235,000 and the opportunity arises for you to get your hands on a newer home because of a builder's buy-out sale, you can place your home in a real estate auction and know it will sell. It won't be long before you are packing up the kids, the dog, and moving into your new home.
When real estate property values are down, the easiest way to unload a home is with a real estate auction. You can work a real estate auction as an independent auction company who obtains its own properties to sell or a partner with a real estate broker who provides you with properties to sell. The benefit of being an independent is a full commission.
Some states require that you have a realtor's license. If you attend an auction, I would recommend following the guidelines of that state. You will more and likely invest some capital into marketing your services to home sellers or real estate firms. The most work you'll do is what has to be accomplished through advertising.
Working a real estate auction is really a comfortable way of selling properties. There is not protocol to attending, except for the real estate license, and it is up to you how much money you can make.
Please visit some of my other site at State Real Estate Auctions and Government Real Estate Auctions
For more information please visit my website at Real Estate Auctions
The popularity of real estate auctions are growing in the USA. Commercial and residential property are available to upper and middle class people. No longer is being wealthy a prerequisite of having the ability to bid on property.
Why are real estate auctions so popular? This is something you should investigate before you commit to your first auction. Some believe that both buyer and seller are benefiting from such auctions. It is a fact, the popularity a real estate auction will drive up the sales price.
As the seller, you can determine the selling date of your home. This means, if you are currently sitting in a home valued at $235,000 and the opportunity arises for you to get your hands on a newer home because of a builder's buy-out sale, you can place your home in a real estate auction and know it will sell. It won't be long before you are packing up the kids, the dog, and moving into your new home.
When real estate property values are down, the easiest way to unload a home is with a real estate auction. You can work a real estate auction as an independent auction company who obtains its own properties to sell or a partner with a real estate broker who provides you with properties to sell. The benefit of being an independent is a full commission.
Some states require that you have a realtor's license. If you attend an auction, I would recommend following the guidelines of that state. You will more and likely invest some capital into marketing your services to home sellers or real estate firms. The most work you'll do is what has to be accomplished through advertising.
Working a real estate auction is really a comfortable way of selling properties. There is not protocol to attending, except for the real estate license, and it is up to you how much money you can make.
Please visit some of my other site at State Real Estate Auctions and Government Real Estate Auctions
For more information please visit my website at Real Estate Auctions
Monday, January 8, 2007
The Secrets Of Success From Travel Real Estate Investment Seminars
Author: Gerald Mason
If you are a real estate investor, beginner or experienced, it is important for you to learn about real estate investing. One of the ways you can learn about real estate investing is through a real estate investing seminar.
When many people first become interested in real estate investing, they think of it in the same way as investing in stocks and bonds.
Just as must as real estate investing is similar to other kinds of investments, it is also very much different from these traditional types of investments. In a real estate investing seminar you will learn about how you can invest in real estate and make a profit.
Before you attend a real estate investing seminar, you should be forewarned that sometimes these seminars are not what you would expect. In many cases, the seminars do not have a lot of funding for speakers.
In addition, real estate seminars do not operate for a profit. Because of this, speakers often are not paid. When you attending a real estate investing seminar you might notice that many of the speakers seem to be attempting to sell some kind of merchandise. Although this might not what you expected, keep in mind that even these seemingly salespeople also have a vast amount of experience that you can learn from.
Even though you might experience these sales pitches at some real estate investing seminars, this certainly doesn’t take place at all seminars.
One of the things you will learn at a real estate investing seminar is current market trends. Speakers will tell you everything you need to know about the current real estate market.
In addition to market trends, you will also learn tactics and strategies that will be useful in your real estate investing endeavors.
You might hear of several different kinds of strategies depending on the speaker. Keep in mind that what worked for one investor might not necessarily work for all.
Still, it is good to take notes on what each speaker has to say. This way you get a full picture of strategies you might add to your investing portfolio.
Depending on the purpose of the real estate investing seminar, you might hear any of an assortment of different topics. There is much to the world of real estate investing, far more than can be covered in a few days or even a week.
Some topics at the real estate investing seminar might be covered in detail, while others might only be glossed over with a provision of high level concepts.
When you attend a real estate investing seminar, you should take the opportunity to network with other real estate investors. Unless you work for a real estate investing company, you might not get the chance to meet other investors.
Attending a real estate investing seminar gives you the chance to make contact with real estate investors that might be of some benefit to you in the future. While you might learn a lot during the real estate investing seminar, you can learn much more outside of a seminar type setting. The contacts you make at the seminar will serve as resources in the future.
If you have something that experienced real estate investors can gain from you, they will be more willing to pass on valuable information to you. Just going to the meeting will be stimulating and help give your business a boost.
Claim a free e-book that will show you a system used to control $4.1million worth of real estate for just $22 - and you can follow this system to do the same. Comes with resale rights from: Free Real Estate Fortunes Ebook
If you are a real estate investor, beginner or experienced, it is important for you to learn about real estate investing. One of the ways you can learn about real estate investing is through a real estate investing seminar.
When many people first become interested in real estate investing, they think of it in the same way as investing in stocks and bonds.
Just as must as real estate investing is similar to other kinds of investments, it is also very much different from these traditional types of investments. In a real estate investing seminar you will learn about how you can invest in real estate and make a profit.
Before you attend a real estate investing seminar, you should be forewarned that sometimes these seminars are not what you would expect. In many cases, the seminars do not have a lot of funding for speakers.
In addition, real estate seminars do not operate for a profit. Because of this, speakers often are not paid. When you attending a real estate investing seminar you might notice that many of the speakers seem to be attempting to sell some kind of merchandise. Although this might not what you expected, keep in mind that even these seemingly salespeople also have a vast amount of experience that you can learn from.
Even though you might experience these sales pitches at some real estate investing seminars, this certainly doesn’t take place at all seminars.
One of the things you will learn at a real estate investing seminar is current market trends. Speakers will tell you everything you need to know about the current real estate market.
In addition to market trends, you will also learn tactics and strategies that will be useful in your real estate investing endeavors.
You might hear of several different kinds of strategies depending on the speaker. Keep in mind that what worked for one investor might not necessarily work for all.
Still, it is good to take notes on what each speaker has to say. This way you get a full picture of strategies you might add to your investing portfolio.
Depending on the purpose of the real estate investing seminar, you might hear any of an assortment of different topics. There is much to the world of real estate investing, far more than can be covered in a few days or even a week.
Some topics at the real estate investing seminar might be covered in detail, while others might only be glossed over with a provision of high level concepts.
When you attend a real estate investing seminar, you should take the opportunity to network with other real estate investors. Unless you work for a real estate investing company, you might not get the chance to meet other investors.
Attending a real estate investing seminar gives you the chance to make contact with real estate investors that might be of some benefit to you in the future. While you might learn a lot during the real estate investing seminar, you can learn much more outside of a seminar type setting. The contacts you make at the seminar will serve as resources in the future.
If you have something that experienced real estate investors can gain from you, they will be more willing to pass on valuable information to you. Just going to the meeting will be stimulating and help give your business a boost.
Claim a free e-book that will show you a system used to control $4.1million worth of real estate for just $22 - and you can follow this system to do the same. Comes with resale rights from: Free Real Estate Fortunes Ebook
Thursday, January 4, 2007
The Key to Travel Real Estate Investing Wealth
Author: Steve Majors
"98% of the millionaires in this country made it through Real Estate Investing", words that inpire millions to get involved in real estate investing, yet lack that special 'secret ingredient'...
The one thing that explains HOW to make those millions in real estate investing...
So, just what is it that the millionaires of real estate investing know that you don't?
Here is the key to making fortunes in real estate investing, or simply continuing to struggle aimlessly...
The key to real estate investing riches is not in the latest technique, method or system. The key to real estate investing is in patience and research, monitoring the marketplace for a special 'event'...
Something 'big' in the marketplace that triggers rapid growth in the real estate investing market.
Such big indicators as;
- new major employment moving into the area
- a new factory (manufacturing)
- sales center (like a large outlet mall)
- entertainment (like a casino)
All trigger worthy examination as 'events' in real estate investing.
Other events that affect your real estate investing include sporting arenas, theme parks, even a new airport on the 'outskirts' of town...
All merit further investigation because they trigger fluctuation in the real estate investing marketplace.
When such events occur, there is a sudden rise in the demand for affordable housing in the area, rapidly affecting the real estate investing market.
Not only will the workers at the 'event' location need homes, there is also a need for housing from others - 'customers' that simply want to be near this new location.
As the 'support' base grows for this 'event', the need for additional housing grows as well.
You see, the 'base' also needs support - from food stores to shopping centers to car dealers and utility companies - the whole thing just grows and grows!
By now you understand that such 'events' hold extreme value in the real estate investing cycle.
In fact, following such 'events' is the primary key to the number of millionaires that have made their fortunes through real estate investing.
When you monitor these events and take advantage of them early, you grow your wealth very quickly.
This is the simple, secret key to real estate investing wealth.
keywords; real estate investing
About The Author:
Steve Majors - The Lazy Investor
Profit from Real Estate Investment articles, real estate investing information and news from one of the most creative investors on the planet ~FREE MEMBERSHIP & real estate training course~ http://TheLazyInvestor.com
"98% of the millionaires in this country made it through Real Estate Investing", words that inpire millions to get involved in real estate investing, yet lack that special 'secret ingredient'...
The one thing that explains HOW to make those millions in real estate investing...
So, just what is it that the millionaires of real estate investing know that you don't?
Here is the key to making fortunes in real estate investing, or simply continuing to struggle aimlessly...
The key to real estate investing riches is not in the latest technique, method or system. The key to real estate investing is in patience and research, monitoring the marketplace for a special 'event'...
Something 'big' in the marketplace that triggers rapid growth in the real estate investing market.
Such big indicators as;
- new major employment moving into the area
- a new factory (manufacturing)
- sales center (like a large outlet mall)
- entertainment (like a casino)
All trigger worthy examination as 'events' in real estate investing.
Other events that affect your real estate investing include sporting arenas, theme parks, even a new airport on the 'outskirts' of town...
All merit further investigation because they trigger fluctuation in the real estate investing marketplace.
When such events occur, there is a sudden rise in the demand for affordable housing in the area, rapidly affecting the real estate investing market.
Not only will the workers at the 'event' location need homes, there is also a need for housing from others - 'customers' that simply want to be near this new location.
As the 'support' base grows for this 'event', the need for additional housing grows as well.
You see, the 'base' also needs support - from food stores to shopping centers to car dealers and utility companies - the whole thing just grows and grows!
By now you understand that such 'events' hold extreme value in the real estate investing cycle.
In fact, following such 'events' is the primary key to the number of millionaires that have made their fortunes through real estate investing.
When you monitor these events and take advantage of them early, you grow your wealth very quickly.
This is the simple, secret key to real estate investing wealth.
keywords; real estate investing
About The Author:
Steve Majors - The Lazy Investor
Profit from Real Estate Investment articles, real estate investing information and news from one of the most creative investors on the planet ~FREE MEMBERSHIP & real estate training course~ http://TheLazyInvestor.com
Tuesday, January 2, 2007
Travel Real Estate Career: What Is Going On In Affordable Housing?
By Chris Anderson In the world of real estate investing, many people have been advocates of purchasing in the affordable housing area. While we were certainly not unique in that stance, we do believe that now many people are jumping on that bandwagon….. And we believe that is good for not only investors but also for the general population as well.
Some real estate pundits may say that there is quite a substantial amount of available housing nationwide; however, this available supply, generally, does not reach to low-income earners in the country. The lack of affordable housing indirectly impacts the nation’s economy. How? Companies and institutions are not being productive when employees have difficulty coming to work because of the distances of their homes from their work. Employers suffer from having employees coming to work late and may have employee retention issues as well. Employees, on the other hand, also endure some difficulties from taking long commute everyday to go to work, exhaustion from travel and not getting to spend enough time for the family.
To give you an example of what is going on in my backyard, which is the Destin, Florida area, we have a HUGE problem where our area needs lots of moderate wage ($20,000 - $50,000) employees but they cannot afford to live within a 45 minute drive to their jobs. Some employers are going to the extremes of picking their workers up in a town located 35 miles away! Others, without families, are causing havoc with landlords by group 5-15 people in a 2 bedroom apartment/home.
Furthermore, it is becoming more and more difficult now for first time home buyers to secure a home loan primarily because of the continuously rising housing costs. Required down payment increases as well as monthly mortgage payments. Mortgage lenders may have programs that can entice first time home buyers but may still not be affordable for those belonging to the low- and extremely low-income earners. As a matter of fact, homeownership rate in the last quarter of 2005 decreased to 69% from 69.2% of the previous year. Though the decrease is too small, it is the first time in 11 years that the rate did not increase from the previous year according to the US Census Bureau.
SUFFERING FROM A HOUSING CRISIS
Let’s take for example the state of Maine. Though Maine’s economy is only developing at a moderate pace, property values are rapidly increasing. New jobs being created in the state offer wages that could not even afford the available housing in the area. According to Selinger, a real estate property lawyer in Maine, the lack of affordable housing for Maine’s workforce is the reason why businesses do not progress. Workers are stuck in long commutes due to a simple lack of affordable housing. The housing crisis does not only affect Maine. The issue on the lack of affordable housing encompasses every state in the country, most especially the high-cost cities such as San Francisco, West Palm Beach and Honolulu, as well as the highly-urbanized New York and Boston. According to the US Department of Housing and Urban Development (HUD), almost 12 million households are now spending more than 50% of their income in rent and mortgage payments; THAT IS HUGE!! These households are indeed burdened by the high housing costs and not being able to afford much of the other basic necessities such as food, clothing and medical care.
AFFORDABLE HOUSING OBSTACLES
With all the aforementioned facts, the question now is: Why are developers and builders not addressing this issue if there is such a demand for affordable housing? Well, there is only one answer to that: cost! Not only housing costs are increasing nowadays but the cost of everything else as well. To build housing projects, developers need developable land. Due to the increasing commercialization in most areas, costs of land are skyrocketing; materials and labor costs are also rising, not to mention the increasing property tax to be remitted to the government. If you live in Florida and other hurricane prone areas, then you can also add in a sky rocking cost of insurance. In essence, high construction costs limit the development of more affordable housing in the country.
AFFORDABLE HOUSING DEFINED
According to the US Department of Housing and Urban Development, households spending more than 50% of their annual income in housing costs are cost burdened, i.e. their house is not considered affordable. So what then is affordable housing? One good way to determine affordability is to look at how mortgage lenders evaluate people applying for home loans. Lenders evaluate applicants in different ways including some key ratios to determine the risk level of lending to borrowers. One of these key ratios is the debt-to-income ratio. As the term implies, it is the ratio of a person’s debts and liabilities to his income earnings. Let’s take an example of a person with a household annual income of $55,000. He is looking to buy a house with a monthly mortgage payment of $1,800, including principal, interest, taxes, and insurance. With the given amount, the annual cost of paying for his house would be $21,600, which is roughly 40% of his annual income BEFORE taxes. Generally, the lower the debt-to-income or mortgage payment-to-income ratio, the more affordable it is to make the payments for the house. Lenders consider 30% to 36% being a good indication of a debt-to-income ratio.
The US HUD (http://www.hud.gov/offices/cpd/affordablehousing/index.cfm) defines housing affordability to be no more than 30% of a household’s annual income. Spending for housing more than this cap is considered unaffordable and households may have problems in spending for other basic necessities. However, the reality is that households spend more than the 30% reasonable amount to cover for the housing costs.
AFFORDABLE HOUSING AS AN INVESTMENT
The issue of affordable housing is well known and there is a lot of investors looking to take advantage of this opportunity. However, it is not as easy as one may think. As mentioned above, there are several obstacles to building affordable housing. Aside from the rising construction costs, there are also other payments that need to be considered such as mortgage payments, property taxes, insurance and HOAs. Cash flow may be an issue if one will invest in affordable housing. Let’s do an example like below: Purchase Price : $250,000 with 20% down 7% Interest only loan : $1,167 per month Taxes (1.5% of purchase price) : $312.50 per month Insurance : $120 per month Rent : $1,200 per month With the above figures, the total monthly cost the investor will incur is $1,599.50. The real estate investor needs to make that monthly payment for 12 months plus the loan amount at the end of the loan term. With the rent amount only at $1,200 per month, the investor will then face a negative cashflow of several hundred dollars per month. While this may make sense in some circumstances, the investor then has to do a careful analysis of this negative cashflow versus expected capital appreciation.
Our philosophy on affordable housing has been very simple: buy affordable housing in areas
1) where demand is expected to continue sky rocketing and
2) where quality properties can be purchased with minimal cashflow consequences due to large buying power, and 3) where investors can reasonably enter and exit with safety.
Copyright 2006 Chris Anderson Dr. Chris Anderson is the founder of http://www.getpreconstructiondeals.com/ and leads a 20,000+ real estate investor group. Get his weekly, thought provoking articles by signing up today!
Some real estate pundits may say that there is quite a substantial amount of available housing nationwide; however, this available supply, generally, does not reach to low-income earners in the country. The lack of affordable housing indirectly impacts the nation’s economy. How? Companies and institutions are not being productive when employees have difficulty coming to work because of the distances of their homes from their work. Employers suffer from having employees coming to work late and may have employee retention issues as well. Employees, on the other hand, also endure some difficulties from taking long commute everyday to go to work, exhaustion from travel and not getting to spend enough time for the family.
To give you an example of what is going on in my backyard, which is the Destin, Florida area, we have a HUGE problem where our area needs lots of moderate wage ($20,000 - $50,000) employees but they cannot afford to live within a 45 minute drive to their jobs. Some employers are going to the extremes of picking their workers up in a town located 35 miles away! Others, without families, are causing havoc with landlords by group 5-15 people in a 2 bedroom apartment/home.
Furthermore, it is becoming more and more difficult now for first time home buyers to secure a home loan primarily because of the continuously rising housing costs. Required down payment increases as well as monthly mortgage payments. Mortgage lenders may have programs that can entice first time home buyers but may still not be affordable for those belonging to the low- and extremely low-income earners. As a matter of fact, homeownership rate in the last quarter of 2005 decreased to 69% from 69.2% of the previous year. Though the decrease is too small, it is the first time in 11 years that the rate did not increase from the previous year according to the US Census Bureau.
SUFFERING FROM A HOUSING CRISIS
Let’s take for example the state of Maine. Though Maine’s economy is only developing at a moderate pace, property values are rapidly increasing. New jobs being created in the state offer wages that could not even afford the available housing in the area. According to Selinger, a real estate property lawyer in Maine, the lack of affordable housing for Maine’s workforce is the reason why businesses do not progress. Workers are stuck in long commutes due to a simple lack of affordable housing. The housing crisis does not only affect Maine. The issue on the lack of affordable housing encompasses every state in the country, most especially the high-cost cities such as San Francisco, West Palm Beach and Honolulu, as well as the highly-urbanized New York and Boston. According to the US Department of Housing and Urban Development (HUD), almost 12 million households are now spending more than 50% of their income in rent and mortgage payments; THAT IS HUGE!! These households are indeed burdened by the high housing costs and not being able to afford much of the other basic necessities such as food, clothing and medical care.
AFFORDABLE HOUSING OBSTACLES
With all the aforementioned facts, the question now is: Why are developers and builders not addressing this issue if there is such a demand for affordable housing? Well, there is only one answer to that: cost! Not only housing costs are increasing nowadays but the cost of everything else as well. To build housing projects, developers need developable land. Due to the increasing commercialization in most areas, costs of land are skyrocketing; materials and labor costs are also rising, not to mention the increasing property tax to be remitted to the government. If you live in Florida and other hurricane prone areas, then you can also add in a sky rocking cost of insurance. In essence, high construction costs limit the development of more affordable housing in the country.
AFFORDABLE HOUSING DEFINED
According to the US Department of Housing and Urban Development, households spending more than 50% of their annual income in housing costs are cost burdened, i.e. their house is not considered affordable. So what then is affordable housing? One good way to determine affordability is to look at how mortgage lenders evaluate people applying for home loans. Lenders evaluate applicants in different ways including some key ratios to determine the risk level of lending to borrowers. One of these key ratios is the debt-to-income ratio. As the term implies, it is the ratio of a person’s debts and liabilities to his income earnings. Let’s take an example of a person with a household annual income of $55,000. He is looking to buy a house with a monthly mortgage payment of $1,800, including principal, interest, taxes, and insurance. With the given amount, the annual cost of paying for his house would be $21,600, which is roughly 40% of his annual income BEFORE taxes. Generally, the lower the debt-to-income or mortgage payment-to-income ratio, the more affordable it is to make the payments for the house. Lenders consider 30% to 36% being a good indication of a debt-to-income ratio.
The US HUD (http://www.hud.gov/offices/cpd/affordablehousing/index.cfm) defines housing affordability to be no more than 30% of a household’s annual income. Spending for housing more than this cap is considered unaffordable and households may have problems in spending for other basic necessities. However, the reality is that households spend more than the 30% reasonable amount to cover for the housing costs.
AFFORDABLE HOUSING AS AN INVESTMENT
The issue of affordable housing is well known and there is a lot of investors looking to take advantage of this opportunity. However, it is not as easy as one may think. As mentioned above, there are several obstacles to building affordable housing. Aside from the rising construction costs, there are also other payments that need to be considered such as mortgage payments, property taxes, insurance and HOAs. Cash flow may be an issue if one will invest in affordable housing. Let’s do an example like below: Purchase Price : $250,000 with 20% down 7% Interest only loan : $1,167 per month Taxes (1.5% of purchase price) : $312.50 per month Insurance : $120 per month Rent : $1,200 per month With the above figures, the total monthly cost the investor will incur is $1,599.50. The real estate investor needs to make that monthly payment for 12 months plus the loan amount at the end of the loan term. With the rent amount only at $1,200 per month, the investor will then face a negative cashflow of several hundred dollars per month. While this may make sense in some circumstances, the investor then has to do a careful analysis of this negative cashflow versus expected capital appreciation.
Our philosophy on affordable housing has been very simple: buy affordable housing in areas
1) where demand is expected to continue sky rocketing and
2) where quality properties can be purchased with minimal cashflow consequences due to large buying power, and 3) where investors can reasonably enter and exit with safety.
Copyright 2006 Chris Anderson Dr. Chris Anderson is the founder of http://www.getpreconstructiondeals.com/ and leads a 20,000+ real estate investor group. Get his weekly, thought provoking articles by signing up today!
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