Homes & Relocation Detail
Time to invest in American property?
As the pound surged to a 26-year high against the US dollar in the first week of July, now may be the time to invest in American property, writes Jo-ann Hodgson
Currently pitched at around $2 to the British pound, British investors in American property can now pick up property at bargain prices. Expectations are that normality will resume in a couple of years time, with the rate of $1.60 or $1.70 to the pound becoming average, so now may be the time to invest.
"Today's buyers of American property can enjoy emerging market capital appreciation in a traditional marketplace," claims Richard Giles, Director of Property Deals Florida. "The United States is a country that the British public knows and loves. No qualms or surprises over religion, language, food, entertainment, climate, golf, culture, customs – just good old-fashioned American charms, somewhere we've been familiar with for decades.
"While the Americans are hesitantly keeping their wallets in their pockets, the Brits and other Europeans are spotting a deal when they see one and keeping the popular regions such as Florida buoyant, and they can drive a hard bargain right now to boot."
There are currently many opportunities for British buyers to invest in American property developments.
Walkabout Golf & Country Club in Orlando is on the market at $398,000 (approximately £198,000). The development is a multi-faceted resort on Florida's Space Coast encompassing 1,200 acres of private nature reserve, 18 holes of golf designed by Perry Dye and a choice of property from townhouses to villas.
The resort's townhouses and villas have access to hiking and jogging trails, cycle tracks, a children's pool, play area and child care facility and swimming pool, jacuzzi and wellness centre complete with spa. These fully furnished properties are also available with a full-service Holiday Rental program.
Downtown Las Vegas is also undergoing a $14-billion transformation, offering up some new American property opportunities for those looking to invest. Here well-known casinos are being joined by new businesses, entertainment and shopping facilities. The redevelopment effort includes a World Jewellery Centre, Word Market Centre, the Lou Rove Brain Institute, The Smith's Performing Arts Centre and a possible sports arena.
Streamline Tower (pictured) in downtown Las Vegas is the only American property tower rising in the emerging Entertainment District. Prices range from $469,900 for a one-bedroom to $1+ million for a three-bedroom residence and there is also an on-site leasing company to rent out your property while you're away.
"Las Vegas, Nevada, is a great place in which Brits can invest in American property, with the pound strong against the dollar," says Jan Yerzik from Access West. "Las Vegas is a city of the 21st century, the entertainment capital of the world. We're talking casinos, shopping, dining, shows, golf and of course nightlife. Whatever you are into, there's more of it in Las Vegas than anywhere else in the world. Its also a city experiencing tremendous economic growth, with 6,000 people moving here each month, last year. In total, $35 billion was spent in the retail sector alone."
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