Archive for January, 2004
Real Estate Investment Firms Chicago
Detroit Area home prices up in Oct. for 5th straight gain
Home prices rose for the fifth month in a row in October, and Metro Detroit’s battered real estate market posted the second-largest gain of the 20 metropolitan areas that were tracked. The Standard & Poor’s/Case-Shiller home price index released Tuesday edged up 0.4 percent to a seasonally adjusted reading of 145.36 in October from September.
Without adjusting for seasonal factors, the index was flat from September San Francisco and Detroit enjoyed the largest increases: Tampa and Chicago suffered the largest declines.
Tuesday’s Standard & Poor’s/Case-Shiller October report lags November data for Michigan released in early December by Realcomp II Ltd., the state’s largest realty multilisting service.
It showed the median sale price for all homes and condominiums in southeast Michigan rose by 19.4 percent in November compared to the same month in 2008.
The median sales price for all Metro Detroit sales in November jumped to $75,000, compared to $62,800 in November 2008.
“I think there’s going to be the best opportunity to make money in the last 20 years in real estate in the US. “Now that the meltdown has happened, the new emerging market is the United States,” Tom Shapiro, president of real estate investment firm GoldenTree InSite Partners, said at the Reuters Global Real Estate Summit in New York.
Alex Walia Managing Director of the London based Mayfair Group said “Areas like Detroit have fallen by as much as 60 % making Detroit a very popular place to invest with overseas investors. CNN recently voted Detroit as one of the top places to invest in the US, due to rock bottom prices and high rental yields.
Mayfair Group investment properties start from $37,995 which include all the costs for the first year hence the first year rental yields are far higher. The price includes the acquisition cost of the property, all legal costs, property refurbishment, first year summer / winter tax, title insurance and first year building and liability insurance and placement of tenant. A similar property would have sold in excess of $130,000 in 2006 prior to the meltdown, with all of Mayfair Groups Detroit investment properties there is equity built in from day one. This investment will pay for itself in 5 years, making this a great income or pension. A lot of our investors have previously held funds in high interest bank accounts. The bank interest has become so low they have come to us because of the high 25 % rental yields offering a huge return on investment.”
Though with prices starting to rise and Obama keen to stop the Foreclosure market, these amazing bargains may not be around for much longer as each day goes by with U.S. in a clear recovery path.
For Further Information log on to www.mayfair-group.com or email info@mayfair-group.com
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A commercial success: Cohen Financial LP, Chicago, has grown into an investment banking firm with national reach by putting its customers first.(Commercial): An article from: Mortgage Banking $5.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on February 1, 2004. The length of the article is 4452 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citat… |
