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US market ‘recovering, rather than in crisis’, say overseas experts

Posted by: In: Real Estate 29 Apr 2014 Comments: 0 Tags: ,

Far from slowing, as overall market figures might suggest, sales of US property to foreigners are still strong, with Chinese buyers snapping up one new Florida development, say two leading industry figures

Despite some concerns over the slowing of the US property market, demand and sales from overseas remain strong, say two leading investment specialists.

In fact, sales are improving, particularly from Asia, says Gary Kenny, of Florida developer Feltrim, and the market is recovering rather than being in crisis, says Colin Murphy, of investments specialist, Torcana Limited.

Concerns have been raised over flat property sales and slowing price rises shown in the latest United States market figures. Median existing home prices rose 7.9% to US$198,500 in the year to March, 4% less than a year earlier, according to the latest data from the National Association of Realtors. Existing home sales have now fallen seven times in eight months, and are down 7.5% annually to March 2014 and new-builds sales have dropped 14.5% in the last month.

However, Mr Kenny, Chief Executive Officer of the Feltrim Group, tells OPP Connect, “The US distressed asset portfolio has dramatically shrunk and as a result of that new build sales are taking off. Over the last year …read more

Source: OPP



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