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Archive for September, 2010

Foreclosure Fraudsters Increase Misery for US Home Sellers

by Overseas Property Mall on Wednesday, September 29th, 2010 in Foreclosures, United States Property

A recent article in Wall Street Journal touches on the local damage of foreclosures. We can all look at the bargain foreclosed homes being sold in wonderment, but imagine you were selling the house next door, or down the block.

Say your house is appraised at $220,000 and your hoping to get at least $200k for it in the current market. When a foreclosed home down the road sells for $80,000 you can kiss those hopes good buy — not least because recent local sales are all factored into an appraisal.

It is bad enough that the self-serving banks are flushing their bad loans out into your local market at crazy-low prices, but worse, the situation has provided an opportunity for greedy fraudsters. Not happy that they will get a discount of 50% or more, fraudsters are paying potential bidders off at foreclosed auctions to get properties even cheaper.

The latest case to be announced by the Department of Justice is that of Christopher J. Deans a real estate investor from Raleigh North Carolina, who pleaded guilty to rigging bids on Friday. Deans apparently paid co-conspirators not to bid on certain properties, which he then bought for a massively low price, allowing him to benefit from a quick-sale or high-yield rental income.

I hope it was worth it because Deans now faces up to a $1 million in fines and up to 10 years in prison.

Though there are no figures on how many properties Dean fraudulently nabbed, but the DOJ said that his campaign would have done damage to the local market, by artificially driving down prices.

“The conspiracy resulted in the suppression of competitive bidding on foreclosed properties which caused foreclosing lien holders and certain homeowners to receive a lower price for properties sold through foreclosure actions,” the DOJ said in a statement.

Deans case follows a spate of similar cases uncovered this year, including: the case of 43-year Stockton, Ca investor Anthony B. Ghio, who pleaded guilty in May, and that of Baltimore lawyer Harvey Nusbaum who pleaded guilty to rigging tax lien auctions in Maryland, also in May.

WSJ said it best:

“As the feds decide the future of the government’s involvement in the housing market, whether it’s reforming Fannie and Freddie, another stimulus, or more assistance to banks weighed down by foreclosed houses, the fraudsters may seem like just another nit in their hair to weed out. But for local markets, they’re a pretty pesky bug.”

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Foreign Investment in U.S. Real Estate (2010) – The Stats (Realtors® Report)

by Overseas Property Mall on Monday, September 27th, 2010 in Research, Stats, United States Property

The latest profile of international activity in the US housing market published by the National Association of Realtors has revealed many interesting figures, some surprising and some not so surprising.

The biggest finding for us was in the state by state breakdown of foreign purchases. According to the report, Florida (22%), California (12%), Arizona (11%) and Texas (7%) dominated in terms of the percentages of sales to foreigners this year.

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Press Release: CBRE Named the Top Global Real Estate Advisor & Consultancy Firm for the Fourth Time by Euromoney

by Overseas Property Mall on Monday, September 27th, 2010 in Property & Real Estate Press Releases

27 September 2010, Bangkok – CB Richard Ellis (CBRE) has been named the top real estate advisor and consultancy firm at the global, regional and local level in the 2010 Euromoney Real Estate Awards. This is the fourth time the company has won this prestigious title since Euromoney began the awards in 2005.

CBRE was also voted the number one advisor and consultancy firm overall and for Agency/Lettings and Valuation in Asia and Western Europe. In addition, CBRE Thailand was named the top advisor in Agency/Lettings and Research and the top Property Manager.

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Press Release: Launch of a New Property Portal for Dream Houses in the Sun, HouseInTheSun.com

by Overseas Property Mall on Monday, September 27th, 2010 in Property & Real Estate Press Releases

HouseInTheSun.com is a new property portal which has been launched and allows users to advertise and find any type of house, apartment or land for sale in sunshine countries. Problems to find a property portal that was focused on sunny countries in Caribbean, South America, Central America, Mediterrean and South East Asia etc., made the Swedish founders which all looked for a second home in warmer climate decided to set about developing their own website. The site was launched in September 2010.

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Canadian Housing Looks Overpriced Says OECD

by Overseas Property Mall on Tuesday, September 21st, 2010 in Canadian Property

The influential Organisation for Economic Cooperation and Development has said that Canadian housing “looks” overpriced both in terms of price-to-income and price-to-rent ratios.

“Canadian house prices, or at least some regional or local housing markets, notably those of Toronto and Vancouver may still reflect excess demand conditions,” says the Paris based OECD in their annual review of the Canadian economy.

According to data, the average price of a Canadian home is 5 times the average Canadian’s salary (net). This ratio is 35% higher than the long term average.

But the OECD was more concerned that Canadian’s may be overstretching themselves in the low-interest-rate environment. According to the report by 2012 some 7.5% of Canadians will be vulnerable to interest rate rises, unless household borrowing slows.

The report says: “High household indebtedness also implies a growing vulnerability to any future adverse shocks. Household credit growth needs to slow down!”

It’s a funny old tale; the Canadian housing market, which never boomed during the global housing boom, and then boomed during the global housing bust. The OECD explained their beliefs on why this happened.

“For one thing, Canadians entered the cycle with less debt than their U.S. counterparts. Secondly, they had access to a banking sector still willing to extend credit at favourable rates. And lastly, subprime mortgages never made up more than 5 per cent of new issues, compared with 33 per cent in the United States at the peak.”

Despite these realities the Canadian government acted quickly in introducing stimulatory measures to the housing market, which turned out to be far more than was needed (for the reasons given above). Low interest rates and other measures including a first time buyer tax credit caused house sales to soar and prices to grow massively, including a 24% increase in prices in 2009.

Fears quickly emerged that the market may be overheating, and that Canadian’s may be borrowing more than they would be able to afford when rates started to rise again. The government started to take measures to cool the market this year.

Sales saw a huge drop when the tax credit ended, and it emerged that the tax credit had caused people to bring their purchases forward leaving a lull in sales for months after it ended. And the government has also tightened the criteria for government insured mortgages twice. But the OECD believes they may need to do more.

OECD suggestions included: larger down payments on all federally insured mortgages and forcing banks to disclose how “sensitive” their mortgage revenues are to rate hikes.

“Lending standards and the framework for mortgage insurance are the right tools to contain this cycle,” says the OECD.

The Canadian Association of Accredited Mortgage Professionals, which represents brokers across the country, disagrees sternly with the OECD:

“We believe new mortgage insurance rules from Ottawa would be a solution looking for a problem,” says Jim Murphy, CEO and president of CAAMP. “The real estate is already cooling with sales down and prices that are stable.”

Murphy says the government has already tweaked mortgage regulations twice and there is “No need for a third time.”

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Did Afghanistan Elites Use Aid to Buy Lavish Dubai Properties

by Overseas Property Mall on Monday, September 20th, 2010 in Dubai Property

The Telegraph has unearthed what looks like proof that Hamid Karzai and other senior members of his family, who are also in high ranking positions in the Afghan government or business world have been complicit in the misappropriation of funds given as aid for the impoverished Afghan state.

Afghanistan relies on international aid to pay for more than 50% of public sector wages (including the NATO-backed and trained security forces), yet Karzai and several others have bought properties in Dubai worth millions of pounds.

The impressive portfolio includes 14 villas on Dubai’s premier development; Palm Jumeirah registered in the name of Sher Kahn Farnood, former chairman of Kabul Bank — former because he resigned last week upon orders to hand back the property. Farnood owns and occupies a “Signature” villa valued at £4 million or more.

The Bank — which is heavily implicated in the scandal, as will be explained in more detail — also owns an apartment, two business plots and — loss-making — airline, Pamir Airlines, in Dubai.

Kabul Bank is drenched in the scandal. For instance Mahmoud Karzai, the third largest stakeholder in the bank (and President Karzai’s brother) also owns a Signature Villa, and made £500,000 profit from the sale of a Dubai property which was purchased by a loan from the bank.

According to the Telegraph British ministers are privately furious about the misuse of funds. Well, not all of them are so private:

Adam Holloway, a Conservative member of the Commons defence committee, said: “A lot of people have become very rich on money that was supposed to help Afghanistan.”

On the other hand, another article in the Telegraph blog, by the same author Richard Spencer paints the affair in an entirely different light.

So Kabul Bank invested in foreign property? So did every other bank in the world! Okay, the investments should have gone in the bank’s name not Chairman Farnood, but it’s not like they used their depositors’ money, who have withdrawn 300 million USD in the last 2 weeks without the bank running out.

So those involved are all close to President Karzai, so what? Says Spencer, the links between big business and high government figures is much closer in the US’ allies in the Middle East than in Afghanistan. Look at Dubai where the supreme ruler owns the largest property companies, and has them run by his friends, the same goes for Abu Dhabi, and in Saudi Arabia the distinction between the Royal Family and the biggest corporations is practically none existent.

Those are some good points, but the question remains: where did all this money come from in such an impoverished country?

Mr Spencer closes with this:

“Perhaps if Britain forced Arab royal families to sell their Knightsbridge town houses and country estates, and invest the money in rebuilding Yemen and southern Saudi Arabia and a few other places I could mention, it would have more credibility in telling Mr Farnood he’s not allowed a villa in Dubai. Otherwise, why pick on Afghanistan?”

But Saudi Arabia’s money comes from oil revenues; any fraud involved in where and how that money is spent is Saudi Arabia and its population’s business. Given the impoverished state of Afghanistan and the amount of aid needed just to pay public sector wages, we have every right to demand prove that our aid was not used to fund such a lavish spending spree.

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International Property News Beat – Foreign Demand for Florida Property, Karzai in Dubai & Pricey London Homes

by Overseas Property Mall on Wednesday, September 15th, 2010 in Property News Summaries

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Prices Slashed as Reality Dawns on Greek Property Market

by Overseas Property Mall on Monday, September 6th, 2010 in Greece Property

corfu-island-greece

According to reports, prices of luxury properties on the Greek islands are being slashed by up to 45%, as owners look for quick sales to avoid paying the higher taxes of the government’s new austerity measures.

Property publication Property Wire brought to light a half built villa on Mykonos being offered by Athens broker Ploumis Sotiropoulos at the €500,000 reduced price of €2 million, a reduction, and a three bedroom property on Corfu down from €1.4 million to €750,000.

‘It’s a scary place to invest right now. Things aren’t going to improve until the economic picture becomes clearer,’ said Mike Braunholtz, a broker at Prestige Property Group which markets properties on the Greek islands.

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Austrian Developer First to Build on the World… in Dubai

by Overseas Property Mall on Friday, September 3rd, 2010 in Dubai Property

The-World-Island-Duabai

An Austrian developer is to become the first to build on the famous come infamous Dubai World Islands — an archipelago of islands loosely matched to a map of the world; loosely in that the islands are in roughly the same place as the corresponding country on the map, but the islands are not shaped like the nations or cities they represent.

Developer Josef Kleindienst bought six of the islands in 2006, but delayed plans because of the market slump. The fact that he is building now, how he is building now and the success stories he is telling reporters could all become known as significant in a turnaround-of-fortunes for the luxury property sector in Dubai.

It is significant that the firm has reduced investments in countries like South Africa to start building in Dubai. Looking at reports of both property markets South Africa appears to have the most near-term potential, but apparently Kleindienst Group research disagrees, or at least sees more potential in Dubai than most of us do right now.

And, according to statements from Josef Kleindienst, CEO of the family-owned firm, their opening sales have vindicated this decision.

Kleindienst is building The Heart of Europe, including a replica European City, complete with solar-powered climate controlled raining street, a Beach Bar on Monte Carlo, and villas and a hotel on St Petersburg, Germany and Austria.

According to Kleidienst, 12 of the villas on Germany have been sold for between $1.9 million and $5.5 million each. Selling off plan properties in Dubai is incredibly difficult at the moment, but Kleidienst believes the uniqueness of the development will win the day.

“Dubai needs holiday homes,” Kleindienst, chief executive officer of family-owned Kleindienst Group, said in an interview on the island representing Germany. “If you look at the state of the Dubai market right now, I don’t see demand for properties besides holiday homes for many years.”

Kleidienst also said that While Nakheel “did everything they had to do contractually,” the company hasn’t gone ahead with plans to build infrastructure such as transport hubs that would have helped owners of individual islands move forward with construction, Kleindienst said.

In an emailed response to the press Nakheel said:

“All the necessary facilities remain part of the overall plan for The World development and will be available in accordance with the requirements of the development.”

Dubai developer AA Properties, owner of Taiwan is planning to construct villas and houses there later this year, according to statements from the company.

Kleidienst believes that his development, if successful will spur others to start developing on the islands.

“They are watching us to see if we are able to earn money out there,” he said. “The moment they see that we are successful, they will follow.”

Analysts are mixed in their predictions of that success:

Deutsche Bank AG analyst Nabil Ahmed agrees that the uniqueness of the project could be a differentiating factor in its having success while other developments in Dubai falter, he said:

“Occupancy rates in Dubai hotels are pretty low right now and there are a lot of vacancies,” said. “But if you are a billionaire and you want to rent a top-end, very large luxury villa on your own island for a couple of weeks, I don’t believe there is that kind of product in the market.”

Meanwhile Dubai based analyst Martin Kohlhase believes the development will not do any better than those around it:

“The World is probably closely correlated with what happens in consumer sentiment and the real estate market in the Emirates. Given that we don’t expect a revival for the next 12 to 18 months, I think it’s unlikely there will be a revival of The World project,” he said.

One thing is certain, the world will be watching the world very closely, and success for Kleindienst could lead to success for the world.

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US Homeownership Rate Slipping, Could Slip Back to 1960 Low

by Overseas Property Mall on Wednesday, September 1st, 2010 in Foreclosures, United States Property

foreclosure-for-sale-board

Homeownership in the US threatens to fall to its lowest percentage since 1960, because of the volume of foreclosures which has continued to increase into 2010. The latest data showed that 66.9% of Americans owned their home in the second quarter of this year, down from 69.4% in 2004.

“Anybody who knows anything about housing thought it would be flat in the second quarter,” said John Burns, CEO of John Burns Real Estate Consulting, a national housing market analyst based in Irvine, Calif. “Homeownership fell during the quarter when government was offering a tax credit (to first-time homebuyers). What do you think is going to happen now that there’s no tax credit?”

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