It appears the top end of town or those that own properties in the $5m+ category aren't necessarily enjoying the south's so called upturn. When the top end of town is in trouble that generally doesn't bode well for everyone else….. small cracks??
Luxury Home Foreclosures Soar – Up 61% Versus Last Year
Florida and California account for more than half the total number of multi-million dollar foreclosures . The Miami-Fort Lauderdale area had the largest number of foreclosures at 47, followed by the Los Angeles-Long Beach area with 35, but the trends are very different. Miami saw a 488 percent increase in foreclosures, while L.A. only saw a 3 percent increase.
Those two cities are followed by Atlanta, Orlando and the New York City and northern New Jersey area.
I'm watching this. I am a huge fan of Florida and have dreams of owning property there one day. Been there 5 times and would like to be able to spend some retirement there in my own place. They have been in trouble for a while though to my knowledge. I looked into buying there about 5 years ago and I know there were a lot of price drops back then even and you could pick up property very cheap comparative to UK property where I was living at the time.
Maybe you could confirm something for me while I am here. I have a UK property which I rent out and as I now work and live in Australia visit the UK. When I fly back I take some time to check over the property end carry out any repairs etc while I'm there. Because of this my accountant said that I can claim a certain %age of my flight and travel costs for the trip. My question is, if I owned in Florida would that be the same? Do Disney tickets count as necessary expense? Market research perhaps?
"Do Disney tickets count as necessary expense?"
hope you are being sarcastic there!
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Of course, but wouldn't it be good?
Are there Redwood Trees in OZ ? if one has not seen the magnificent Redwood Trees of Northern CAlifornia coast it should be on your travel bucket list.
Freckle, whole different kettle of fish the buyer of a 5 mil plus home and the average american homeowner who's total DTI for housing is about 30 to 40%.. Those that own these homes are either the ones that pay cash so they don't get foreclosed.. Or entrapenuers who's busienss's go up and down frequently. And a lot of Sports stars be it football baseball basketball etc etc. get their huge contract go out and leverage a multi million dollar house only to have their carrier end in 5 years and they do not have the earning power to keep the house up.. I bought a 10k sq ft home from a NBA player here in Oregon 6 or 7 years ago.. He got the house 3/4 done and ran out of money and carreer
business owners that have problems and that are over extended and walk.JLH
Very common everywhere I would say. Gold Coast, Perth, Sydney etc all see the same type of activity in this class of RE. What’s interesting is when it trends up. That’s generally caused by some underlying economic factor affecting that type of RE owner rather than just poor budgeting and decision making.
Absolutely, we named our firm after it (refer below). Word of advice, tick bites are nasty at Redwood
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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Redwood wrote:"Do Disney tickets count as necessary expense?"hope you are being sarcastic there!
Hahaha
Why not lol
Claim it haha
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