Veneto Region, Province of Venice, seaside town Caorle. Caorle it’s visited by many tourists from Germany, Austria, Italy, UK, Russians.
The residence is composed from 135 units with a large swimming pool: townhouses, apartments, bifamiliar villas. Every unit is furnished and has: telephone, fridge, microwave, tv, air conditioning, heating. Every unit has terrace and garden, parking spot, garage. Inside of the residence there are: shops, restaurant, bar, small supermarket, game are for the children etc. The area is: 50.000 sq. m. Also the residence offer: place on the beach(one umbrella and two sun beds), 30% for the golf clients – which is at 5 minutes from the residence. The residence at the moment is open from the end of the April to the end of the September. It’s a holiday rental, they rent minimum 3 days.
The price for the residence and managing company : 31.500.000 €, which includes a gross income of
2.500.000 € - 8%. (For example now they have all booked for the season).
Or they could sell only the units without the management company – 24.750.000 €
Also the owners have a mortgage in the bank with a very low rate that could be taken over by the buyer –10.000.000 €.

Spanish banks lending over 100% on repossessed properties

Friday, 06 January 2012

Spanish Banks are prepared to lend over 100% on their own properties that have been repossessed, it has been revealed.

They are also selling them at rock bottom prices to attract buyers so that they can reduce the amount of property on their books.
According to Adam Cornwell, managing director of Feltrim International these are quality properties in desirable areas.
Recent reports from a leading risk adviser say banks have around €30 billion worth of property that they can’t sell.

‘Whilst Spanish mortgage lending is not expected to recover in 2012 due to high unemployment and limited bank funding, financial institutions have to optimise their balance sheets,’ said Cornwell.
‘To incentivise quality buyers they are prepared to offload these homes at rock bottom prices and with the highest mortgages. If a bank is prepared to lend all of the money, more than 100%, on a project that has fallen to 50% of its value five years previously then it must have the confidence that the market has reached the bottom and that the properties will regain value in the not too distant future,’ he explained.
Examples include a luxury beachside development close to Marbella at 50% off the developer’s 2007 price plus a 110% mortgage option with two years interest only. A one bedroom penthouse in Soto Serena, designed by archtiect Melvin Villarroel, with landscaped gardens, pools, gym and sauna, is available for €184,000 compared with €368,000 in 2007.
‘We are now in a situation where the best units in these marked down resorts are selling fast, just like in the heady days of the property boom when the best off plan units were snapped up fast, albeit now they have the peace of mind of something complete and tangible,’ explained Cornwell.

‘Investors can buy using very little, or none, of their own capital with the risk being entirely taken by the bank. This simply does not happen in any other distressed market in the world,’ he added.
He pointed out that Marbella is regarded as safe a location with excellent infrastructure, licensing issues have been resolved under the new urban plan (PGOU) approved in 2010 and tourists come in a steady stream attracted by more than 70 golf courses, year round sunshine, endless beaches and no frills flights.
 
In 2009 Ryan Air established a base at Málaga Airport and the carrier now operates 39 routes whilst over recent years Delta Airlines has added a direct flight to JFK in the United States, Saudi Arabian Airlines fly direct to Jeddah and Riyadh and Aeroflot has introduced direct flights to Moscow.
On top of that €109 million plan to expand Marbella’s fishing port has been given the green light. The long planned transformation of La Bajadilla into one of the most luxurious marinas on the Mediterranean can now take shape after the Junta de Andalucia, Marbella town hall and the Nasir Bin Abdullah & Sons Consortium signed a contract allowing construction to begin.

The plan, which is expected to take four years to complete, includes a commercial area of 23,000 square meters, a five star hotel and three times the current number of moorings including access for cruise ships and mega yachts.(propertywire.com)

Home Prices Down in 2011, but Market Stability Forecast for 2012

While year-over-year home price measurements notched down in 2011, prices are expected to see a slight uptick in 2012, according to Clear Capital.

Should the valuation company’s predictions ring true, it would be the first time since 2006 that the change in annual home prices has landed in positive territory.
Data released by Clear Capital Monday shows year-over-year, national home prices were down 2.1 percent in 2011. The company says movement in home prices began to stabilize somewhat during the latter half of the year and REO sales as a percentage of total home sales began to decline, which helped to moderate depreciation for the year overall.
In 2012, Clear Capital is forecasting U.S. home prices to show continued stabilization with a slight gain of 0.2 percent across all markets. That would put national home prices near levels not seen since 2001.
“Overall, 2011 was a relatively quiet year for U.S. home prices compared to the last five years,” said Dr. Alex Villacorta, director of research and analytics at Clear Capital. “With national prices down a little more than two percent for the year and sitting at their lowest point since 2001, our projections show that the current balance the market has found will continue through 2012.”
According to Clear Capital, the importance of micro-market analysis becomes plainly apparent as the 2012 forecast is for a flat U.S. market, but only 40 percent of individual markets (20 of 50) are projected to be stable.
Individual markets reacting to their local economic drivers will exhibit a wide range of performance levels, Dr. Villacorta explained.
When looking at distinct metro market areas, it turns out only 24 percent showed signs of stabilization in 2011, while the others are still moving more dramatically higher or lower, Villacorta explained.
“What’s most interesting is that the lower segments of appreciating markets are driving much of the current price growth,” Villacorta said. “In places like Florida, which have historically been hard hit, we are now seeing

considerable activity in lower-end properties as demand continues to heat up.”
Clear Capital’s report shows U.S. prices declined 0.4 percent in December on a quarter-over-quarter basis as markets gave back some of the gains of the summer buying season.
December’s quarterly assessment is the first cooling off after six monthly reports from Clear Capital showed minimal quarterly gains. In fact, the company says the most recent six months of the year saw national home prices flat, posting a decline of just 0.1 percent over the second half of 2011.
The 2.1 percent price decline over 2011 marked the smallest year-end change in either direction since the market gained 1.7 percent in 2006, according to Clear Capital.
Regional trends revealed a bit more price variability. The Northeast’s meager 0.1 percent yearly gain led the nation, comparing favorably to declines of 1.3 percent, 3.0 percent, and 4.4 percent turned in by the South, Midwest, and West, respectively.
While changes in prices across the U.S. were mild for 2011, there were notable extremes at the positive and negative sides of the market, Clear Capital says.
Four metros posted price declines greater than 10 percent. Atlanta, Georgia, led the way with 18.3 percent shaved off its home values in 2011, followed by Seattle, Washington, which posted a 15.1 percent annual decline. Birmingham, Alabama, and Detroit, Michigan, also rode the markets down with 11.1 percent and 10.8 percent price drops, respectively.
On the positive side, Dayton, Ohio, enjoyed 11.5 percent annual price growth in 2011. The next two strongest performers came from Florida, with Orlando and Miami laying claim to 6.7 percent and 5.6 percent price gains, respectively.
Each of the markets with double digit declines saw an increase in the percentage of sales that were REOs, while declines in REO saturation helped buoy the top performing markets to positive price growth in 2011.
Nationally, Clear Capital says REO saturation reached a new yearly low at the end of 2011 at 24.8 percent.
Clear Capital expects 2012 to play out much like the last half of 2011, with only a very subtle price change at the national level. A minimal decline in the beginning of the year is expected to turn into a meager gain by year’s end, the company explained.
At a more granular level, half of the 50 major metro markets included in Clear Capital’s study are expected to post gains for the year, with individual metros experiencing the full gamut of price movement, from double-digit growth to double-digit drops. (Carrie Bay - dsnews.com)

FHA Waives Anti-Flipping Rule Through Year-End to Speed REO Sales

The Federal Housing Administration (FHA) is extending the temporary waiver of its property anti-flipping rule through the end of 2012.

FHA rules typically prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, however, the agency waived this regulation, and later extended the waiver through 2011.
The new extension announced late last week will permit buyers to continue to use FHA-insured financing to purchase HUD-owned and bank-owned properties, no matter how long the homeowner has held the title, through December 31, 2012.
FHA says the waiver will allow homes to resell as quickly as possible, helping to stabilize real estate prices and revitalize communities experiencing high foreclosure activity.
“This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Carol Galante, FHA’s Acting Commissioner. “FHA remains a critical source of mortgage financing and

stability and we must make every effort that to promote recovery in every responsible way we can.”
According to FHA, the waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers.
Among these conditions, all transactions must be arms-length, with no link between the buying and selling parties.
In addition, in cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will apply only if the lender meets specific conditions, and documents the justification for the increase in value.
FHA’s property-flipping waiver is limited to forward mortgages, and does not apply to the agency’s Home Equity Conversion Mortgage (HECM) for purchase program.
Since the original waiver went into effect on February 1, 2010, FHA has insured nearly 42,000 mortgages worth more than $7 billion on properties resold within 90 days of acquisition.
The agency says its own research has found that in today’s market, acquiring, rehabilitating, and reselling foreclosed properties to prospective homeowners often takes less than 90 days.
As a result, FHA says prohibiting the use of its mortgage insurance for a subsequent resale within 90 days would adversely impact the willingness of sellers to consider offers from potential FHA buyers, namely because they would be required to cover holding costs and the risk of vandalism that comes with allowing a property to sit vacant over a 90-day period of time.

Seattle Washington Real Estate Auction West Bellevue Estates

Online Auction At: www.oresy.com
Property page: http://oresy.com/ViewDetails.aspx?ItemID=2e237a40-96c8-4f26-a2e9-91ff50a55106

A truly spectacular custom built home.
Whisper quiet inside and out, in this no expense spared European masterpiece. If you love luxury and privacy in the finest area of Washington, this is your best bet. Once you get past the gated entrance, the premises welcome you to an unforgettable experience of comfort, luxury, privacy, all while offering you every amenity that a 5 star hotel has to offer and even more. Recently completed, 6000 square foot Private Estate in Prime location of Clyde Hill.

Happy New Year!

Mazzolada - Portogruaro - Italy - Winery for sale

The farm Mazzolada - Winery

Extends to 127.5 ha, of which 91 hectares of vineyards and fully grown "Controlled origin denomination”. Three quarters of the vineyards in the farm Mazzolada are the new plant, with a density of vines per hectare 3.500/4.500.

The headquarters of the company, which takes its name from the village Mazzolada, fraction of Portogruaro, thee are commercial office of the farm, laboratories and cellars.

The current production capacity of the farm is 450,000 bottles per year with a maximum capacity of 1,000,000 bottles per year.

The vineyards produces: Cabernet Franc, Cabernet Sauvignon, Refosco dal Peduncolo Rosso, Merlot, Raboso Malbek, Pinot Grigio, Pinot Blanc, Sauvignon, Chardonnay, Riesling Italico, Tocai classico, Verduzzo Trevigiano and Malvasia Aromatica.

PRICE: € 24,000,000

For more information contact oresy.com

Study Finds 38% of Homes Purchased in 2011 Bought with Cash

Despite record low mortgage rates, 2011 has seen a surprisingly high level of cash home purchases, according to the real estate research firm Hanley Wood Market Intelligence.

Jonathan Dienhart and Ken Lee, two analysts with the company, say between tight lending standards and a desperate search for yield by investors, cash purchases of homes – particularly for distressed properties – became even more common in 2011 than last year.
Dienhart and Lee analyzed data collected through Hanley Wood’s Housing IntelligencePro, and shared their findings in a blog post.
The two discovered that 38 percent of homes purchased in 2011 were bought with all cash. That’s up from 34 percent in 2010, and double the 19 percent rate in 2006.
According to Dienhart and Lee, this trend is likely to continue in the near term. They note that cash-paying investors are responsible for an increasing share of home purchases nowadays as prior homeowners abandon the ownership market and head back to rentals. (Carrie Bay - dsnews.com)

Foreign residents account for 24.7% rise in Spanish property sales in Q3

Property sales made by foreign residents in Spain experienced an increase of 24.7% in the third quarter of 2011 compared to the same period last year, according to statistics from The Ministry of Public Transactions.
This figure takes into account all foreigners who live and reside in Spain while further statistics show that the provinces with the greater number of purchases by foreign residents were Alicante (2097), Malaga (951), Barcelona (607), Balearics (516) and Santa Cruz de Tenerife (476).

With this in mind, Spain looks set to continue this trend according to experts with a final rush of property buyers seeking out Spanish real estate before 2011 comes to a close with experts suggesting that tax breaks and low interest rates on savings accounts will be the main factors encouraging buyers to hunt down bargains.

“The increase in property sales to foreigners in the last quarter of 2011 shows that many buyers have been discerning enough to strike while the iron is hot and purchase properties that are well priced and in excellent locations, notes Mr. Marc Pritchard Sales and Marketing Director of Taylor Wimpey España.

The Holiday Lettings' Insight Report for 2011 identified that there was a 3% increase in the number of enquires about buying Spanish property between January and October this year compared to the same period in 2010. The report also discovered that people looking for holiday let opportunities in Spain was the second most-enquired about destination among buy-to-let investors, after the UK, between January and October 2011.

“Indeed, it is looking likely that prices in Spain will begin to increase by the end of 2011 with places like Tenerife and Malaga seeing property values improve signaling good news for the Spanish real estate market next year,” Mr. Pritchard says.(globalpropertyguide.com)

Economists Don't Foresee Home Price Appreciation Until After 2013

Home prices in the U.S. are expected to post a decline of 1.57 percent for the fourth quarter of 2011, after falling 0.4 percent through September, according to more than 100 economists and housing experts surveyed by Zillow.

Prices are forecast to decline until the market’s bottom is reached in late 2012 or early 2013. After 2013, the panelists expect a relatively steady annual appreciation rate of roughly 3 percent through 2016, which is slightly below appreciation rates experienced during the pre-bubble years.
“There is a consensus among the nation’s top housing experts that we have not yet reached a bottom and are instead working through a prolonged bottoming process,” commented Dr. Stan Humphries, Zillow’s chief economist.
According to Humphries, negative equity, unemployment, and low consumer confidence remain the key factors delaying a true recovery in the housing market.
Terry Loebs, founder of Pulsenomics LLC, the firm that conducts the survey for Zillow, says the latest results

suggest expectations for recovery are no longer eroding, as has been evident in past studies.
“This is encouraging,” Loebs said, “but the average survey data are still consistent with a sluggish recovery scenario where eventual price increases will be less than those thought of as normal during the years preceding the national housing bubble.”
Looking at the expected housing market performance through the five year period ending in 2016, there continues to be significant variation among the panelists regarding their individual home price forecasts.
The most optimistic quartile of panelists projects nearly 18.3 percent price growth over the next five years, while the most pessimistic quartile projects a 1.4 percent decline.
“Given the current economic climate and uncertainty around the government’s future role in housing, it’s not surprising to see such a wide dispersion in long-term forecasts,” Humphries said. “As the market starts to stabilize, we should see individual forecasts start to converge.”
In the December survey, the panelists also offered their views on last month’s increase to loan limits for Federal Housing Administration (FHA) mortgages, as well as their assessments of the likelihood that the FHA would require a federal government bailout within the next two years.
The panelists were almost equally split on the loan limit increase, with 51 percent opposed and 49 percent in favor of it. Twenty-eight percent of the 91 panelists who expressed a view indicated the likelihood of a bailout of the FHA by the federal government within the coming two years as “high” or “very high.” (Carrie Bay - dsnews.com)