Favorable Exchange Rate Driving Europeans' Purchase of U.S. Real Estate
With one British pound worth $2.00 U.S. and the euro also strong, a lot more British, Irish and other Europeans are coming to America to vacation--and to buy vacation homes and investment properties. Florida and New York City aren't the only places experience an influx of buyers from "across the pond"; New Hampshire's White Mountains and nearby western Maine is, too.
North Conway, NH USA (PRWEB) May 23, 2007 -- With one British pound worth $2.00 U.S. and the euro also strong, a lot more British, Irish and other Europeans are coming to America to vacation--and to buy vacation homes and investment properties.
According to "Europeans' new real estate mantra: Go west," an article published on UpdateRE.com, "Emboldened by the strength of the pound and euro, Europeans are eyeing real estate across the Atlantic, while the weak dollar is forcing Americans to think twice about property in Europe."
While Florida has traditionally attracted the majority of buyers from the U.K. and Ireland, the New York Times reported on www.nhtimes.com, "After a long economic boom that earned their country the nickname the Celtic Tiger, the Irish are flush with cash and searching the globe for places to invest it." Thanks to the favorable exchange rate, U.S. real estate is a relative bargain compared to that in Ireland or the U.K.
Another region of the U.S. that is attracting buyers from "across the pond" is New Hampshire's White Mountains and nearby western Maine, a popular vacation destination that offers year-round recreation, spectacular scenery and an active lifestyle. Many European visitors fly into Boston's Logan Airport, located just 2 1/2 hours driving time south of the region. Flight times and accessibility factor into many visitors' choice of destination: London to Boston flights average 6 1/2 hours, whereas London to Orlando, Florida flights are usually a minimum of 11 hours. With flights from Manchester, U.K. and Glasgow, Scotland to Manchester, New Hampshire scheduled to start in 2007, it's expected that the White Mountains will become even more popular.
One real estate company, Badger Realty of North Conway and Jackson, New Hampshire, offers specialized services to international buyers. The firm's managing partner, Brenda Leavitt, explains: "Buying property in the U.S. is significantly different from buying in the UK and other European countries. The purchase process is more direct, with less stress and more accountability; and we work collaboratively with the client's solicitor. Our goal is to make the whole process as easy as possible. Prospective buyers can view properties online on our website--www.badgerrealty.com--and save listings that interest then in an online portfolio."
Badger Realty agent, Pete Pietz has worked extensively with international buyers. "We spend a lot of time communicating with buyers before they visit, so that we all have a clear picture of the type of property that's right for them. We also provide them with information in advance of their visit so they understand the process and their options. That way they can make the best use of their time here--and we can ensure they have time to get to know and enjoy the area. In many cases, buyers arrive for a three- to five-day visit and sign a sales agreement before heading home. We then handle every detail of the closing so that on their next visit, the buyers can enjoy their new home or investment property."
When international buyers require financing, Pietz takes them just around the corner from his firm's North Conway office to Simons & Leoni Home Loans as they can arrange special financing for foreign national buyers that offers up to 75% of the purchase price, with or without income verification. Pietz explains, "Simons & Leoni's streamlined underwriting process focuses on finding the right package for the borrower with the level of documentation that the buyer is comfortable with."
Many of Pietz's customers purchase with the idea of renting their property for at least some of the year. In the greater Mt. Washington Valley area where Badger Realty is located, there is a strong market for rental properties year round. This is because each season offers something different: snowsports including skiing in winter; family theme parks and mountain and lakeside recreation in spring, summer and fall; some of the most beautiful fall foliage in New England; numerous restaurants; and tax-free shopping at over 200 stores and outlets. Still, the area, which is known for its friendliness and hospitality, retains a small-town feel.
The ability to rent their homes throughout the year--rather than just in winter, as often happens in Florida--gives buyers greater flexibility in choosing when to use their property. The strong rental/second home market also has resulted in a proliferation of professional property managers and rental agents, making property ownership and rental a relatively easy process.
About Badger Realty
Since 1965, Badger Realty has been a leader in residential and commercial real estate in the Mt. Washington Valley, including North Conway, Jackson, Bartlett, Glen and Conway, New Hampshire, and in western Maine. www.badgerrealty.com. 1-603-356-5757.
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