Apartments for only one cent
– By Ido Shani –International Relations Representative – Keren Gad Group
The U.S. real estate market today is trying to recover from the deep financial crisis it has found itself at the start of the sub – prime of 2008. While housing prices in recent months had finally begun to show signs of slight recovery, the market is far from returning back to even near normal levels. According to recent reports, approximately 2.5 million American homes and condos are currently in foreclosure or foreclosure proceedings. In some areas you are better off buying an apartment to own rather than to rent in a student dormitory. In some cities unemployment has climbed to 50%. There is already some interest from Israeli investors who are looking at the US market.. There they can purchase a villa for 100 – 200 thousand dollars, whereas in Israel it will not cost less than 1.5 million dollars or a luxury apartment in the US for 50 – 80 thousand dollars
But this is not limited to only villas and apartments under the bright spotlight of investors. It turns out that opportunities in holiday/vacational apartments are of new interest. Research suggests you can find vacational apartments at ridiculously low prices. Yes, at the price of a few dollars or even a single cent, but on condition that you’ll pay an annual maintenance fee for 2 years. According to the American Association for the Development of Resorts, the period between 2008 to 2111 declined by almost 50% for vacationers. Following this trend ,this has caused arrears in payments for management in these projects. This led to more expensive annual maintenance fee from $ 500 to – 700 to 800 dollars a year. The trend is changing, no doubt. The majority of the resort units are currently for sale, even for a dollar or a cent. The only condition is that the new owner is required to pay maintenance fees.