Browsing Posts published in November, 2008

EB5 Investment Visas for International Investors in the US

US GOVT ALLOWS DEVELOPERS TO ‘SELL’ HNW PERMANENT RESIDENCY VISA-BASED PROJECTS

The US government has finished the test phase of a new immigration category called EB-5 (Employment Based Statute 5), which grants individuals permanent residency in the US if they invest $1million into a local job-making business or property development.  The visa allows for a $500,000 investment if it is invested in an area determined by the USCIS to be in special need of economic stimulus.

Designed to boost a region’s economy, the scheme has been piloted in 23 markets across the US and allows a high net-worth investor (HNW) to move to the US permanently, as long as the project (residential, mixed-use or commercial), employs 10 people as a direct result of the investment. The developer or business owner is allowed to sell 35% of the business to 35 individual investors, each taking a 1% stake, along with property or a physical holding at the company.

Property professionals across the US have already started partnering with owners of mixed-use projects in the country and marketing this visa-property solution to HNW international buyers.

The latest partnership has been signed in Orlando, Florida, between mortgage broker and agency the British Homes Group (BHG) ( www.britishhomesgroup.com/eb5.php ) and the developer of a luxury twin-tower condominium resort, one mile from Disney World.

Bill Cowie, director of BHG, said believes that this will be of particular interest to agents with British, European, Russian and Asian clients.

“The US government is working to attract more investment into the country and this is a genuine solution for investors wishing to obtain a residency permit in the US,” he said. “The cost-of-entry is a little steep, but the financial returns are immediate and the life-style rewards are immense. Agents, of course, now have an exciting new product and substantial income opportunity for their clients both in the UK, Europe and around the world.”

Investors into the specific Orlando project will pay $1million for a 1% share of the development company and will receive two condominium apartments for personal use or rental income.

For more information please visit: www.eb5investmentvisas.com

Will you be in Florida for Christmas?

We recently found a great travel site http://www.uptake.com/ where Barbara Weibel suggests some great things to do in and around Florida for Christmas…

In addition to Disney World, check out these other fabulous Christmas events around Florida:

At Disney’s sister attraction, Epcot Center, Holidays Around The World showcases holiday traditions from different countries and includes a nightly tree-lighting, special IllumiNations laser light and fireworks show, and the Candlelight Processional, featuring a Christmas storyteller with music by a choir and 50-piece orchestra.

Disney-Hollywood Studios (formerly MGM Studios) in Lake Buena Vista offers the Osborne Family Spectacle of Lights is made up of 5 million twinkling lights surrounded by nightly ’snow.’

At Universal Studios in Orlando, join in the fun of the Macy’s Holiday Parade, featuring larger than life balloons from Macy’s Thanksgiving Day Parade in New York City. Continue the celebration with Grinchmas at Islands of Adventure (the only time all year the Grinch makes an appearance), Barney’s Christmas Show, and Blues Brothers Christmas Show.

On various dates in late November and throughout December, Silver Springs Park in Ocala presents Festival of Lights, featuring a maze of illuminated gardens strung with more than a million sparklling lights, dozens of neon displays, local choirs, strolling carolers, musical stage shows, a lighted boat parade, shopping, a Holiday Buffet with all the trimmings, and Santa.

Florida’s oldest city, St. Augustine, is magical during their grand holiday celebration of lights. The Nights of Lights features over two million lights that illuminate the colonial buildings, downtown parks, and historic bayfront.

In Kissimmee, the Gaylord Palms Resort and Convention Center stages ICE!, an indoor winter wonderland carved from two million pounds of ice. A team of 40 artisans from Harbin, China that spends more than a month in Kissimmee sculpting the display. The three-dimensional hand-carved ice monuments and sculptures include the ICE! castle and slides, which celebrate Santa’s Christmas Eve flight, reindeer and all. The attraction’s signature scene is a life-size Nativity carved completely of crystal-clear ice.

Santa’s Enchanted Forest in Miami features half a mile of light displays, carnival attractions, over 100 rides, a petting zoo, a 92 foot tall Christmas tree, pony rides, over 3,000,000 lights, and visits with Santa.

Fort Lauderdale’s Winterfest Boat Parade on the Intercoastal Waterway is billed as “The World’s Most Watched Boat Parade.” See scores of boats festooned with lights along the 12-mile parade route. The event is scheduled for December 13th this year.

Dunedin, a small town just north of Clearwater on the Gulf Coast, does it up right for Christmas. They kick off the season with An Old Fashioned Christmas in downtown Dunedin on December 5th, and follow it up with a boat parade and tree lighting on December 6th and a holiday parade and concert on December 12th.

Thank you Barbara! See the full article with links here: http://attractions.uptake.com/blog/top-ten-christmas-parades-and-events-across-florida-922.html

If you know of any other events and things to do around Florida this Christmas, please add them in the comments area for others to see!

ORLANDO, Florida, November 2008 – Sales of existing single-family homes in Florida rose 5 percent in third quarter 2008 compared to the same period last year, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 33,203 existing homes sold statewide in 3Q 2008; during the same period last year, a total of 31,558 existing homes sold statewide.

“Coming on the heels of positive sales activity in September, Florida’s existing home sales are once again above year-ago levels in the third quarter,” says 2008 FAR President Chuck Bonfiglio. “Despite lending restrictions and the difficulties of finding affordable credit, we’re seeing buyers take advantage of homeownership opportunities in the current market – buyers who want to make a long-term investment in their future. And, more than ever, people are turning to Florida Realtors to find the professional expertise, knowledge and friendly guidance they need to make the complex process of buying or selling their home go more easily and smoothly.”

The statewide existing-home median sales price was $185,400 in the third quarter; a year ago, it was $233,200 for a decrease of 20 percent. In 2003, the third-quarter statewide median sales price was $163,700, which reflects an increase of about 13.3 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

Twelve of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year ago, while seven MSAs also showed gains in condo sales. A number of local markets have reported increased sales activity over the past few months, according to FAR.

Florida Realtors continued to report positive signs for the state’s housing sector in the third quarter, including an increase in pending home sales (based on contracts signed but not closed) and a slower rate of expansion of inventory levels in some areas.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. According to the third quarter 2008 survey, the investment outlook for various types of properties remains steady. “People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest,” said Dr. Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies. “We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in.”

Over the long term, Florida stands to benefit from the migration of new residents, particularly as baby boomers age, Archer said, adding that the Sunshine State’s mild climate and outdoor amenities continue to make it an attractive retirement destination.

In the year-to-year quarterly comparison for condo sales, 9,472 units sold statewide for the quarter compared to 9,680 in 3Q 2007 for a 2 percent decrease. The statewide existing-condo median sales price was $160,000 for the three-month period; in 3Q 2007, it was $196,000 for an 18 percent decrease.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.32 percent in third quarter 2008; one year earlier, it averaged 6.55 percent.

The latest industry outlook from the National Association of Realtors® (NAR) cautions the housing sector likely faces disruptions from the still-stabilizing credit market. “Inventory remains high, and price declines are pressuring owners,” said NAR Chief Economist Lawrence Yun. “Additional housing stimulus would stabilize prices more quickly, which in turn would bring faster stability to Wall Street. Removing the repayment feature on the first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory.”

© 2008 FLORIDA ASSOCIATION OF REALTORS

There were just 7 properties left from the weekends Reunion auction held in Orlando Florida. If you would like to make an offer on any of the below properties please contact us here: info@britishhomesgroup.com

Click on the images to see full descriptions of the individual properties.

1208 Radiant Drive – Reunion Florida

1208 Radiant - Reunion Florida

1210 Radiant Drive – Reunion Florida

1210 Radiant - Reunion Florida

1519 Corolla Drive – Reunion Florida

1519 Corolla - Reunion Florida

7603 Heritage Crossing Way #202 - Reunion Florida

7603 Heritage - Reunion Florida

7818 Whitemarsh Way - Reunion Florida

7818 Whitemarsh - Reunion Florida

7841 Palmilla Court - Reunion Florida

7841 Palmilla - Reunion Florida

7849 Palmilla Court - Reunion Florida

7849 Palmilla - Reunion Florida

Please contact us here to make offers on these Florida homes or call 0800 096 5989

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In this week’s update:

Sterling at six year low

- Is a 20 year low on the cards?
- Dollar still the favourite for defensive investors

Sterling lost 11 cents in the first four days of the week, touching below $1.46 on Thursday. Consolidation over the weekend allowed it to open in London this morning at $1.47, close to its lowest level for six years.

It was another week of general investor nervousness for all the same old reasons. If the mood was not of unremitting gloom then the bright spots were very few and far between. Even Beijing’s announcement of a $580 billion stimulus package fell into the bad news box for many investors; China’s economy must be in a parlous situation to require such a boost. Following the IMF’s lead a couple of weeks ago the OECD added its weight to forecasts that developed economies will remain in recession until at least the middle of next year.

The weekend’s G20 meeting in Washington attracted more advance optimism among the tabloids than it did among investors. As Britain’s Observer newspaper put it afterwards, the meeting was “…never, in a single afternoon, going to solve a crisis that has been a generation in the making.” If anything, it made investors more nervous about the banking sector’s recovery prospects: The word “stimulate” cropped up three times while “regulation” appeared 11 times.

There was no let-up in the downward pressure on Sterling. Weak financial institutions, falling interest rates, an ailing real estate market and mounting job losses all fuelled the perception that in a world of economic dogs, Britain is the undisputed pack leader. Wednesday’s quarterly Inflation Report from the Bank of England gave every indication that falling inflation would mean yet more interest rate cuts by the MPC. It was another concrete lifebelt for the sinking Pound.

Nor were the recent economic data of any consolation. The RICS, the government and Rightmove all reported further house price falls. Rightmove also admitted that its subscriber base was dropping at the rate of 300 estate agents every month; more than twice as quickly as the 7 per cent yearly fall in asking prices.

As has become the norm, bad news for the global economy was good news for the US Dollar. Investor nervousness was more than enough to offset what would otherwise certainly have been Dollar-negative developments. Treasury Secretary Hank Paulson announced that the much-trumpeted Troubled Asset Relief Program would no longer be taking on board the troubled assets originally envisaged. Instead buying up dodgy mortgage-backed assets it would in future be used to recapitalise the banks directly. The market was utterly unconvinced that this change of tack was a positive development.

Nor was there unrestrained jubilation at the news US retail sales suffered their biggest ever monthly fall in October. But never mind, the market’s love affair with “safe” US treasury assets remains undimmed. Some big-time US investment banks look for the Dollar to continue its advance against the Pound as far as $1.28 – 10 cents down from current levels. Technically it is hard to argue with the projection but some equally clever and well-connected researchers told us not so long ago that we would see oil above $200 a barrel before Christmas.

Sterling’s fall against the Dollar looks over-extended but that does not mean it cannot go further. Tedious though it may be to offer the same advice again and again, the prudent risk management strategy for most buyers of the Dollar is to hedge the exposure, buying half the requirement forward. Anyone needing price certainty has no alternative but to buy the lot. Although there is every chance we will see Sterling higher than this in the new year that is of no consolation to investors with business to do in the meantime.

For more information and expert guidance on the currency markets, call Moneycorp today.

Laura McLoughlin – Laura.McLoughlin@moneycorp.com
Regional Manager – Florida

Moneycorp Inc
7380 Sand Lake Road
Suite 410
Orlando
Florida 32819

TEL: +1 407 352 5890
FAX: +1 407 352 5893

http://www.moneycorp.com

Dear Florida villa owner:

It would appear that UK-owned holiday homes here in Orlando may be becoming increasingly targeted by local thieves and vandals.

This week’s Orlando Sentinel, for example, reports that “British tourists and investors have become targets of yet another wave of crimes: vacation-home burglaries.” Break-ins have doubled in the past year (see the following article for details).

British Home Loans is advising its UK clients to contact their Florida management companies as soon as possible to make sure that their Orlando villas not only have effective burglar alarm systems but also that the management companies diligently turn them on whenever renters or owners leave the premises.

Please let us know if your villa management company is either unwilling or unable to provide you with this crucial service and we will try to assist you in improving your Florida home security system.

In the meantime the British Homes Group is contacting a selection of security companies in Central Florida (Brinks, ADT, etc.) to determine the best security system for our UK customers – some even have remote internet access from the UK!

Please let us know if you would like to receive the results of this survey.

Sincerely,

Christine Doran
General Manager
www.BritishHomesGroup.com

Orlando Sentinel

Orlando-area vacation homes draw tourists – and thieves

Eloisa Ruano Gonzalez | Sentinel Staff Writer

November 11, 2008

FOUR CORNERS – British tourists and investors have become targets of yet another wave of crimes: vacation-home burglaries.

Jean Crichton and other homeowners are facing problems with thieves ripping down pool screens and breaking down doors to get into the short-term rentals — even during the daytime. They are targeting well-furnished vacation homes in neighborhoods near Disney theme parks, which have been popular among British travelers, to snag computers, flat-screen TVs, gaming systems, iPods and money.

Law-enforcement officials have tried to handle the growing problem for nearly a decade. But the number of burglaries is back on the rise. Osceola County sheriff’s spokeswoman Twis Lizasuain said burglaries more than doubled last year. More than 180 short-term rental homes were burglarized in the Osceola portion of Four Corners in 2007. In 2006, there were only 83 burglaries. So far this year, there have been 157, she said.

Likewise, Polk County sheriff’s officials say they’ve seen a nearly 31 percent increase in residential burglaries in the Four Corners and the growing corridor around Interstate 4 and U.S. Highway 27, Davenport and parts of Haines City.

Most break-ins occur when guests and residents aren’t home.

Most Four Corner vacation homes are in Polk and Osceola counties.

“It’s not only worried me for the security of my home but for the guests I’m renting to,” said Crichton, 63, of Scotland. Travelers from Australia, Brazil, Canada and New Zealand often stay at her rental home near West U.S. Highway 192, which has been broken into twice in less than a year. Two 42-inch flat-screen televisions, liquor and pillows were among the items stolen.

Burglars this year have hit about 30 vacation homes in Indian Creek, a 462-home community off West U.S. Highway 192 in Osceola County. In 2006, burglars broke into 17 homes, former homeowners association vice president John Abrahamsen said. And there were 23 burglaries in 2007.

“I see it [the problem] escalating because of the state of the economy,” said Abrahamsen, who resigned from his post with the association in September. “Desperate people do desperate things.”

The Indian Creek Common Facility District, which is in charge of maintaining the community, plans to set up cameras this week, said Fran Brown, district member and Indian Creek homeowner. She said license-plate numbers will be recorded on vehicles entering and exiting the complex, in an effort to deter thieves.

But the best deterrent, she said, is setting house alarms.

Karen Gilson, former president of the Indian Creek homeowners association whose rental home also was hit by thieves, said breaking into one of the community’s homes is a “field day” for burglars.

“We stock the houses so they’re better equipped than hotels,” Gilson said.

With new tourists often coming in and out, she said it’s easy for burglars to go undetected. And even though most homeowners installed alarm systems after previous crime waves, Gilson said many vacationers don’t set them.

But even that might not help.

After her first break-in a year ago, Crichton said she had an alarm and bolts put on the front door. That didn’t stop burglars from kicking down the door in June.

Crichton worries the increase in thefts will drive away tourists. So do other homeowners.

“I don’t want to lose [my] rental-home business,” Gilson said. “I know if I can’t rent this home, I lose it.”

Do you have a BMA loan on your Florida Property?

The US dollar, as you probably know, has rapidly risen to a 6-year high against the pound – from $1.80 – $2.00 a few short weeks ago to the low $1.60′s at time of this email.

If you currently have a Sterling mortgage on your Florida home this could be an ideal time to re-finance it into dollars – and potentially reduce your Florida mortgage amount by 10-15%.

The mother of Lee Weaver, our Director of Operations, recently refinanced her UK mortgage, for example, and reduced the outstanding loan on her Florida villa by over $22,000.

from Mrs. Weaver’s note…

Thank you Chris and BHG for looking after my Florida interests all of these years and letting me know that it was a good time to consider changing the mortgage on my Florida home from pounds to dollars. I was fortunate with my home value to be able to include most of the costs in the process and still reduce my original US loan balance by just over $22,000.

A $200,000 mortgage taken out at $1.95 would reduce to $169,231 when converted back at $1.65. That’s over a $30,000 principal reduction.

To see if the time and circumstances are right for you, please give us call, or complete the short form by clicking the link below, for an evaluation of your current mortgage position and refinance options – as always, without obligation or cost.

This window of opportunity may be short and we are expecting a lot of inquiries so please provide as much information on the form as you can

http://www.britishhomesgroup.com/refinance-your-sterling-loan.php#refinance

Sincerely,

Christine Doran
General Manager
www.BritishHomesGroup.com

Remember Remember the 5th of November………..

If you are in or around Orlando come and enjoy bonfire night – Orlando style!
 
This is the first night Guy Fawkes Night will be celebrated here in Central Florida, come along and support the chamber with your family and meet the local British American community. We have everything to make this a traditional Guy Fawkes here in Florida from sparklers to toffee apples, beer, wine, music and more!
 
We look forward to seeing you there and please do bring your Guy for the competition!

Event Information
Date    Wednesday 5th November
Time    6:00pm to 10:00pm
Venue  Osceola Heritage Park, Kissimmee
$2 per person and you can pay at the entrance
 
Bring friends, family and anyone interested in finding out about this wonderful celebration!