British Investors Flocking to Las Vegas for Foreclosures.

British Investors Flocking to Las Vegas for Foreclosures.

03/12/2008

Jonathan Abbinante - Real Estate Agent Las Vegas Real Estate

Las Vegas once a hot spot for U.S. condo investors has now become a haven for British property investors. British travellers are travelling to Vegas in their droves with a weak dollar against the G.B.£. 2 to 1 British tourist are enjoying the benefits in their wallets when abroad.

With the influx of the tourist comes the Investors with an average foreclosure property selling up to 30% under 2005 market value and the cost of an average 3 bedroom 2 bath property in the region of $350,000 about £175,000 investors from the U.K. are snapping up investment foreclosure property like it is candy.

One of the many U.K. investors I work with told me this” Jonathan It’s unbelievable I can pick up these properties really cheap between $300,000 (£150,000) and $375,000 (£175,000) with the dollar at an all time low I am buying Las Vegas Foreclosure property at less than it would cost me for a small apartment in London.” He went on to say ” Not only am I picking up these bargains but I can rent them out to U.K. tourists direct from my office in London at about $800 (£400) to $1000 (£500) a week.”

I have to say that is some serious ROI working on basic figures if the British investor can make an average of $1000 (£500) a week and pick up a large foreclosure property at say $375,000 (£175,000) He is making at full yearly occupancy $52,000 (£26,000) a year.

That means the British Investor can own the property 100% outright within 6 years plus his equity gains the British investor is most definitely on to a winner in this lack lustre Las Vegas property Market!

Even if occupancy was only half full ownership would be possible in 13 years a lot better than a mortgage over 25 or 30 years.

I asked the investor what was his average occupancy rate and he said ” Jonathan I just do not have enough of this type of property. I can rent this out to Las Vegas tourist from the U.K. 24/7 365 days a year they are lapping it up. What’s even better during the summer and certain holidays I can push the rental past the $1400 (£700) a week mark for a family of 5  The dollar is so week that British tourists love Las Vegas it’s just so cheap here for us!”

Looking at the amount of Las Vegas Foreclosure property this British investor is buying I can say he is SERIOUS.

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Jonathan Abbinante is a full service real estate agent accredited with over 15 years experiance in the real estate business. Working for national and international homebuyers and investors. Jonathan has built a solid client base with his hones solid friendly representation..

If you would like to speak to Jonathan you can contact him at his website http://remaximise.com Las Vegas Real estate Foreclosures or

call him on Las Vegas +1 702-327-8340

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