Torcana Newsletter Issue 24 - Important USA Property News & Mosaic Orlando Update

To your right youll find our main deal of the week - Mosaic at Mall of Millenia in Orlando (pictured above)

. Yields are very high (10%) and occupancy is almost 100%. Best of all, its extremely beautiful and prices start at 45,500 ($60,900).

Volcano Chaos

Its been a rather topsy turvey week, with all manner of travel chaos caused by this Icelandic Volcano. Weve had people getting buses from Berlin to London and many more trying to get into and out of Florida. The best jokes for those seeking relief from the travel boredom included:

a. It was the last wish of the Icelandic economy that its ashes be spread over Europe

b. Its too soon to make jokes about the Icelandic volcano - we should at least wait until the dust settles.

Thankfully, things are rather more settled stateside and there is an abundance of positive economic and property news in the USA for those who care to look. The most striking trends and chances I have noticed included:

Pending Homes Sales: This is often considered a leading indicator of the direction an economy is moving. In February, the number of homes in the US that are under contract rose by 8.2%. This index is also a significant 17.3% higher than it was a year ago.

Housing Affordability: This is a hugely important statistic as improved affordability helps the economic recovery by enabling more families (especially first time buyers) to purchase homes.

Back in 2007, the average house cost $217,900, the average mortgage interest rate was 6.52% and the average family income was $61,173. In February 2010, the average house cost $164,300, the average mortgage interest rate was 4.99% and the average family income was $60,498.

Some difference eh? That means a housing payment is just 14% of a regular families income, way below the 25% most experts recommend for a stable family budget.

This affordability is one of the key reasons Torcana focus on communities where locals, as opposed to tourists buy and rent. Mosaic (below) is a prime example.

Financing: A low affordability index is only useful if there is financing available to match it. The government funded home buyer tax creditshas been a major help with 128,500 people in Florida alone claiming almost a billion dollars in tax credits.

Vacancy Rates: Over the past two years vacancy rates have been rising and rental rates have been falling across the USA - no surprise with an unprecedented housing and economic bust. However, latest figures from Reuters suggest that vacancy rates have stopped risingand rental rates have started increasingin the first quarter of 2010. The number of apartments rented after a discounted house was vacated surged by over 20,000 units in the first quarter - the highest net positive jump in 10 years.

National vacancy rates now stand at 8%, but there are plenty of developments that are far lower. Our Mosaic community has 450 units - 99% of which are occupied. As you can probably imagine; its extremely hard to find investment properties like that.

Mosaic At Millenia Update

Hundreds of you have now enquired about this and all should have received the full brochure, information pack, financial details and site plan. Hopefully you have had the time to review and study the very detailed information provided.

Our sales team (including Florida expert David Shaw) have been onsite over the past few weeks and are amazed at the level of sales activity from not only our own clients but from other international and local realtors. Over 100 condos have been sold to owner occupiers and investors since the launch 5 weeks ago.

The reason? Desirable location; competitive pricing, great build quality, spacious floor plans, impeccable presentation on the community and an occupancy rate of 99%. All the essential boxes are ticked and then some.

If youve got some spare time on your hands, wed encourage you to come over and have a look. The strategy of "waiting for the market to bottom out" doesnt really apply anymore in locations like this. The demand for quality distressed assets in Florida, as illustrated by the stats above, is huge.

A community like Mosaic is rare. The available units, and especially the south and west facing ones with high yields, are being snapped up fast.

Below youll find a short investment summary with a link to more information on the website. As always, a full aftersales service and hassle free purchase process is available for all Torcana clients.

Torcana Newsletter Issue 24 - Important USA Property News & Mosaic Orlando Update

By: Colin Murphy

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