If Greensboro and Wilmington were made known like great centers for the commercial real sector in North Carolina, Charlotte is absolutely one of them. This reality was supported per many facts concerning the commercial real estate Charlotte, industry of GOLD. In fact there are several remarkable chiefs in commercial real estate Charlotte, industry of GOLD today. However, in this article, I will treat only the top the majority of the chiefs in commercial real estate Charlotte, industry of GOLD for the reason for which these two first the great commercial real estate Charlotte, companies of GOLD contributed much of assistance to the major part of the commercial real estate Charlotte, customers of GOLD.
So much now, one of these chiefs in commercial real estate Charlotte, industry of GOLD is commercial real estate Charlotte, the GOLD company which bears the name of �Charlotte, BUT� Charlotte, GOLD as a one of the chiefs in commercial real estate Charlotte, industry of GOLD is noted for her distinct commercial real estate Charlotte, execution of GOLD and services. In oneself, this particular commercial real estate Charlotte, company of GOLD has the agents of the purchaser of the Caroline which will facilitate the commercial real estate Charlotte, GOLD customers to classify to the top their commercial real estate Charlotte, GOLD properties to sell to find the special one and the best house. Moreover, this commercial real estate Charlotte, company of GOLD has its own gallery for the list of the commercial real estate Charlotte, GOLD to be sold including/understanding the FSBO autoguident. And as while being one of the chiefs in commercial real estate Charlotte, industry of GOLD, this certain commercial real estate Charlotte, company of GOLD exert their efforts and appraises to help the people by seeking the good commercial real estate Charlotte, properties of GOLD with the price scale of customer. And as soon as the new list struck the commercial real estate Charlotte, market of GOLD, Charlotte, GOLD will send an email to their commercial real estate Charlotte, customers of GOLD concerning the new list of commercial real estate available Charlotte, properties of GOLD to be sold. More thing, this particular commercial real estate Charlotte, company of GOLD can be located at www.charlotte-eba.com if you want more information on nature of this commercial real estate Charlotte, GOLD company.
And secondly, Colliers Pinkard also placed its name at the zenith of re-elected and became well-known as among the chiefs in commercial real estate Charlotte, industry of GOLD. It is for the fact that this chief in commercial real estate Charlotte, industry of GOLD provides the real estate commercial Charlotte, solutions of GOLD customers to their dilemmas of corporation and institutional. In oneself, they provide a full choice of the commercial real estate Charlotte, services of GOLD to the owners, the investors, and the occupants of all the commercial real estate Charlotte, types of GOLD property. Except this, Colliers Pinkard is well-known like principal commercial real estate in North Carolina and Maryland, and one of the chiefs in commercial real estate Charlotte, GOLD industry, they are commercial real estate based, undertaken board of trustees.
Moreover, being a chief in commercial real estate Charlotte, industry of GOLD, Colliers Pinkard are really devoted on developing advisory relationship with owners, users, and companies, and in oneself, that is not any doubt that this commercial real estate Charlotte, company of GOLD is identified in all the real sector.
Thursday, January 22, 2009
Toronto Commercial Real Estate Facts
Do you seek some of the commercial real estate available of Toronto? Do you want to find the real estate commercial of Toronto which is accessible? Then, you try to read the whole article so that you know where and what to seek by treating the commercial real estate of Toronto.
Before anything else, it is important to note that the success of the commercial real sector of Toronto is allotted really largely to the propagation of the companies of commercial real estate of Toronto. It is necessary that you know such facts for the reason for which the commercial real estate of Toronto will not be made well-known today without efforts of best and remarkable companies of commercial real estate of Toronto.
Just like some of the companies of commercial real estate everywhere in the world, the commercial real sector of Toronto continues to make an impact bursting with the majority of the owners and the researchers of commercial real estate of Toronto. In oneself, the majority of the companies of commercial real estate of Toronto developed their best forms of service with their expertise on the heap and of technologies anticipated for the destiny of the commercial real sector of Toronto.
With these great interest and intensity to develop the commercial real sector of Toronto, they continue to attract the people that even those which do not have any certain plan for the commercial real estate of Toronto are surprisingly drawn with the purchase or to seek some of the properties available and accessible from commercial real estate of Toronto.
Thus if you are a researcher of commercial real estate of Toronto or even if you do not have any interest for properties of commercial real estate of Toronto, there is a great possibility that you will be encouraged and drawn one day to obtain some of the commercial real estate of Toronto. Why? It is for the reason for which the commercial real estate of Toronto is a so powerful center for the commercial real estate. With that, it is not astonishing to know that the commercial real estate of Toronto is really chosen by the majority of the people.
To mention, one of the best sites of commercial real estate of Toronto which exerts certainly efforts to help the customers of commercial real estate of Toronto with their aims of commercial real estate of Toronto east On.Virtual-Agent.com. This certain site which provides the lists of property of commercial real estate of Toronto east one of the sites used generally for the commercial real estate of Toronto for the fact that in this site you can certainly seek the multiple inscriptions of the properties of commercial real estate of Toronto and also the residential properties. Except that you can seek the commercial real estate of Toronto to be sold and also apartments for the rent. It is simply important to note that there remain several sites for properties of commercial real estate of Toronto, but this one is the best recommended. Thus try to visit this site so that you find some of the provided properties of commercial real estate of Toronto.
Before anything else, it is important to note that the success of the commercial real sector of Toronto is allotted really largely to the propagation of the companies of commercial real estate of Toronto. It is necessary that you know such facts for the reason for which the commercial real estate of Toronto will not be made well-known today without efforts of best and remarkable companies of commercial real estate of Toronto.
Just like some of the companies of commercial real estate everywhere in the world, the commercial real sector of Toronto continues to make an impact bursting with the majority of the owners and the researchers of commercial real estate of Toronto. In oneself, the majority of the companies of commercial real estate of Toronto developed their best forms of service with their expertise on the heap and of technologies anticipated for the destiny of the commercial real sector of Toronto.
With these great interest and intensity to develop the commercial real sector of Toronto, they continue to attract the people that even those which do not have any certain plan for the commercial real estate of Toronto are surprisingly drawn with the purchase or to seek some of the properties available and accessible from commercial real estate of Toronto.
Thus if you are a researcher of commercial real estate of Toronto or even if you do not have any interest for properties of commercial real estate of Toronto, there is a great possibility that you will be encouraged and drawn one day to obtain some of the commercial real estate of Toronto. Why? It is for the reason for which the commercial real estate of Toronto is a so powerful center for the commercial real estate. With that, it is not astonishing to know that the commercial real estate of Toronto is really chosen by the majority of the people.
To mention, one of the best sites of commercial real estate of Toronto which exerts certainly efforts to help the customers of commercial real estate of Toronto with their aims of commercial real estate of Toronto east On.Virtual-Agent.com. This certain site which provides the lists of property of commercial real estate of Toronto east one of the sites used generally for the commercial real estate of Toronto for the fact that in this site you can certainly seek the multiple inscriptions of the properties of commercial real estate of Toronto and also the residential properties. Except that you can seek the commercial real estate of Toronto to be sold and also apartments for the rent. It is simply important to note that there remain several sites for properties of commercial real estate of Toronto, but this one is the best recommended. Thus try to visit this site so that you find some of the provided properties of commercial real estate of Toronto.
Commercial Real Estate Los Angeles Industry
Los Angeles is not only acclaimed for its single establishments of building, transport facilities, and other social subjects relative, but also for the creation of the companies of Los Angeles of commercial real estate which affects considerably the development in the industry of Los Angeles of commercial real estate.
It is always noted it that the success of the industry of Los Angeles of commercial real estate, in particular the companies of Los Angeles of commercial real estate, is allotted to large forces and needs for the people who are looking at and far-sighted to buy or sell a property of Los Angeles of commercial real estate. This reason judges always true when it comes on the subjects from Los Angeles from commercial real estate. With such a reality about the source of success in the industry of Los Angeles of commercial real estate, it is simply worthy to put to the top of the companies of Los Angeles of real estate much more commercial to serve the people who caused the fame than the industry of Los Angeles of commercial real estate appreciate nowadays.
Thus for this matter, the industry of Los Angeles of commercial real estate really developed like establishment of rise in companies of Los Angeles of much commercial real estate. And if you ask whether the industry of Los Angeles of commercial real estate to draw the attention and the interest of the people, the answer is number.
It is very interesting to know that the industry of Los Angeles of commercial real estate thrive for the fact that the customers of Los Angeles of commercial real estate found some advantages by appreciating the companies of Los Angeles of commercial real estate. Some of these advantages which them people obtain to appreciate the services of the companies of Los Angeles of commercial real estate can extend from the advantages of appreciation and stockholders' equity, with the advantages of additional income, and the tax incentives.
To mention, such advantages mentioned above which it customer of Los Angeles of commercial real estate obtain in various services of Los Angeles of commercial real estate are regarded as of having created one moreover high level to the reputation of the industry of Los Angeles of commercial real estate. Why? It is for the reason for which such advantages of Los Angeles of commercial real estate were strongly appreciated by the people particularly those who are customers of long run of Los Angeles of commercial real estate. With such a reason, it is not astonishing to know that the customers of Los Angeles of commercial real estate really preferred to buy or sell a property of Los Angeles of commercial real estate because of such advantages of Los Angeles of commercial real estate.
So much today, the industry of Los Angeles of commercial real estate reached at the point to develop several innovations advanced for the fast and better service of Los Angeles of commercial real estate. For much of detail, some of the companies of Los Angeles of commercial real estate provide today multiple services of Los Angeles of commercial real estate with their expertise on the heap and their advanced tools of Los Angeles of commercial real estate. Some of them glance with the field of management and the strategies marketing to help the investors, the owners of Los Angeles of commercial real estate, as well as the two purchasers and salesmen of commercial real estate.
Thus if you come to think of the purchase or by selling a property or you of Los Angeles of commercial real estate must find of the assistance about your goals of Los Angeles of commercial real estate, then you do not need to hesitate over doing what you wished in the sense that the various companies of Los Angeles of commercial real estate are there so that you are useful.
It is always noted it that the success of the industry of Los Angeles of commercial real estate, in particular the companies of Los Angeles of commercial real estate, is allotted to large forces and needs for the people who are looking at and far-sighted to buy or sell a property of Los Angeles of commercial real estate. This reason judges always true when it comes on the subjects from Los Angeles from commercial real estate. With such a reality about the source of success in the industry of Los Angeles of commercial real estate, it is simply worthy to put to the top of the companies of Los Angeles of real estate much more commercial to serve the people who caused the fame than the industry of Los Angeles of commercial real estate appreciate nowadays.
Thus for this matter, the industry of Los Angeles of commercial real estate really developed like establishment of rise in companies of Los Angeles of much commercial real estate. And if you ask whether the industry of Los Angeles of commercial real estate to draw the attention and the interest of the people, the answer is number.
It is very interesting to know that the industry of Los Angeles of commercial real estate thrive for the fact that the customers of Los Angeles of commercial real estate found some advantages by appreciating the companies of Los Angeles of commercial real estate. Some of these advantages which them people obtain to appreciate the services of the companies of Los Angeles of commercial real estate can extend from the advantages of appreciation and stockholders' equity, with the advantages of additional income, and the tax incentives.
To mention, such advantages mentioned above which it customer of Los Angeles of commercial real estate obtain in various services of Los Angeles of commercial real estate are regarded as of having created one moreover high level to the reputation of the industry of Los Angeles of commercial real estate. Why? It is for the reason for which such advantages of Los Angeles of commercial real estate were strongly appreciated by the people particularly those who are customers of long run of Los Angeles of commercial real estate. With such a reason, it is not astonishing to know that the customers of Los Angeles of commercial real estate really preferred to buy or sell a property of Los Angeles of commercial real estate because of such advantages of Los Angeles of commercial real estate.
So much today, the industry of Los Angeles of commercial real estate reached at the point to develop several innovations advanced for the fast and better service of Los Angeles of commercial real estate. For much of detail, some of the companies of Los Angeles of commercial real estate provide today multiple services of Los Angeles of commercial real estate with their expertise on the heap and their advanced tools of Los Angeles of commercial real estate. Some of them glance with the field of management and the strategies marketing to help the investors, the owners of Los Angeles of commercial real estate, as well as the two purchasers and salesmen of commercial real estate.
Thus if you come to think of the purchase or by selling a property or you of Los Angeles of commercial real estate must find of the assistance about your goals of Los Angeles of commercial real estate, then you do not need to hesitate over doing what you wished in the sense that the various companies of Los Angeles of commercial real estate are there so that you are useful.
Austin, Texas Commercial Real Estate
If we know that Dallas and Houston are acclaimed not only for its attractions but for its commercial real sector, it is interesting to note that the acclamation is also true with Austin, Texas. For Your Information, Austin east makes known not only for its attractions and other social subjects but also the commercial real estate for Austin, Texas. In oneself, the commercial real sector of Austin, Texas is not any doubt as prosperous as these other commercial real sectors.
For this matter, the success of the commercial real sector of Austin, Texas, like truth about Austin, the commercial real estate of Texas is held, is allotted considerably to the interest and the intensity the customers of commercial real estate of Austin, Texas which considerably investment companies commercial real estate led to the establishment so much much Austin, Texas today. This reality is even noted throughout the world of virtual reality for the reason for which commercial real estate of Austin, Texas is largely isolated and is necessary largely by those which seek of the assistance the needs and the objectives concerning their commercial real estate for Austin, of Texas.
Provided such an information on the position of Austin, commercial real sector of Texas, it is right like important mentioning one of these companies of commercial real estate of successful Austin and employee usually, Texas which contribute considerably to famous which commercial real sector of Austin, Texas appreciated nowadays. Thus for your interest about Austin, the commercial real estate of Texas, the COMMREX or the exchange of commercial real estate is one of the good places the commercial real estate about Austin, Texas. Thus if you of the services of commercial real estate seek certain Austin, Texas the needs and from the objectives for your commercial real estate of Austin, from Texas, you came to the good place.
To increase the interest further from those which seek some assistances about their Austin, Texas the real estate that commercial need, it is necessary to note that the company of commercial real estate of Austin, Texas COMMREX as the name of such a company implies is really based in Austin, Texas. The company of commercial real estate of this certain Austin, Texas has would be developed by work of media of Internet, and as such this Austin, the company of commercial real estate of Texas could be found at www.commrex.com. Moreover, the COMMREX or the exchange of commercial real estate is the company of commercial real estate of Austin, Texas which was without interruption functioning and functioning property of commercial real estate like Austin on line, Texas announcing the system naturally real sector for Austin, of commercial Texas with an aim of the properties of launching from Austin, of Texas commercial real estate to sell and for the lease since 1995.
Except this information on such an Austin, company of commercial real estate of Texas, it is also important to consider that company of commercial real estate of this Austin, Texas of the products of commercial real estate offered auxiliary Austin, Texas and of the services of sale which these products and services are rendered available the community of Austin, Texas with commercial real estate and the public by their site. If powerful is the company of commercial real estate of this Austin, Texas which it provides 185 mailing lists the commercial real estate of Austin available, Texas so that the user knows the information of sale by types of geographical property of area and the various ones of commercial real estate Austin, Texas.
Thus if you need the assistance about your Austin, the commercial real estate of Texas imports, these sites mentioned are the good place for you.
For this matter, the success of the commercial real sector of Austin, Texas, like truth about Austin, the commercial real estate of Texas is held, is allotted considerably to the interest and the intensity the customers of commercial real estate of Austin, Texas which considerably investment companies commercial real estate led to the establishment so much much Austin, Texas today. This reality is even noted throughout the world of virtual reality for the reason for which commercial real estate of Austin, Texas is largely isolated and is necessary largely by those which seek of the assistance the needs and the objectives concerning their commercial real estate for Austin, of Texas.
Provided such an information on the position of Austin, commercial real sector of Texas, it is right like important mentioning one of these companies of commercial real estate of successful Austin and employee usually, Texas which contribute considerably to famous which commercial real sector of Austin, Texas appreciated nowadays. Thus for your interest about Austin, the commercial real estate of Texas, the COMMREX or the exchange of commercial real estate is one of the good places the commercial real estate about Austin, Texas. Thus if you of the services of commercial real estate seek certain Austin, Texas the needs and from the objectives for your commercial real estate of Austin, from Texas, you came to the good place.
To increase the interest further from those which seek some assistances about their Austin, Texas the real estate that commercial need, it is necessary to note that the company of commercial real estate of Austin, Texas COMMREX as the name of such a company implies is really based in Austin, Texas. The company of commercial real estate of this certain Austin, Texas has would be developed by work of media of Internet, and as such this Austin, the company of commercial real estate of Texas could be found at www.commrex.com. Moreover, the COMMREX or the exchange of commercial real estate is the company of commercial real estate of Austin, Texas which was without interruption functioning and functioning property of commercial real estate like Austin on line, Texas announcing the system naturally real sector for Austin, of commercial Texas with an aim of the properties of launching from Austin, of Texas commercial real estate to sell and for the lease since 1995.
Except this information on such an Austin, company of commercial real estate of Texas, it is also important to consider that company of commercial real estate of this Austin, Texas of the products of commercial real estate offered auxiliary Austin, Texas and of the services of sale which these products and services are rendered available the community of Austin, Texas with commercial real estate and the public by their site. If powerful is the company of commercial real estate of this Austin, Texas which it provides 185 mailing lists the commercial real estate of Austin available, Texas so that the user knows the information of sale by types of geographical property of area and the various ones of commercial real estate Austin, Texas.
Thus if you need the assistance about your Austin, the commercial real estate of Texas imports, these sites mentioned are the good place for you.
Melbourne Commercial Real Estate
Melbourne having gained the reputation like continuous town of garden to becoming well-known not only for its arts and trades, the parks and the gardens marvellous, and their single architecture, but also for the existence of the commercial real estate of Melbourne. It is noted it that the appearance or the establishment of the commercial real estate of Melbourne concluded the successfully in the real sector and in oneself, much of people was attracted to live in commercial real estate of Melbourne for the single environment of commercial real estate of Melbourne.
Today, it is important to note that the commercial real estate of Melbourne becomes one of the centers for the commercial real estate. Several companies of commercial real estate of Melbourne are established to help these customers of commercial real estate of Melbourne with their aims of commercial real estate of Melbourne. Thus with such a truth, people particularly that those which envisage to buy Melbourne easily the commercial real estate plac and will find the properties available and accessible from commercial real estate of Melbourne with the assistance of the Internet.
To mention thus, since there are so many companies of commercial real estate of Melbourne through the Internet, CommercialRealEstate.com is one of the effective channels so that you find properties of commercial real estate of Melbourne. Since the term real estate commercial covers the commercial and industrial properties real estate, it is thus comprehensible that this particular site of commercial real estate of Melbourne offered of the services for the commercial real estate of Melbourne and the industrial services of real estate. With such this distinction, this certain site of commercial real estate of Melbourne is commercial real estate agent authorized of Melbourne a truth with over 20 years of experience of agency of commercial real estate of Melbourne Australia. In oneself, this company of commercial real estate of Melbourne specialized and the professionals of technology information, the originators, and the gifted programmers of Web with their occupational commercial real estate agents of Melbourne truths.
Moreover, CommercialRealEstate.com having the expertise in the experiment of agency of commercial real estate of Melbourne and the best Australian field of Internet, could undoubtedly produce first gate Internet of commercial real estate of Melbourne in Australia. The broader range and the expertise of this company of commercial real estate of Melbourne made them like better and the site more usually employed commercial real estate of Melbourne in Australia.
The outside of the field of such a company of commercial real estate of Melbourne is the territory of others several companies of commercial real estate of Melbourne which considerably exerted the assistance with the customers of commercial real estate of Melbourne. Some of these companies of commercial real estate of Melbourne also made their names popular to the majority of the customers of commercial real estate of Melbourne. Undoubtedly, they placed their titles at moreover high level with their effective and exceptional services of commercial real estate of Melbourne.
Today, it is important to note that the commercial real estate of Melbourne becomes one of the centers for the commercial real estate. Several companies of commercial real estate of Melbourne are established to help these customers of commercial real estate of Melbourne with their aims of commercial real estate of Melbourne. Thus with such a truth, people particularly that those which envisage to buy Melbourne easily the commercial real estate plac and will find the properties available and accessible from commercial real estate of Melbourne with the assistance of the Internet.
To mention thus, since there are so many companies of commercial real estate of Melbourne through the Internet, CommercialRealEstate.com is one of the effective channels so that you find properties of commercial real estate of Melbourne. Since the term real estate commercial covers the commercial and industrial properties real estate, it is thus comprehensible that this particular site of commercial real estate of Melbourne offered of the services for the commercial real estate of Melbourne and the industrial services of real estate. With such this distinction, this certain site of commercial real estate of Melbourne is commercial real estate agent authorized of Melbourne a truth with over 20 years of experience of agency of commercial real estate of Melbourne Australia. In oneself, this company of commercial real estate of Melbourne specialized and the professionals of technology information, the originators, and the gifted programmers of Web with their occupational commercial real estate agents of Melbourne truths.
Moreover, CommercialRealEstate.com having the expertise in the experiment of agency of commercial real estate of Melbourne and the best Australian field of Internet, could undoubtedly produce first gate Internet of commercial real estate of Melbourne in Australia. The broader range and the expertise of this company of commercial real estate of Melbourne made them like better and the site more usually employed commercial real estate of Melbourne in Australia.
The outside of the field of such a company of commercial real estate of Melbourne is the territory of others several companies of commercial real estate of Melbourne which considerably exerted the assistance with the customers of commercial real estate of Melbourne. Some of these companies of commercial real estate of Melbourne also made their names popular to the majority of the customers of commercial real estate of Melbourne. Undoubtedly, they placed their titles at moreover high level with their effective and exceptional services of commercial real estate of Melbourne.
Columbus, Ohio Commercial Real Estate
Columbus being the capital of prosperous Ohio with the rise in the number the investment companies real commercial of successful Columbus, Ohio which contributed a great part in success commercial real sector of Columbus, Ohio. Today, several of the investment companies commercial real estate of Columbus, Ohio were established to continue to serve those which envisage property of commercial real estate to buy or sell Columbus, Ohio.
With the rise in much in the investment companies commercial real estate of Columbus, Ohio, one notes it that the need for the services and assistance for Columbus, of Ohio of commercial real estate also developed. This reality is made obvious by all the number of these people who have goals of commercial real estate need for their Columbus, Ohio. So much today, it is not astonishing that the investment companies commercial real estate of Columbus, of Ohio in the name of the services of warehouse of real estate, of real object of KING, and of the real estate of Columbus create an impact bursting with the general situation commercial real sector of Columbus, Ohio.
Thus for much of emphase, I would like to provide some information on those mentioned three investment companies commercial real estate of Columbus, Ohio which considerably exerted efforts and the expertise right of the customers of commercial real estate to help Columbus, Ohio.
To mention, the warehouse of real estate is one of these investment companies commercial real estate of successful Columbus, Ohio which generally helps the people by finding information sector of commercial real estate for Columbus, Ohio. Like one of acclaimed Columbus, site of commercial real estate of Ohio, the warehouse of real estate obtained with an average approximately 10.000 visitors each month. Such a number of the visitors of commercial real estate of Columbus, Ohio is really simply astonishing. For much of information, the warehouse of real estate having contributed a large part for success commercial real sector of Columbus, Ohio the inventory of the real goods commercial offered complete Columbus, Ohio which them real commercial covered all Columbus, Ohio to be sold in the sector. Except this, the company of commercial real estate of this Columbus, Ohio can help you the commercial real estate by finding Columbus, Ohio to be sold which will match with your personal characteristics.
Of second the company of commercial real estate notable Columbus, Ohio which is the services of real object of KING is really a complete service the company of commercial real estate of Columbus, Ohio which specializes in broking. With their Columbus, service of commercial real estate of Ohio, they can help you the properties of commercial real estate to locate Columbus, Ohio which is available for the sale or the lease. With such Columbus, service of commercial real estate of Ohio, you can of the investments of commercial real estate identify and evaluate Columbus, Ohio with their assistance. Except this, the company of commercial real estate of this Columbus, Ohio also offered the service for plans of negotiation and the commercial real estate of developing Columbus, Ohio project, as well as in identifying Columbus, property of commercial real estate of Ohio.
In conclusion, the third which is the real estate of Columbus bearing the name of Columbus, commercial real sector of Ohio is not any doubt devoted to provide services the commercial real estate for Columbus, Ohio. The site of commercial real estate of this Columbus, Ohio is made to provide information for the individuals who want to quickly find information walked of commercial real estate relating to Columbus, Ohio. If powerful the company of commercial real estate of this Columbus is the power, Ohio which it helped so many people area everywhere of Columbus, Ohio.
With the rise in much in the investment companies commercial real estate of Columbus, Ohio, one notes it that the need for the services and assistance for Columbus, of Ohio of commercial real estate also developed. This reality is made obvious by all the number of these people who have goals of commercial real estate need for their Columbus, Ohio. So much today, it is not astonishing that the investment companies commercial real estate of Columbus, of Ohio in the name of the services of warehouse of real estate, of real object of KING, and of the real estate of Columbus create an impact bursting with the general situation commercial real sector of Columbus, Ohio.
Thus for much of emphase, I would like to provide some information on those mentioned three investment companies commercial real estate of Columbus, Ohio which considerably exerted efforts and the expertise right of the customers of commercial real estate to help Columbus, Ohio.
To mention, the warehouse of real estate is one of these investment companies commercial real estate of successful Columbus, Ohio which generally helps the people by finding information sector of commercial real estate for Columbus, Ohio. Like one of acclaimed Columbus, site of commercial real estate of Ohio, the warehouse of real estate obtained with an average approximately 10.000 visitors each month. Such a number of the visitors of commercial real estate of Columbus, Ohio is really simply astonishing. For much of information, the warehouse of real estate having contributed a large part for success commercial real sector of Columbus, Ohio the inventory of the real goods commercial offered complete Columbus, Ohio which them real commercial covered all Columbus, Ohio to be sold in the sector. Except this, the company of commercial real estate of this Columbus, Ohio can help you the commercial real estate by finding Columbus, Ohio to be sold which will match with your personal characteristics.
Of second the company of commercial real estate notable Columbus, Ohio which is the services of real object of KING is really a complete service the company of commercial real estate of Columbus, Ohio which specializes in broking. With their Columbus, service of commercial real estate of Ohio, they can help you the properties of commercial real estate to locate Columbus, Ohio which is available for the sale or the lease. With such Columbus, service of commercial real estate of Ohio, you can of the investments of commercial real estate identify and evaluate Columbus, Ohio with their assistance. Except this, the company of commercial real estate of this Columbus, Ohio also offered the service for plans of negotiation and the commercial real estate of developing Columbus, Ohio project, as well as in identifying Columbus, property of commercial real estate of Ohio.
In conclusion, the third which is the real estate of Columbus bearing the name of Columbus, commercial real sector of Ohio is not any doubt devoted to provide services the commercial real estate for Columbus, Ohio. The site of commercial real estate of this Columbus, Ohio is made to provide information for the individuals who want to quickly find information walked of commercial real estate relating to Columbus, Ohio. If powerful the company of commercial real estate of this Columbus is the power, Ohio which it helped so many people area everywhere of Columbus, Ohio.
Commercial Real Estate Broker
Do you need a commercial real estate agent for your needs for commercial real estate? Can't you find the real estate agents commercial available and excellent? Then why made not you read some facts on the commercial real estate agent below and can where find the brokers available available and large in the world.
So much here we are. According to some studies, the commercial real estate agent is really an agent which can work for a broker. A commercial real estate agent in general should be responsible for all the transactions which will take place for commercial real estate. In oneself, the commercial real estate agent or an agent should have the specific expertise in commercial real estate, and in a more important way in specific sectors where you need. With such responsibilities, the commercial real estate agents should know all about the offices, of space to the detail, the industrial space of warehouse, the complexes of apartments, and the agricultural surfaces in particular.
Moreover, the commercial real estate agent takes the responsability to find the property of a certain customer of commercial real estate. And it is often considered it that even if the customer of commercial real estate just renting the property, the commercial real estate agent can be of priceless value and if the commercial real estate agent is nice, then a commercial real estate agent will leave and look at the property for the customer. Except these functions, the commercial real estate agent is also responsible to be used as intermediary arm-length to negotiate in the name of the customer of commercial real estate. Such a responsibility for a commercial real estate agent is really entrusted to a commercial real estate agent for the reason for which it can be much more effective if the commercial real estate agent is the person which negotiates that the customer trying to be in talks the business with itself.
For much of interest, each one should maintain in the spirit which a commercial real estate agent works on the similar businesses all the hour. In oneself, the commercial real estate agents know probably what they do. Thus for this matter, the knowledge and the contacts reached by the commercial real estate agents can be worth the cost of a commission well. For Your Information, the commercial real estate agent will help you not only in your business but the commercial real estate agents will also help you with the writings to ensure that you made not something idiot or stupid by tendering.
Today, there are several commercial real estate agents which were operation and assistance of the customers of commercial real estate in their report/ratio of businesses and of the transactions. In fact, much of notable companies on line provide even some services for those which seek the commercial real estate agents. To mention, CityFeet.com and associations of commercial real estate are among these much of companies which offered research of the commercial real estate agents. Thus if you want to find an real estate agnt commercial responsible, you try to visit these sites for your aedvantage.
So much here we are. According to some studies, the commercial real estate agent is really an agent which can work for a broker. A commercial real estate agent in general should be responsible for all the transactions which will take place for commercial real estate. In oneself, the commercial real estate agent or an agent should have the specific expertise in commercial real estate, and in a more important way in specific sectors where you need. With such responsibilities, the commercial real estate agents should know all about the offices, of space to the detail, the industrial space of warehouse, the complexes of apartments, and the agricultural surfaces in particular.
Moreover, the commercial real estate agent takes the responsability to find the property of a certain customer of commercial real estate. And it is often considered it that even if the customer of commercial real estate just renting the property, the commercial real estate agent can be of priceless value and if the commercial real estate agent is nice, then a commercial real estate agent will leave and look at the property for the customer. Except these functions, the commercial real estate agent is also responsible to be used as intermediary arm-length to negotiate in the name of the customer of commercial real estate. Such a responsibility for a commercial real estate agent is really entrusted to a commercial real estate agent for the reason for which it can be much more effective if the commercial real estate agent is the person which negotiates that the customer trying to be in talks the business with itself.
For much of interest, each one should maintain in the spirit which a commercial real estate agent works on the similar businesses all the hour. In oneself, the commercial real estate agents know probably what they do. Thus for this matter, the knowledge and the contacts reached by the commercial real estate agents can be worth the cost of a commission well. For Your Information, the commercial real estate agent will help you not only in your business but the commercial real estate agents will also help you with the writings to ensure that you made not something idiot or stupid by tendering.
Today, there are several commercial real estate agents which were operation and assistance of the customers of commercial real estate in their report/ratio of businesses and of the transactions. In fact, much of notable companies on line provide even some services for those which seek the commercial real estate agents. To mention, CityFeet.com and associations of commercial real estate are among these much of companies which offered research of the commercial real estate agents. Thus if you want to find an real estate agnt commercial responsible, you try to visit these sites for your aedvantage.
Commercial Real Estate Phoenix, Arizona Resources
Do you seek reliable commercial real estate and persons in charge the resources of Phoenixes, Arizona which will really help you in your commercial real estate of the problems of Phoenix, Arizona? Can't you wait to know the commercial real estate available and most recommended resources of Phoenix, Arizona? Well, here what you seek.
But before anything else satisfy consider that these two recommended the commercial real estate Phoenix, of the resources of Arizona are right among the best commercial real estate the resources of Phoenixes, Arizona which are accessible on line.
Real estate of Web
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Real estate of Web
The real estate of Web is commercial real estate the company of Phoenix, Arizona which contributed much to the success of the commercial real estate industry of Phoenix, Arizona. With this commercial real estate Phoenix, the company of Arizona, the commercial real estate of the customers of Phoenix, Arizona will obtain really exact information and the best commercial real estate of the services of Phoenix, Arizona ever offered. Why? It is because, this certain commercial real estate company of Phoenix, Arizona have a broader range of the commercial real estate of the services of sale of Phoenix, Arizona for those which need the assistance with their commercial real estate of the problems of Phoenix, Arizona. Moreover, this commercial real estate company of Phoenix, Arizona is composed of professionals and the experts in the field of the commercial real estate Phoenix, of the subjects of Arizona and them are strongly devoted on helping the commercial real estate Phoenix, the customers of Arizona locate the commercial real estate Phoenix, the properties of Arizona or the industrial properties of Phoenix and guarantee an exceptional service.
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Properties of Camroad
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In conclusion, like owners of the commercial real estate with Phoenix, Arizona, this certain real estate commercial company of Phoenix, Arizona is responsible by providing excellent information and ideas, experiment, service, and analyzes with the commercial real estate the research of the customers of Phoenix, Arizona of the quality of the offices of Phoenix, Arizona. And it is interesting to note that the true cause of the great fame that this commercial real estate company of Phoenix, Arizona appreciated today is the fact that this commercial real estate company of Phoenix, Arizona maintained to a durable relationship with all their tenants. And such a report/ratio create a very good result, which is rates of conservation with an average of more than 80 percent in very of their commercial real estate of the properties of Phoenix, Arizona.
Commercial Real Estate Company
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Of this only explanation, it is comprehensible that an investment company commercial real estate is really the good place for subjects of commercial real estate. Acting as a vehicle for the successful position of investment company commercial real estate, the major part of the investment company commercial real estate really exerted efforts on their line of expertise. With this truth, use-and of investment company commercial real estate even provide except theirs appraises on the heap, some advance technologies for a better image of a certain investment company commercial real estate.
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As we always noted of an investment company commercial real estate, several factors are placed in order to be used the researchers as investment company commercial real estate. It is right a typical thing so that an investment company commercial real estate has missions and visions for the commercial success of the investment company real. Like some forms of organizations, an investment company commercial real estate also placed some rules for all the operation of a certain investment company commercial real estate. In conformity with that, several services are offered by an investment company commercial real estate which generally includes leasing, the purchases, or the sale of commercial real estate. Except this fact on the investment company commercial real estate, one always notes it that an investment company commercial real estate also offered services of investment company commercial real estate in conformity with the investment, management, financing, and much more.
Today, several services of investment company commercial real estate are offered for good better and the successful service of investment company commercial real estate. You must just exert your effort so that you in find some.
Thursday, January 15, 2009
International Real Estate Investors Choose U.S. Properties
The weakening U.S. dollar and declining home values are largely discouraging for Americans homeowners. For international real estate investors, however, such conditions present opportunity. The National Association of Realtors (NAR) recently released the 2008 NAR Profile of International Home Buying Activity.
"NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008," according to the NAR press release on the findings. "Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular."
Nearly half of the properties purchased by foreign buyers were located in the South; 25.4 percent of all property sales to foreign buyers occurred in Florida alone. (For more information on foreign investment in Florida's real estate market, please see our previous article, Europeans Set Sights on Florida.)
"Foreign exchange rates have helped make U.S. homes more affordable for international buyers," according to NAR's press release. "The euro, for example, has strengthened 24 percent versus the U.S. dollar over the past two years. Home prices are also now more affordable in places such as Florida and Arizona, contributing to those states’ popularity among foreign buyers."
The typical foreign buyer bought a single-family home at $297,400, intended for use as a vacation home, where the buyer stayed 2.6 months of the year, according to the findings. 40 percent of foreign buyers made the purchase in cash, compared to just 7 percent of domestic homebuyers who do so. In the previous report, which covered the period between April 2006 and April 2007, 28 percent of foreign buyers made their purchases in cash. This 12 percent increase in foreign buyers who purchased properties in cash can perhaps be attributed to the weakened U.S. dollar and sinking home prices across the country.
Foreigners who invest in U.S. real estate also differ from their domestic counterparts in other ways. They tend to buy more expensive properties than domestic real estate investors, and are more likely to purchase a condo or townhome than domestic real estate investors. Foreign buyers purchase properties that cost an average of 36 percent more than domestic buyers, and 14 percent of properties purchased by foreigners cost $750,000 or more, according to the findings.
Investors from China were the most likely to purchase properties at $1 million and more, with 14 percent of Chinese buyers doing so. The median price paid by real estate investors from China was $450,000, the highest median of any location in the report.
Nearly one quarter of investors from India purchased properties to use as rentals, the highest found in the report.
"People from North America, Europe and Asia accounted for more than 85 percent of recent foreign home buying transactions. The top six countries of origin for foreign home buyers, in rank order, were Canada, the United Kingdom, Mexico, China, India and Germany," according to NAR's press release. "This year, Canada replaced Mexico as the country with the largest share of foreign buyers in the U.S. The percentage of Canadian buyers doubled from last year, from 11 percent to 23.5 percent."
26 percent of Realtors have worked with foreign homebuyers, according to Inman News; that is down slightly from the 32 percent of respondents in NAR's previous report, which covered the period between April 2006 and April 2007. The drop may be attributed in part to decreased confidence in the U.S. real estate market in the wake of its downturn.
The research included in the study covers the period between May 2007 and May 2008 and was based on responses from about 4,000 Realtors who work with international real estate investors. Such foreign buyers were defined as those who aren't classified as foreign-born residents of the U.S., and who principally reside out of the U.S.
"NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008," according to the NAR press release on the findings. "Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular."
Nearly half of the properties purchased by foreign buyers were located in the South; 25.4 percent of all property sales to foreign buyers occurred in Florida alone. (For more information on foreign investment in Florida's real estate market, please see our previous article, Europeans Set Sights on Florida.)
"Foreign exchange rates have helped make U.S. homes more affordable for international buyers," according to NAR's press release. "The euro, for example, has strengthened 24 percent versus the U.S. dollar over the past two years. Home prices are also now more affordable in places such as Florida and Arizona, contributing to those states’ popularity among foreign buyers."
The typical foreign buyer bought a single-family home at $297,400, intended for use as a vacation home, where the buyer stayed 2.6 months of the year, according to the findings. 40 percent of foreign buyers made the purchase in cash, compared to just 7 percent of domestic homebuyers who do so. In the previous report, which covered the period between April 2006 and April 2007, 28 percent of foreign buyers made their purchases in cash. This 12 percent increase in foreign buyers who purchased properties in cash can perhaps be attributed to the weakened U.S. dollar and sinking home prices across the country.
Foreigners who invest in U.S. real estate also differ from their domestic counterparts in other ways. They tend to buy more expensive properties than domestic real estate investors, and are more likely to purchase a condo or townhome than domestic real estate investors. Foreign buyers purchase properties that cost an average of 36 percent more than domestic buyers, and 14 percent of properties purchased by foreigners cost $750,000 or more, according to the findings.
Investors from China were the most likely to purchase properties at $1 million and more, with 14 percent of Chinese buyers doing so. The median price paid by real estate investors from China was $450,000, the highest median of any location in the report.
Nearly one quarter of investors from India purchased properties to use as rentals, the highest found in the report.
"People from North America, Europe and Asia accounted for more than 85 percent of recent foreign home buying transactions. The top six countries of origin for foreign home buyers, in rank order, were Canada, the United Kingdom, Mexico, China, India and Germany," according to NAR's press release. "This year, Canada replaced Mexico as the country with the largest share of foreign buyers in the U.S. The percentage of Canadian buyers doubled from last year, from 11 percent to 23.5 percent."
26 percent of Realtors have worked with foreign homebuyers, according to Inman News; that is down slightly from the 32 percent of respondents in NAR's previous report, which covered the period between April 2006 and April 2007. The drop may be attributed in part to decreased confidence in the U.S. real estate market in the wake of its downturn.
The research included in the study covers the period between May 2007 and May 2008 and was based on responses from about 4,000 Realtors who work with international real estate investors. Such foreign buyers were defined as those who aren't classified as foreign-born residents of the U.S., and who principally reside out of the U.S.
An introduction to investing in international real estate
It’s easy to take for granted the scope of “international real estate,” which lumps all the real estate markets of the world—193 countries, to be exact—into a single category of three words. While we recognize that a detailed guide to investing in international real estate could easily fill a book, NuWire has managed to summarize some of the basics into a short list of what investors should know before venturing into foreign real estate.
1. International real estate investment can offer excellent diversification of assets
Investment in international real estate offers diversification, which is “a superior investment style,” according to Ross Moore, senior vice president of Colliers International USA. Diversification effectively distributes risk among multiple markets and can optimize potential for return.
Because real estate market trends are cyclic, “we may have a down-cycle here in the United States, but [there may be] excellent opportunities in Argentina or Europe, [which] are in the beginning of an up-cycle,” Tyler Clay, president of FIABCI-USA, or the U.S. Chapter of the International Real Estate Federation, said.
Large, commercial real estate investors usually need a large amount of capital in order to acquire and maintain a global portfolio, according to Moore. However, small investors have the opportunity to diversify their assets on a microcosmic level, such as purchasing residential property in markets that show considerable potential for upward growth.
2. Currency exchange rates can enhance or impede profit margins
International real estate investment essentially combines property two types of assets: property and foreign currency. The value of a foreign currency can profoundly affect the amount of return made on an investment, as it increases or decreases relative to the U.S. dollar.
For example, a small office building in Europe worth €1 million six years ago would have equated to $920,000 U.S. dollars, when the Euro traded at 0.92 Euros to the dollar. Since then, any appreciation in the building’s value might have been compounded or negated by changes in exchange rate. In this case, the exchange rate would have added to the returns: With an appreciation of 10 percent, the newly valued €1.1 million office building would be worth $1.65 million— almost twice its original value in U.S. dollars.
Conversely, a strengthening dollar may slow down appreciation in a European property. Experts intuit that the value of the dollar may be at a cyclical low, and may soon begin to climb again.
“If I buy now at €1.54 on the dollar...but I think the dollar will be a little bit stronger [five years from now], that’s going to eat into my returns,” Clay said.
Investors who would prefer not to deal with the volatility of the foreign exchange market, or forex, at all “can hedge almost any currency and...really take currency out of the picture,” Moore said. “Then you’re investing purely on your expectations for [a] specific [real estate] market.”
HiFX, for example, offers investors services related to the forex market, and can give investors better exchange rates than banks.
However, hedging currency becomes more difficult when investors hold on to an asset for a long period of time, Moore added.
For more information about investment in foreign currency, please read our previous article, Forex Investment Market.
3. Legal technicalities (or the lack thereof) may increase risk
Navigating the legal landscape of a foreign real estate market can be daunting, especially in developing countries that have only recently opened their property markets to limited foreign investment. For markets in China and Southeast Asia, for instance, foreign investment and real estate ownership laws are changed or added rapidly, as their respective governments try to stabilize their growth.
Some countries, such as Vietnam, limit the amount of currency that can leave their borders, Clay said. Furthermore, title insurance is a relatively new product for many countries, and U.S. title insurance companies have only begun to establish a presence abroad in a limited selection of markets. Other locations, such as the United Kingdom, do not require or provide licensing for real estate agencies, which can leave the door open for fraud and predatory practices.
4. Foreign investment opportunities abound in Latin America
American investors can take advantage of a broad range of foreign real estate investment opportunities without leaving the Americas. Latin American real estate markets can be especially favorable, offering affordable property prices, government initiatives meant to attract foreign capital and exotic, beautiful landscapes, without having to traverse more than three time zones.
“I think South America is highly overlooked and underrated,” Moore said. “We produce a global office report...and it’s remarkable to me how transformed most of those markets are in a relatively short period of time.”
In the course of three to four years, for instance, vacancy rates shrank from in the mid-teens to less than 5 percent, Moore said.
In addition, countries such as Mexico and Panama are becoming popular among American expatriates, especially retirees, largely for their lower cost of living, according to Clay. (For more information on this, see our previous article, Beyond Florida.) The lower cost of health care, which fuels the medical tourism industry in many Latin American countries, is an added benefit for retirees.
“Panama City has a John Hopkins hospital right in the middle of town [which is] about three years old,” Clay said.
5. Working with international real estate professionals is an important first step
Regardless of the type of investment in foreign real estate, whether it may be in commercial real estate in an emergent economy or a vacation home in Mexico, investors should seek professionals who are knowledgeable about global markets and are well-connected with a network of localized real estate agents. Embarking on one’s own in unfamiliar territory can be a dangerous move.
“The devil’s in the details, and I think that’s especially true when you talk about global investment,” Moore said.
Colliers International, for instance, specializes in commercial and business real estate, and has 293 local offices in 91 countries. Smaller-scale investors can seek advice from FIABCI or a Certified International Property Specialist (CIPS) based in the U.S.
6. The U.S. real estate market is not necessarily a “bad” place for investment
The state of the U.S. housing market might be unnerving for many investors, but those who follow the traditional “buy low, sell high” mantra might see opportunity where others see cause for concern.
“I personally think that the U.S. real estate is actually a great place to invest, notwithstanding the next six to nine months where it’s going to get pretty sluggish,” Moore said. “Already you’re seeing opportunities today that nobody would even have dreamt of...nine months ago.”
Does this mean that investors can look forward to a potential up-cycle within the next year? At the least, U.S. real estate might seem like a more promising alternative to more expensive markets overseas.
1. International real estate investment can offer excellent diversification of assets
Investment in international real estate offers diversification, which is “a superior investment style,” according to Ross Moore, senior vice president of Colliers International USA. Diversification effectively distributes risk among multiple markets and can optimize potential for return.
Because real estate market trends are cyclic, “we may have a down-cycle here in the United States, but [there may be] excellent opportunities in Argentina or Europe, [which] are in the beginning of an up-cycle,” Tyler Clay, president of FIABCI-USA, or the U.S. Chapter of the International Real Estate Federation, said.
Large, commercial real estate investors usually need a large amount of capital in order to acquire and maintain a global portfolio, according to Moore. However, small investors have the opportunity to diversify their assets on a microcosmic level, such as purchasing residential property in markets that show considerable potential for upward growth.
2. Currency exchange rates can enhance or impede profit margins
International real estate investment essentially combines property two types of assets: property and foreign currency. The value of a foreign currency can profoundly affect the amount of return made on an investment, as it increases or decreases relative to the U.S. dollar.
For example, a small office building in Europe worth €1 million six years ago would have equated to $920,000 U.S. dollars, when the Euro traded at 0.92 Euros to the dollar. Since then, any appreciation in the building’s value might have been compounded or negated by changes in exchange rate. In this case, the exchange rate would have added to the returns: With an appreciation of 10 percent, the newly valued €1.1 million office building would be worth $1.65 million— almost twice its original value in U.S. dollars.
Conversely, a strengthening dollar may slow down appreciation in a European property. Experts intuit that the value of the dollar may be at a cyclical low, and may soon begin to climb again.
“If I buy now at €1.54 on the dollar...but I think the dollar will be a little bit stronger [five years from now], that’s going to eat into my returns,” Clay said.
Investors who would prefer not to deal with the volatility of the foreign exchange market, or forex, at all “can hedge almost any currency and...really take currency out of the picture,” Moore said. “Then you’re investing purely on your expectations for [a] specific [real estate] market.”
HiFX, for example, offers investors services related to the forex market, and can give investors better exchange rates than banks.
However, hedging currency becomes more difficult when investors hold on to an asset for a long period of time, Moore added.
For more information about investment in foreign currency, please read our previous article, Forex Investment Market.
3. Legal technicalities (or the lack thereof) may increase risk
Navigating the legal landscape of a foreign real estate market can be daunting, especially in developing countries that have only recently opened their property markets to limited foreign investment. For markets in China and Southeast Asia, for instance, foreign investment and real estate ownership laws are changed or added rapidly, as their respective governments try to stabilize their growth.
Some countries, such as Vietnam, limit the amount of currency that can leave their borders, Clay said. Furthermore, title insurance is a relatively new product for many countries, and U.S. title insurance companies have only begun to establish a presence abroad in a limited selection of markets. Other locations, such as the United Kingdom, do not require or provide licensing for real estate agencies, which can leave the door open for fraud and predatory practices.
4. Foreign investment opportunities abound in Latin America
American investors can take advantage of a broad range of foreign real estate investment opportunities without leaving the Americas. Latin American real estate markets can be especially favorable, offering affordable property prices, government initiatives meant to attract foreign capital and exotic, beautiful landscapes, without having to traverse more than three time zones.
“I think South America is highly overlooked and underrated,” Moore said. “We produce a global office report...and it’s remarkable to me how transformed most of those markets are in a relatively short period of time.”
In the course of three to four years, for instance, vacancy rates shrank from in the mid-teens to less than 5 percent, Moore said.
In addition, countries such as Mexico and Panama are becoming popular among American expatriates, especially retirees, largely for their lower cost of living, according to Clay. (For more information on this, see our previous article, Beyond Florida.) The lower cost of health care, which fuels the medical tourism industry in many Latin American countries, is an added benefit for retirees.
“Panama City has a John Hopkins hospital right in the middle of town [which is] about three years old,” Clay said.
5. Working with international real estate professionals is an important first step
Regardless of the type of investment in foreign real estate, whether it may be in commercial real estate in an emergent economy or a vacation home in Mexico, investors should seek professionals who are knowledgeable about global markets and are well-connected with a network of localized real estate agents. Embarking on one’s own in unfamiliar territory can be a dangerous move.
“The devil’s in the details, and I think that’s especially true when you talk about global investment,” Moore said.
Colliers International, for instance, specializes in commercial and business real estate, and has 293 local offices in 91 countries. Smaller-scale investors can seek advice from FIABCI or a Certified International Property Specialist (CIPS) based in the U.S.
6. The U.S. real estate market is not necessarily a “bad” place for investment
The state of the U.S. housing market might be unnerving for many investors, but those who follow the traditional “buy low, sell high” mantra might see opportunity where others see cause for concern.
“I personally think that the U.S. real estate is actually a great place to invest, notwithstanding the next six to nine months where it’s going to get pretty sluggish,” Moore said. “Already you’re seeing opportunities today that nobody would even have dreamt of...nine months ago.”
Does this mean that investors can look forward to a potential up-cycle within the next year? At the least, U.S. real estate might seem like a more promising alternative to more expensive markets overseas.
Gambling on Las Vegas Real Estate
Las Vegas, the neon city in the middle of a desert, has seen its housing market expand and collapse in the blink of an eye. But Las Vegas is a town where millionaires are made overnight and even real estate investors can win big.
Las Vegas’ neighborhoods are still recovering from the slump caused by overbuilding, speculation and subprime lending. Foreclosures line the streets and planned luxury high rise condos on the Las Vegas Strip are incomplete or sitting vacant. Looking ahead, changes to the job market and lending industry are about to put new pressure on Las Vegas’ housing market.
“The change in the market over the last three years has gone from an extreme hyper lack of supply to a severe glut,” Sean Brown, CEO of the National Association of Residential Real Estate Investment Advisors (NARREIA), said. “We’ve gone from [a] market where it was a cash flow positive, below national median house price…to something where you’re going to have negative cash flow...unless you do some bizarrely creative financing on it, which has gone away with the implosion of the lending industry.”
However, with the amount of commercial construction planned on the Strip, thousands of new jobs may emerge after the projects are completed. And with new jobs come demographic—and economic—growth.
Growth
“Taking a conservative approach, we’ve got 20,000 rooms being delivered, which represents 100,000 jobs,” Scott Meservey, Las Vegas real estate agent and NARREIA advisor, said. “Our current job market is sitting at 900,000 positions to service a valley of two million people, so you’re talking about a 12 percent forced increase in the job market.”
A number of hotels, casinos and other businesses are in the works on the Strip, Chris Whittaker, real estate agent with the O’Keefe Whittaker Group, said in an e-mail interview. The Venetian is opening a 3,000 room tower at the end of the year. City Center, a luxury casino-hotel-condo complex, is opening in November 2009 and will create 20,000 to 30,000 new jobs. And Donald Trump is building a new tower. Additionally, Whittaker said he estimates that $30 billion will be spent between Sahara and McCarren airports.
“We have another $15 billion of already approved projects...over the next five years,” Meservey said. “Over the last 15 years, there has been $15 billion [spent] here since the Mirage went up. So we are looking at, in the next five years, as many dollars spent…as has been spent here in the last 15 years.”
“A client of the company...has acquired more than 100 homes in Las Vegas,” Tim Kuptz, owner of a Las Vegas RE/MAX real estate brokerage, said in an e-mail interview. “His strategy is simple. Whenever he thinks there are a good number of construction cranes in the skyline, he buys more homes. Today there are 42 cranes on the Strip alone. He is buying again.”
Housing prices
While Las Vegas may be cheap compared to other global tourism destinations, the city’s housing prices have been mercurial in the last five years.
SalesTraq reported that the median price for new homes in the Las Vegas Valley was $309,241 in August, 13 percent below its peak in April 2006, according to the Associated Press. Economists predict that the housing slump in Las Vegas could last another three years and cause prices to drop 15 percent, according to the Associated Press.
Some real estate experts, taking the job market into consideration, have another opinion on the matter.
“I don’t think it’ll be a housing shortage,” Brown said. “I think, because people will be keeping an eye on it...that as soon as they see any kind of demand come back, they’re going to turn the floodgates on again. But I do think in the next 18 months to two years we’re going to see a very nice turnaround in this market because of the increased demand.”
The current supply of homes is sitting at nearly 24 months, according to Kuptz.
“In April 2004 we had 2,100 homes in the MLS, and every person cashing their equity to buy homes is a crazy market,” Kuptz said. “Four in 10 were investment homes with most of the money coming from California. Today we have 27,400 homes in the MLS. More than 48 percent are vacant on the market.”
With that kind of inventory, builders aren’t building much, and it’s undoubtedly a buyer’s market. (For more information on overbuilding in Las Vegas, see our article on the Top 5 Overbuilt U.S. Markets in 2007.)
Las Vegas Valley Area
The Las Vegas Valley area looks promising for rental property investors. While home prices are less expensive in outlying areas, the valley is where home prices are likely to appreciate most in the future.
“You have to realize that the valley of Las Vegas is surrounded by mountains,” Brown said. “There is a finite amount of land in Las Vegas Valley and all that land has been purchased by builders....Once that stuff is built out...then we have to spill out into the valley up toward Moapa...but you’ll no longer be in the inner ring.”
Within Las Vegas Valley, there are some areas that are better for investing than others, such as Seven Hills, Green Valley Ranch, Southern Highlands, and Summerlin.
“Inside the valley, Summerlin on the west side, is a very popular area,” Meservey said. “It’s a little higher end....A lot of your residential infrastructure is already in place, and now you’re looking at an infill of gaming; Red Rock casino; a nationally renowned five-star resort, and all that it brings with it; movie theaters; lots of commercial office space going in.”
“For the average investor, you still can’t go wrong buying a single family home in a master planned community where families want to live,” Whittaker said. “Summerlin has been a top selling community nationally for over a decade.”
The southwest area of town is the fastest growing, according to Kuptz.
“The Henderson area of the valley will present the best long-term hold,” Kuptz said. “The demographics are good, the city is run great and boasts the best schools and more park acres per capita than anywhere else in the valley...during our boom, the western [ZIP codes] of Henderson had the highest appreciation rates. There is no reason to suspect it would change for the future.”
“Newer Henderson...that’s a very popular area, desirable place to live, a very good longer term hold,” Meservey said.
Staying within Las Vegas Valley, close to the center of the city, will likely be a wise move in the coming years. “It’s a natural progression of things,” Meservey said. “The closer you are to the hub, to the center, the more expensive it’s going to be.”
The Las Vegas Strip
Given that pricing and appreciation are higher closer to the center of the city, what investor wouldn’t want to try their hand at owning a piece of the Strip?
“There’s been great demand for high rise properties since 2005, when the threat of running out of land in Las Vegas caused developers to think about going up instead of out,” Whittaker said.
However, the luxury high rise market may not be the best choice for all investors.
“[With] the cost of holding these units, the cost of buying and selling these units, they’re going to be lucky to break even,” Brown said. “The fact of the matter is that there is a glut of these properties....To go in there and think that you’re going to speculate and buy on the retail side and turn around and flip these things is entirely impractical and actually quite risky.”
Brown isn’t the only one worried about the practicality of investing in luxury high rises.
“Yes, they are beautiful works of art and yes, you ‘own’ a piece of the Strip, but with prices around $1,000 [per square foot], that’s a lot of money," Whittaker said. "Who is the end user for all these condos? What happens when they get built and people need to sell?”
However, it is possible to find less expensive condos that might present a positive cash flow scenario.
“I...like high rises closer to $400 [per square foot]. with views of the Strip,” Whittaker said. “Compared to what the new stuff is selling for, this is more than 50 percent less. I like anything that cash flows positive which requires 10 percent down.”
Investors may need to look into foreclosures to find cash flow positive scenarios.
Foreclosures
The Las Vegas-Paradise Metropolitan Stastical Area has the second highest foreclosure rate in the country, according to RealtyTrac’s statistics for January through June 2007. Nevada posted the highest foreclosure rates in the country for the third quarter of 2007; one out of every 61 houses in the state is in foreclosure, according to RealtyTrac.
With those numbers, strategies such as flipping foreclosed homes and rehabbing are unlikely to be profitable in Las Vegas right now.
“I believe the flip investment is not a broad consideration in our market today,” Kuptz said. “With short sales and foreclosures occupying the bottom of the market already, and our supply of nearly 24 months of homes, it does not make sense....The margins are not enough for the risk.”
“If you buy a distressed home at a good price and add carpet and paint, you still need to hold it for at least a year before you can try to flip it,” Whittaker said. “It’s too risky right now to try a flip because buying has been softened by the lending restrictions.”
Buying multi-family rental property is a hot investment right now, however. Rental property has been a good investment in the past and many investors are now buying it up.
“We have lots of tenants here because of the nature of this city being transient,” Whittaker said. “There’s also a trend of homeowners who got foreclosed on and they still need a place to live. This is a very difficult market in our area because a lot of investors are already here buying these apartment buildings like crazy.”
Long-term outlook
For investors willing to weather the ups and downs of the Las Vegas housing market, the wisest investment may be buying and holding property.
“I think the buy and hold is a great opportunity right now with the status of the market being depressed," Meservey said. "I think you can find some real good deals...I think in the next two years, you’re going to see significant returns if you go in smart now.”
“Own any piece of Las Vegas,” Kuptz said. “The prospects are too good for the opportunity to remain long....Many millionaires have been made here. And many more are waiting in the wings.”
Las Vegas’ neighborhoods are still recovering from the slump caused by overbuilding, speculation and subprime lending. Foreclosures line the streets and planned luxury high rise condos on the Las Vegas Strip are incomplete or sitting vacant. Looking ahead, changes to the job market and lending industry are about to put new pressure on Las Vegas’ housing market.
“The change in the market over the last three years has gone from an extreme hyper lack of supply to a severe glut,” Sean Brown, CEO of the National Association of Residential Real Estate Investment Advisors (NARREIA), said. “We’ve gone from [a] market where it was a cash flow positive, below national median house price…to something where you’re going to have negative cash flow...unless you do some bizarrely creative financing on it, which has gone away with the implosion of the lending industry.”
However, with the amount of commercial construction planned on the Strip, thousands of new jobs may emerge after the projects are completed. And with new jobs come demographic—and economic—growth.
Growth
“Taking a conservative approach, we’ve got 20,000 rooms being delivered, which represents 100,000 jobs,” Scott Meservey, Las Vegas real estate agent and NARREIA advisor, said. “Our current job market is sitting at 900,000 positions to service a valley of two million people, so you’re talking about a 12 percent forced increase in the job market.”
A number of hotels, casinos and other businesses are in the works on the Strip, Chris Whittaker, real estate agent with the O’Keefe Whittaker Group, said in an e-mail interview. The Venetian is opening a 3,000 room tower at the end of the year. City Center, a luxury casino-hotel-condo complex, is opening in November 2009 and will create 20,000 to 30,000 new jobs. And Donald Trump is building a new tower. Additionally, Whittaker said he estimates that $30 billion will be spent between Sahara and McCarren airports.
“We have another $15 billion of already approved projects...over the next five years,” Meservey said. “Over the last 15 years, there has been $15 billion [spent] here since the Mirage went up. So we are looking at, in the next five years, as many dollars spent…as has been spent here in the last 15 years.”
“A client of the company...has acquired more than 100 homes in Las Vegas,” Tim Kuptz, owner of a Las Vegas RE/MAX real estate brokerage, said in an e-mail interview. “His strategy is simple. Whenever he thinks there are a good number of construction cranes in the skyline, he buys more homes. Today there are 42 cranes on the Strip alone. He is buying again.”
Housing prices
While Las Vegas may be cheap compared to other global tourism destinations, the city’s housing prices have been mercurial in the last five years.
SalesTraq reported that the median price for new homes in the Las Vegas Valley was $309,241 in August, 13 percent below its peak in April 2006, according to the Associated Press. Economists predict that the housing slump in Las Vegas could last another three years and cause prices to drop 15 percent, according to the Associated Press.
Some real estate experts, taking the job market into consideration, have another opinion on the matter.
“I don’t think it’ll be a housing shortage,” Brown said. “I think, because people will be keeping an eye on it...that as soon as they see any kind of demand come back, they’re going to turn the floodgates on again. But I do think in the next 18 months to two years we’re going to see a very nice turnaround in this market because of the increased demand.”
The current supply of homes is sitting at nearly 24 months, according to Kuptz.
“In April 2004 we had 2,100 homes in the MLS, and every person cashing their equity to buy homes is a crazy market,” Kuptz said. “Four in 10 were investment homes with most of the money coming from California. Today we have 27,400 homes in the MLS. More than 48 percent are vacant on the market.”
With that kind of inventory, builders aren’t building much, and it’s undoubtedly a buyer’s market. (For more information on overbuilding in Las Vegas, see our article on the Top 5 Overbuilt U.S. Markets in 2007.)
Las Vegas Valley Area
The Las Vegas Valley area looks promising for rental property investors. While home prices are less expensive in outlying areas, the valley is where home prices are likely to appreciate most in the future.
“You have to realize that the valley of Las Vegas is surrounded by mountains,” Brown said. “There is a finite amount of land in Las Vegas Valley and all that land has been purchased by builders....Once that stuff is built out...then we have to spill out into the valley up toward Moapa...but you’ll no longer be in the inner ring.”
Within Las Vegas Valley, there are some areas that are better for investing than others, such as Seven Hills, Green Valley Ranch, Southern Highlands, and Summerlin.
“Inside the valley, Summerlin on the west side, is a very popular area,” Meservey said. “It’s a little higher end....A lot of your residential infrastructure is already in place, and now you’re looking at an infill of gaming; Red Rock casino; a nationally renowned five-star resort, and all that it brings with it; movie theaters; lots of commercial office space going in.”
“For the average investor, you still can’t go wrong buying a single family home in a master planned community where families want to live,” Whittaker said. “Summerlin has been a top selling community nationally for over a decade.”
The southwest area of town is the fastest growing, according to Kuptz.
“The Henderson area of the valley will present the best long-term hold,” Kuptz said. “The demographics are good, the city is run great and boasts the best schools and more park acres per capita than anywhere else in the valley...during our boom, the western [ZIP codes] of Henderson had the highest appreciation rates. There is no reason to suspect it would change for the future.”
“Newer Henderson...that’s a very popular area, desirable place to live, a very good longer term hold,” Meservey said.
Staying within Las Vegas Valley, close to the center of the city, will likely be a wise move in the coming years. “It’s a natural progression of things,” Meservey said. “The closer you are to the hub, to the center, the more expensive it’s going to be.”
The Las Vegas Strip
Given that pricing and appreciation are higher closer to the center of the city, what investor wouldn’t want to try their hand at owning a piece of the Strip?
“There’s been great demand for high rise properties since 2005, when the threat of running out of land in Las Vegas caused developers to think about going up instead of out,” Whittaker said.
However, the luxury high rise market may not be the best choice for all investors.
“[With] the cost of holding these units, the cost of buying and selling these units, they’re going to be lucky to break even,” Brown said. “The fact of the matter is that there is a glut of these properties....To go in there and think that you’re going to speculate and buy on the retail side and turn around and flip these things is entirely impractical and actually quite risky.”
Brown isn’t the only one worried about the practicality of investing in luxury high rises.
“Yes, they are beautiful works of art and yes, you ‘own’ a piece of the Strip, but with prices around $1,000 [per square foot], that’s a lot of money," Whittaker said. "Who is the end user for all these condos? What happens when they get built and people need to sell?”
However, it is possible to find less expensive condos that might present a positive cash flow scenario.
“I...like high rises closer to $400 [per square foot]. with views of the Strip,” Whittaker said. “Compared to what the new stuff is selling for, this is more than 50 percent less. I like anything that cash flows positive which requires 10 percent down.”
Investors may need to look into foreclosures to find cash flow positive scenarios.
Foreclosures
The Las Vegas-Paradise Metropolitan Stastical Area has the second highest foreclosure rate in the country, according to RealtyTrac’s statistics for January through June 2007. Nevada posted the highest foreclosure rates in the country for the third quarter of 2007; one out of every 61 houses in the state is in foreclosure, according to RealtyTrac.
With those numbers, strategies such as flipping foreclosed homes and rehabbing are unlikely to be profitable in Las Vegas right now.
“I believe the flip investment is not a broad consideration in our market today,” Kuptz said. “With short sales and foreclosures occupying the bottom of the market already, and our supply of nearly 24 months of homes, it does not make sense....The margins are not enough for the risk.”
“If you buy a distressed home at a good price and add carpet and paint, you still need to hold it for at least a year before you can try to flip it,” Whittaker said. “It’s too risky right now to try a flip because buying has been softened by the lending restrictions.”
Buying multi-family rental property is a hot investment right now, however. Rental property has been a good investment in the past and many investors are now buying it up.
“We have lots of tenants here because of the nature of this city being transient,” Whittaker said. “There’s also a trend of homeowners who got foreclosed on and they still need a place to live. This is a very difficult market in our area because a lot of investors are already here buying these apartment buildings like crazy.”
Long-term outlook
For investors willing to weather the ups and downs of the Las Vegas housing market, the wisest investment may be buying and holding property.
“I think the buy and hold is a great opportunity right now with the status of the market being depressed," Meservey said. "I think you can find some real good deals...I think in the next two years, you’re going to see significant returns if you go in smart now.”
“Own any piece of Las Vegas,” Kuptz said. “The prospects are too good for the opportunity to remain long....Many millionaires have been made here. And many more are waiting in the wings.”
Women in Business
As president of The Entrust Group, Lisa Moren Bromma has valuable insight into the roles women play in the marketplace. Women may not be wrong in feeling discouraged about entering into what has always been classified as a man’s game based on the salary gap between men and women—women make 76 cents for every dollar men make, according to the U.S. Census Bureau—but as more and more women fight gender discrimination, they are starting to see that their efforts are not in vain.
Because of her personal life experiences, Moren Bromma has a good idea of what it takes to start off on the right foot in business, despite the fact that the cards haven’t always been in her favor. For business owners just starting out, she said she suggests getting letters of reference. She also said women should work with their sphere of influence and network within their local marketplaces to gain contacts they trust and can do business with. Developing that level of trust, and gaining trust with other people, she said, is one of the biggest hurdles women face in business.
Moren Bromma has experienced the difficulties of doing projects on her own. In her books and lectures, she strongly suggests that women create a roadmap for success. Goal setting is one of the most important steps to creating a solid business plan, she said.
Moren Bromma said she believes that one of the biggest challenges women face is meeting likeminded people. By joining business support groups such as NAWBO (The National Association of Women Business Owners) to get support from other female entrepreneurs and business owners, women can do just that.
“Let’s face it, an investor going out and investing in real estate is a business owner, and they’ll get a lot of support from a business perspective, and they’ll meet other women in their area doing what they are doing," she said.
The clearest and most direct path to being a successful female business owner starts with surrounding yourself with the right people; but integral to this step is finding the right kinds of educational resources, Moren Bromma said. In addition to business support groups such as NAWBO, she said women should connect with coaches and business-focused peer groups, many of which have specific sub-groups just for women business owners.
Besides education, learning how to perform due diligence when starting a new business of any kind is paramount to a successful practice. “Don’t believe everything you read,” Moren Bromma said. “Do your own due diligence. Never allow anyone to vote on your money. You can listen to everyone’s advice—you make the final decision."
According to Moren Bromma, the difficulty of being a woman in business is not necessarily the process of owning a business; it’s the confidence that many women lack to be in specific fields or to commit to a business plan. Women are rightfully influenced by negative concerns that they are going to be taken advantage of and perceived as inexperienced, she said, and overcoming those stumbling blocks is a bigger issue than just deciding to start a business.
The advice Moren Bromma gives women investors transcends gender. It is wise for women to both look into the areas where they may face challenges and to discern the ways they can address these challenges, she said.
Moren Bromma said she is optimistic about the future of women in business. “Women are much more sophisticated and [can] roll with the times. That’s what all of us should aspire to do. They have taken the bumps in the road and have made lemonade out of lemons and have moved on. They are creative and confident they can always stay ahead of the game.”
Women Investing in Real Estate
There are women all over the country who would like to become real estate investors but many don't know how to start. Some lack knowledge; some, aware that they lack the necessary knowledge, in turn lack confidence. Where should women who want to get started investing in real estate begin?
The internet is a good place for them to turn.
Women who want to begin investing in real estate can learn some of the basics of investing in real estate by reading educational materials online, and they can develop a familiarity with the topic by reading about current events and trends in the real estate market.
Lack of knowledge is not the only thing that keeps some women from becoming real estate investors; fear is also a contributing factor, Charita Cadenhead, founder of Bham WIire (Birmingham Women Investing in Real Estate), a group for women interested in real estate investing, said. "They're afraid of losing money, they're afraid of not making the right decisions...and credit issues are also involved." In addition, Cadenhead said, "they don't know how to get started."
Real estate investment clubs
Providing women with industry contacts and education, real estate investment clubs are a good place to start. Dawn Jordan-Wells, a broker/associate for Hodge Homes, said she recommended that women interested in investing in real estate do a simple internet search for "real estate investing" to find local investment groups to start attending.
"Finding other women to network with was beneficial," Jordan-Wells said.
Real estate investment clubs exist in many incarnations; some are larger and more formal than others. The National Real Estate Investment Association (NREIA) has about 40,000 members in its 230 Real Estate Investment Association (REIA) chapters nationwide, according to its website.
Women interested in investing in real estate, and those who are already doing so, "should get into a REIA so they can get a pulse on the market," Lisa Moren-Bromma, author of Wise Women Invest in Real Estate and Real Estate Investing for the Utterly Confused and president of The Entrust Group, said. Additional benefits of joining a REIA, according to Moren-Bromma, include access to educational offerings and details about legislation that could impact real estate investors. By joining a REIA, real estate investors "are going to have up-to-date information, not just on the markets, but also on the law."
Cadenhead said women interested in investing in real estate should "join those clubs [and] sit in on some of the meetings. They have great guest speakers."
Those new to real estate investing should exercise caution, however, and carefully evaluate what guest speakers say rather than simply taking their words at face value. In some cases, speakers at local REIAs try to sell something to the audience, Moren-Bromma said; new members should "just be aware. Be there to learn, and to network with other people who have been doing this a while," she said.
"I would urge women to be extremely careful in [whom] they elect to give their money to," she said.
In addition to REIA chapters, there are also smaller and less formal investment groups. Jordan-Wells said the website MeetUp.com has allowed her to meet and interact with other investors and those who are interested in investing. She posted an event on the website last August, and now attendance at her monthly meetings about investing has increased from an average of five people to an average of 15 people, she said.
"I'm hoping to grow that," she said. The attendees are mostly women, Jordan-Wells said, and "we just share information and we're more comfortable because, you know, we have that common bond."
Cadenhead also used MeetUp.com to reach out to women in the real estate investment world, and Bham WIire has grown from that, she said.
In addition to investment clubs specifically pertaining to real estate, "I would strongly recommend also looking for support from a general business perspective at NAWBO, the National Association of Women Business Owners," Moren-Bromma said. "They'll get a lot of support from a business owner's perspective and from women in their own area."
Networking
No matter what type of real estate or general investment clubs women seeking to become real estate investors choose to join, such groups can provide them with crucial opportunities for networking, education and support.
"The greatest key is knowledge," Cadenhead said, and women new to real estate investing can benefit from "being around other people who do invest to learn the process from those people."
Learning from and working with other women who are experienced real estate investors can also be a good way to gain confidence. Moren-Bromma said she recommended that beginning investors "work with somebody with some experience in real estate investing—get your feet wet a little bit before you go out on your own."
At real estate investment clubs, "there are real estate agents and other investors there for them to network with, there are lenders, there are contractors," Cadenhead said.
"Everybody who's related to the real estate industry can be found right there...so they can form their own network there to get them ready for real estate investing," Moren-Bromma said. After joining a group, women should "put a business plan, or a marketing plan, or a road map together—their checklist of things that they need to do in order to become successful," she said.
Moren-Bromma also said she recommended that women put together a team of experts to work with when investing. "You have your financial team: your accountant, your attorney, a property manager if you're buying to hold property for the long term...people that can assist you and be part of your team so that when you go out to identify and find a deal, nothing is going to stand in the way if the deal makes sense. You've got your people, your money—all your ducks in a row."
"If a woman does that, she's going to be very successful in real estate."
Strategies for women
Considering the credit crunch underway across the country, combined with the potential recession, many women who are interested in becoming real estate investors hesitate because they are nervous about money. More precisely, they are worried about not having enough money to be able to invest in real estate.
"I think [women] think that they need to have a lot of capital up front," Jordan-Wells said. "Or their credit may be bad and they don't think they can get started because of that, either."
Cadenhead said that investors will need some money up front. "It's going to take a little money to get started," she said. "Six to eight months ago, an investor could buy a property with no money down and get it financed for 100 percent. With all the foreclosures going on across the country, that kind of put a thorn in that, and so now [real estate investors need] to come up with money," Cadenhead said. "Whether that's 10 percent or 20 percent, a lot of them just don't have it."
Fortunately, for women just starting out, "There's a lot of different creative strategies, like lease options, that they could do to get into a property," Moren-Bromma said.
Buying pre-foreclosures or foreclosures is another strategy that may suit women in particular well for a variety of reasons. While foreclosure properties tend to be more affordable, they typically must be purchased with cash up front. Pre-foreclosures would be a better option for people without a lot of cash on hand.
Another reason is that, because in many cases women are more nurturing than men, a woman "may be able to talk with homeowners who are in [pre-foreclosure] and get them to let [her] purchase a house below market [price] compared to a man approaching them to do that," Jordan-Wells said.
Cadenhead also said the foreclosure market is a place in which many women investing in real estate could find their niche. "I think women will play a major role in their commitment to revitalize areas hardest hit by foreclosures," she said. "Members of my group, Bham WIire, have made a commitment to buying and rehabbing houses in these areas and then sharing equity with properties that they sell. And by doing this, homes become more affordable....We take a little less profit for it, but something has got to stimulate home sales again, particularly in these areas."
Such a strategy allows the investors to profit not just from the revitalization of a particular property, but from the revitalization of a particular area. Such dedication to a community can improve an area's economic outlook. Cadenhead said this type of investment is well suited to women because "a great advantage that women hold over men is compassion, and empathy."
Outlook
"[Women] are relationship people," Cadenhead said. "We're good at establishing a relationship, we're good at earning trust, and so people want to do business with us. It becomes a lot easier for us to develop a good reputation for delivering a quality product. This is a tremendous advantage [for] women, particularly when it comes to rehabbing property."
Jordan-Wells said she recommended that women who lack experience with do-it-yourself home projects attend classes, such as those offered by hardware and home improvement stores, to learn the basics. Then, if someday they are looking at investing in a property that may require some work, they can make the right decisions about the deal. Do-it-yourself skills could be particularly useful for women who want to rehab properties.
Negotiating can be another important skill for women to concentrate on learning. "[Women should] learn better negotiation skills," Cadenhead said. "Acquire that skill and take control."
Cadenhead said she doesn't think that women are at any inherent disadvantage when it comes to investing in real estate. "I think the major disadvantage is probably internal," she said. "Women only feel that they lack the power and authority. They feel like they can't do it because investing is a male-dominated field."
Moren-Bromma also said that women investing in real estate are not less likely to be successful solely because they are women. "It’s not that it's difficult, it's that women tend not to have the confidence," she said. "Somebody who's persistent and somebody who believes in themselves, whether male or female, will do just fine.".
The internet is a good place for them to turn.
Women who want to begin investing in real estate can learn some of the basics of investing in real estate by reading educational materials online, and they can develop a familiarity with the topic by reading about current events and trends in the real estate market.
Lack of knowledge is not the only thing that keeps some women from becoming real estate investors; fear is also a contributing factor, Charita Cadenhead, founder of Bham WIire (Birmingham Women Investing in Real Estate), a group for women interested in real estate investing, said. "They're afraid of losing money, they're afraid of not making the right decisions...and credit issues are also involved." In addition, Cadenhead said, "they don't know how to get started."
Real estate investment clubs
Providing women with industry contacts and education, real estate investment clubs are a good place to start. Dawn Jordan-Wells, a broker/associate for Hodge Homes, said she recommended that women interested in investing in real estate do a simple internet search for "real estate investing" to find local investment groups to start attending.
"Finding other women to network with was beneficial," Jordan-Wells said.
Real estate investment clubs exist in many incarnations; some are larger and more formal than others. The National Real Estate Investment Association (NREIA) has about 40,000 members in its 230 Real Estate Investment Association (REIA) chapters nationwide, according to its website.
Women interested in investing in real estate, and those who are already doing so, "should get into a REIA so they can get a pulse on the market," Lisa Moren-Bromma, author of Wise Women Invest in Real Estate and Real Estate Investing for the Utterly Confused and president of The Entrust Group, said. Additional benefits of joining a REIA, according to Moren-Bromma, include access to educational offerings and details about legislation that could impact real estate investors. By joining a REIA, real estate investors "are going to have up-to-date information, not just on the markets, but also on the law."
Cadenhead said women interested in investing in real estate should "join those clubs [and] sit in on some of the meetings. They have great guest speakers."
Those new to real estate investing should exercise caution, however, and carefully evaluate what guest speakers say rather than simply taking their words at face value. In some cases, speakers at local REIAs try to sell something to the audience, Moren-Bromma said; new members should "just be aware. Be there to learn, and to network with other people who have been doing this a while," she said.
"I would urge women to be extremely careful in [whom] they elect to give their money to," she said.
In addition to REIA chapters, there are also smaller and less formal investment groups. Jordan-Wells said the website MeetUp.com has allowed her to meet and interact with other investors and those who are interested in investing. She posted an event on the website last August, and now attendance at her monthly meetings about investing has increased from an average of five people to an average of 15 people, she said.
"I'm hoping to grow that," she said. The attendees are mostly women, Jordan-Wells said, and "we just share information and we're more comfortable because, you know, we have that common bond."
Cadenhead also used MeetUp.com to reach out to women in the real estate investment world, and Bham WIire has grown from that, she said.
In addition to investment clubs specifically pertaining to real estate, "I would strongly recommend also looking for support from a general business perspective at NAWBO, the National Association of Women Business Owners," Moren-Bromma said. "They'll get a lot of support from a business owner's perspective and from women in their own area."
Networking
No matter what type of real estate or general investment clubs women seeking to become real estate investors choose to join, such groups can provide them with crucial opportunities for networking, education and support.
"The greatest key is knowledge," Cadenhead said, and women new to real estate investing can benefit from "being around other people who do invest to learn the process from those people."
Learning from and working with other women who are experienced real estate investors can also be a good way to gain confidence. Moren-Bromma said she recommended that beginning investors "work with somebody with some experience in real estate investing—get your feet wet a little bit before you go out on your own."
At real estate investment clubs, "there are real estate agents and other investors there for them to network with, there are lenders, there are contractors," Cadenhead said.
"Everybody who's related to the real estate industry can be found right there...so they can form their own network there to get them ready for real estate investing," Moren-Bromma said. After joining a group, women should "put a business plan, or a marketing plan, or a road map together—their checklist of things that they need to do in order to become successful," she said.
Moren-Bromma also said she recommended that women put together a team of experts to work with when investing. "You have your financial team: your accountant, your attorney, a property manager if you're buying to hold property for the long term...people that can assist you and be part of your team so that when you go out to identify and find a deal, nothing is going to stand in the way if the deal makes sense. You've got your people, your money—all your ducks in a row."
"If a woman does that, she's going to be very successful in real estate."
Strategies for women
Considering the credit crunch underway across the country, combined with the potential recession, many women who are interested in becoming real estate investors hesitate because they are nervous about money. More precisely, they are worried about not having enough money to be able to invest in real estate.
"I think [women] think that they need to have a lot of capital up front," Jordan-Wells said. "Or their credit may be bad and they don't think they can get started because of that, either."
Cadenhead said that investors will need some money up front. "It's going to take a little money to get started," she said. "Six to eight months ago, an investor could buy a property with no money down and get it financed for 100 percent. With all the foreclosures going on across the country, that kind of put a thorn in that, and so now [real estate investors need] to come up with money," Cadenhead said. "Whether that's 10 percent or 20 percent, a lot of them just don't have it."
Fortunately, for women just starting out, "There's a lot of different creative strategies, like lease options, that they could do to get into a property," Moren-Bromma said.
Buying pre-foreclosures or foreclosures is another strategy that may suit women in particular well for a variety of reasons. While foreclosure properties tend to be more affordable, they typically must be purchased with cash up front. Pre-foreclosures would be a better option for people without a lot of cash on hand.
Another reason is that, because in many cases women are more nurturing than men, a woman "may be able to talk with homeowners who are in [pre-foreclosure] and get them to let [her] purchase a house below market [price] compared to a man approaching them to do that," Jordan-Wells said.
Cadenhead also said the foreclosure market is a place in which many women investing in real estate could find their niche. "I think women will play a major role in their commitment to revitalize areas hardest hit by foreclosures," she said. "Members of my group, Bham WIire, have made a commitment to buying and rehabbing houses in these areas and then sharing equity with properties that they sell. And by doing this, homes become more affordable....We take a little less profit for it, but something has got to stimulate home sales again, particularly in these areas."
Such a strategy allows the investors to profit not just from the revitalization of a particular property, but from the revitalization of a particular area. Such dedication to a community can improve an area's economic outlook. Cadenhead said this type of investment is well suited to women because "a great advantage that women hold over men is compassion, and empathy."
Outlook
"[Women] are relationship people," Cadenhead said. "We're good at establishing a relationship, we're good at earning trust, and so people want to do business with us. It becomes a lot easier for us to develop a good reputation for delivering a quality product. This is a tremendous advantage [for] women, particularly when it comes to rehabbing property."
Jordan-Wells said she recommended that women who lack experience with do-it-yourself home projects attend classes, such as those offered by hardware and home improvement stores, to learn the basics. Then, if someday they are looking at investing in a property that may require some work, they can make the right decisions about the deal. Do-it-yourself skills could be particularly useful for women who want to rehab properties.
Negotiating can be another important skill for women to concentrate on learning. "[Women should] learn better negotiation skills," Cadenhead said. "Acquire that skill and take control."
Cadenhead said she doesn't think that women are at any inherent disadvantage when it comes to investing in real estate. "I think the major disadvantage is probably internal," she said. "Women only feel that they lack the power and authority. They feel like they can't do it because investing is a male-dominated field."
Moren-Bromma also said that women investing in real estate are not less likely to be successful solely because they are women. "It’s not that it's difficult, it's that women tend not to have the confidence," she said. "Somebody who's persistent and somebody who believes in themselves, whether male or female, will do just fine.".
The Macau real estate market offers high reward potential for risk-takers
The Las Vegas Convention and Visitors Authority ran some television ads in 2004 with the tagline, “What happens in Vegas, stays in Vegas.”
What has happened in Las Vegas during the past 50 years is the city’s calculated and meteoric rise to become one of the world’s most popular tourist destinations. Las Vegas is most famous for its casinos, but it also hosts conventions, shows and a variety of other events and entertainment.
But what has happened in Vegas has not stayed in Vegas. Halfway around the world, Macau is well on its way to duplicating the success of its western cousin from the Nevada desert.
Background
Like nearby Hong Kong, Macau is a Special Administrative Region (SAR) of the People’s Republic of China. Macau is the only place in China where gambling is legal. SARs have chief executives who oversee the region and its government, but defense and foreign policy is up to the central government. Macau’s current chief executive is Edmund Ho, a Macau native and accomplished businessman who is currently serving his second consecutive five-year term.
Macau was held as a Portuguese colony for 450 years before it was turned over to China as an SAR in 1999. As the last European colony in Asia, Macau has become an important trade center and a unique example of an eastern culture with some western heritage.
It is important to note that China will take complete control of Macau in 2049, especially in light of Macau’s heavy economic dependence on the gambling industry. Gambling is increasing in popularity in China in part because of China’s recent acquiescence to small doses of capitalism; how the Chinese government handles the rising popularity of gambling will be an important part of Macau’s future.
Stanley Ho, owner of many casinos in Hong Kong, was given monopoly of Macau’s casinos in 1962. In 2002, however, Macau’s government rescinded Ho’s monopoly in order to boost the economy. Shelden Adelson, owner and creator of the Venetian in Las Vegas, and Steve Wynn, owner and creator of the Bellagio, Mirage and Treasure Island in Las Vegas, have since been investing heavily in Macau.
Wynn recently opened the Wynn Macau, a $1.2 billion project. Adelson operates the Sands Macau, a $240 million project, and is planning to open the Venetian Macau, a $1.8 billion mega complex. The Venetian Macau, which is scheduled to open in the fall of 2007, will include 600,000 square feet of gaming space, making it the largest casino in world. The Venetian Macau will feature a new Cirque du Soleil show upon its completion.
Macau’s currency is the MOP or Pataca; the exchange rate at publication was around 8 MOP per U.S. dollar. The currency is pegged to the Hong Kong dollar at a rate of 1.03 MOP for 1 HK dollar. The Hong Kong dollar is in turn pegged to the U.S. dollar at 7.8 HK dollars per USD. Most business transactions take place in HK dollars. In Macau, most places accept both MOP and HK dollars.
Macau generated revenue of $21,000 USD per table in 2002, according to USA Today. Las Vegas, in comparison, has per-table revenues of $2,200. Since then, Macau’s per-table revenue has declined with the opening of mega casinos in the area and an increased stream of lower income visitors, but the $7,000 per-table revenue Macau posted in the third quarter of 2006 still substantially outperformed Las Vegas.
Macau recently passed Las Vegas as the number one city in the world in terms of gaming revenue, according to USA Today. Macau eclipsed Las Vegas’ revenue despite having less than half the number of casinos.
“I see Macau right now as being like Las Vegas in the '50s,” Mario Pinedo, an investment, residential and commercial realtor with Intero Real Estate, said. “Macau has such a huge growth potential in front of it, and they’re going to dwarf Las Vegas at some point.”
Macau itself is actually made up of three distinct regions: Macau, which is a peninsula connected to mainland China, and Taipa and Coloane, which are islands.
“Coloane is the countryside, Taipa is the new town and Macau is the old city,” Juliet Risdon, founder of JML Properties, a Macau-based property management company, said. “All of them bring different things to the table.”
In addition, an old causeway of reclaimed land connecting Taipa and Coloane is undergoing a surge of construction; called Cotai, it is also known as the Cotai Strip because of its similarities to the famous Las Vegas Strip. It is estimated that about $20 billion in investments will be made in Macau in the next few years; $12 billion of that is expected to go into Cotai.
Advantages
One of the biggest advantages Macau has is its location; more than half of the world’s population lives within a six-hour flight. Macau’s role as the only place in China featuring legal gambling makes it a huge draw for tourists. “Macau has now become a huge focus for the rest of the world because of the casinos,” Risdon said.
“The opening up of the casino industry [is] bringing in a lot more tourist traffic,” Pinedo said.
The tourism industry is going to bring tens of thousands of jobs to an already crowded area. Land and housing will be at premiums for a long time to come. Older condos are available for less than $100,000 USD, while new luxury condos can go for upwards of $500,000. The average new condo development sells for around $250,000 USD. “You’re probably looking at about a 30 percent down financing in that market,” Pinedo said.
“The financing is relatively easy to get,” David Faulkner, regional director of Colliers International, said.
Nice condos rent for approximately $1,500 USD and up. In 2006, average rental rates increased approximately 28 percent and rental rates for luxury units increased by 50 percent, according to the International Herald Tribune. Rental rates should continue to rise as demand for available housing increases in the coming years.
This will serve investors interested in the buy-to-rent strategy—simply purchasing a property and renting it out—well. This strategy allows investors to capture capital appreciation and potentially achieve cash flow. It is a long-term strategy well suited for Macau. Property values should increase in the coming years because of Macau’s limited land and growing population and wealth, and rental rates should rise along with them.
Hong Kong, for example, has some of the most expensive real estate in the world, with housing prices of more than three times those in Macau. There is already a land shortage in Macau, and with all the new casinos and developments taking up land and bringing in jobs and tourists, demand for the available land will increase.
“With the size of Macau and the density of Macau, it seems kind of an obvious place to invest your money because of the growth,” Risdon said. “I mean, billions are being spent in Macau right now.”
The Standard, a Chinese business news publication, projects that 70,000 to 75,000 new jobs will be created at the casinos scheduled for completion by 2009. With an unemployment rate of 3.8 percent and a population of about 500,000, many employees will need to be brought in from elsewhere.
Casinos have, in the past, typically brought in expatriate management, but that only accounts for about 10 percent of the projected job growth. The influx of expatriate workers and overall strong supply of jobs should both boost the economy and put a strain on the already tight housing market.
Expatriate workers might be drawn to Macau by the cost of living. Macau’s cost of living is approximately 13 percent lower than Hong Kong’s, according to the University of Macau. Macau’s cost of living is comparable to an average U.S. city. In addition, “tax is quite low [in Macau] compared with other countries,” Risdon said.
“There’s need for housing, both temporary housing for people on vacation doing quick trips from China, and there’s also a pretty decent expat population there,” Pinedo said. “And a lot of that requires high end, more temporary housing.”
With the increasing number of residents and tourists, housing and accommodations aren’t the only areas that will see increased demand. “Retail is really underprovided in Macau,” Faulkner said. A retail boom will be necessary to support the gaming and housing industries.
Macau is a relatively small area, “so, right now, when there is the ability to acquire some of the retail...it might be a good choice,” Pinedo said.
Risks
The gaming industry
China will assume full governing authority of Macau in 2049. This is a cause for concern because, while China has made strides toward capitalism in recent years, the changeover could still have a profound and uncertain impact on Macau. If the Chinese government decides to restrict or eliminate gambling in Macau, then Macau will lose its most lucrative feature: legalized gambling.
The gaming industry comprises 80 percent of Macau’s GDP; this over-reliance on one industry marks Macau’s economy as one-dimensional and easily endangered, should the gaming industry for some reason go under, such as by government influence. “It’s very much driven by the gaming and the hotel businesses,” Faulkner said.
Overbuilding
Overbuilding is also a significant risk. While the area available for development is limited, Macau is a hot market right now, and there might not be enough short-term demand to meet all of the projects underway. An oversupply would drive yields on rental properties down. Such yields are low to begin with because property values are climbing quickly while rental rates are rising at a much slower pace.
“You really have to look at long-term growth here in Macau. The rent right now in Macau is still quite low in comparison with the actual cost of a property, so your yield is anywhere between 4 and 7 percent, which is not high,” Risdon said.
“They’re building a lot of residential condos and residential developments [in Macau] and they probably will go through a process of overbuilding,” Pinedo said. “That might mean that the value of those units might come down at some point—they might peak and come down—or the rental rates might come down, but they will probably keep those buildings fairly well occupied.”
The influx of hotel rooms that will be coming on the market as projects are completed mean that condos will likely not be able to compete for short-term or vacation rentals, because hotel rooms will be able to offer lower prices. Condos will thus be best suited for long-term rental opportunities.
Leasehold ownership
Further, property ownership is leasehold in Macau, though some predict that freehold will emerge at some point. Pinedo said he does not consider leasehold a problem.
“The worst-case result [of a leasehold] would be, what if you have to give up the rights to that land and have to walk away from your development? Which is a possibility, I think, but it’s a very, very slim one,” he said. “In China, everything’s leasehold, so again, it’s really a non issue in that everybody’s playing that same game.”
“I think the leasehold interest is not a risk, I think the government is not a risk,” Pinedo said. “Your major issue, which is the major issue with any far away investment, is management.”
An investment in Macau would likely require “going to some meetings every year,” Pinedo said. “Your investment should be of a worthwhile size to merit the travel back and forth.”
Average length of stay
Another potential problem is getting tourists to stay in Macau longer. The average length of stay for Macau visitors is merely 1.2 days, according to USA Today. The hotel industry in particular needs visitors to stay longer in order to be successful.
Adelson, Wynn and other Las Vegas moguls intend to turn Macau into a multi-purpose destination like Las Vegas. Las Vegas is best known for its gaming industry, but it is also a popular business and convention destination. Las Vegas features entertainment and other attractions that appeal to families. As a result, the average length of stay for tourists in Las Vegas is 3.7 days. Turning Macau into a multi-purpose destination in the vein of Las Vegas is still only a goal, not a reality.
Real estate representation
Real estate agents in Macau are not regulated or licensed, so investors must research agents carefully before choosing one. Still, the lack of licensing requirements has not deterred investment in Macau’s rapidly growing real estate market thus far.
“There’s no licensing requirements in Spain, which is another place that I’ve invested,” Pinedo said. “Licensing requirements, to me, are kind of a non issue. In the United States, it’s the mirror test: if you can breathe, you can get a license. It really comes down to finding an agent who’s knowledgeable in that market and who can do the work for you.”
Climate
Macau’s subtropical climate could also be considered a concern. While Macau enjoys temperatures in the 80s year round, it is also susceptible to cyclones and typhoons. The rainy season, which can be very humid, lasts from May to September; June is the wettest month, with an average of 7.11 inches of precipitation.
Typhoon season is July through September. Macau averages six typhoon warnings per year and has an excellent warning system in place. Still, the risk of severe weather must be considered, especially in light of how Thailand’s tourism industry was devastated by the major tsunami that struck southeastern Asia in December 2005.
Conclusion
Macau is an interesting combination of high risk and high reward potential in much the same way that Las Vegas was 50 years ago. It is a market that combines several rare and lucrative characteristics in one place and time. There is, however, inherent risk in investing in Macau. The uncertainty of how the Chinese government will handle Macau when it takes the region over in 2049 is probably the biggest question mark.
“It really comes down to somebody being comfortable with the Chinese government,” Pinedo said. “I think people get rich by doing what other people don’t want to do or other people aren’t comfortable doing.”
What has happened in Las Vegas during the past 50 years is the city’s calculated and meteoric rise to become one of the world’s most popular tourist destinations. Las Vegas is most famous for its casinos, but it also hosts conventions, shows and a variety of other events and entertainment.
But what has happened in Vegas has not stayed in Vegas. Halfway around the world, Macau is well on its way to duplicating the success of its western cousin from the Nevada desert.
Background
Like nearby Hong Kong, Macau is a Special Administrative Region (SAR) of the People’s Republic of China. Macau is the only place in China where gambling is legal. SARs have chief executives who oversee the region and its government, but defense and foreign policy is up to the central government. Macau’s current chief executive is Edmund Ho, a Macau native and accomplished businessman who is currently serving his second consecutive five-year term.
Macau was held as a Portuguese colony for 450 years before it was turned over to China as an SAR in 1999. As the last European colony in Asia, Macau has become an important trade center and a unique example of an eastern culture with some western heritage.
It is important to note that China will take complete control of Macau in 2049, especially in light of Macau’s heavy economic dependence on the gambling industry. Gambling is increasing in popularity in China in part because of China’s recent acquiescence to small doses of capitalism; how the Chinese government handles the rising popularity of gambling will be an important part of Macau’s future.
Stanley Ho, owner of many casinos in Hong Kong, was given monopoly of Macau’s casinos in 1962. In 2002, however, Macau’s government rescinded Ho’s monopoly in order to boost the economy. Shelden Adelson, owner and creator of the Venetian in Las Vegas, and Steve Wynn, owner and creator of the Bellagio, Mirage and Treasure Island in Las Vegas, have since been investing heavily in Macau.
Wynn recently opened the Wynn Macau, a $1.2 billion project. Adelson operates the Sands Macau, a $240 million project, and is planning to open the Venetian Macau, a $1.8 billion mega complex. The Venetian Macau, which is scheduled to open in the fall of 2007, will include 600,000 square feet of gaming space, making it the largest casino in world. The Venetian Macau will feature a new Cirque du Soleil show upon its completion.
Macau’s currency is the MOP or Pataca; the exchange rate at publication was around 8 MOP per U.S. dollar. The currency is pegged to the Hong Kong dollar at a rate of 1.03 MOP for 1 HK dollar. The Hong Kong dollar is in turn pegged to the U.S. dollar at 7.8 HK dollars per USD. Most business transactions take place in HK dollars. In Macau, most places accept both MOP and HK dollars.
Macau generated revenue of $21,000 USD per table in 2002, according to USA Today. Las Vegas, in comparison, has per-table revenues of $2,200. Since then, Macau’s per-table revenue has declined with the opening of mega casinos in the area and an increased stream of lower income visitors, but the $7,000 per-table revenue Macau posted in the third quarter of 2006 still substantially outperformed Las Vegas.
Macau recently passed Las Vegas as the number one city in the world in terms of gaming revenue, according to USA Today. Macau eclipsed Las Vegas’ revenue despite having less than half the number of casinos.
“I see Macau right now as being like Las Vegas in the '50s,” Mario Pinedo, an investment, residential and commercial realtor with Intero Real Estate, said. “Macau has such a huge growth potential in front of it, and they’re going to dwarf Las Vegas at some point.”
Macau itself is actually made up of three distinct regions: Macau, which is a peninsula connected to mainland China, and Taipa and Coloane, which are islands.
“Coloane is the countryside, Taipa is the new town and Macau is the old city,” Juliet Risdon, founder of JML Properties, a Macau-based property management company, said. “All of them bring different things to the table.”
In addition, an old causeway of reclaimed land connecting Taipa and Coloane is undergoing a surge of construction; called Cotai, it is also known as the Cotai Strip because of its similarities to the famous Las Vegas Strip. It is estimated that about $20 billion in investments will be made in Macau in the next few years; $12 billion of that is expected to go into Cotai.
Advantages
One of the biggest advantages Macau has is its location; more than half of the world’s population lives within a six-hour flight. Macau’s role as the only place in China featuring legal gambling makes it a huge draw for tourists. “Macau has now become a huge focus for the rest of the world because of the casinos,” Risdon said.
“The opening up of the casino industry [is] bringing in a lot more tourist traffic,” Pinedo said.
The tourism industry is going to bring tens of thousands of jobs to an already crowded area. Land and housing will be at premiums for a long time to come. Older condos are available for less than $100,000 USD, while new luxury condos can go for upwards of $500,000. The average new condo development sells for around $250,000 USD. “You’re probably looking at about a 30 percent down financing in that market,” Pinedo said.
“The financing is relatively easy to get,” David Faulkner, regional director of Colliers International, said.
Nice condos rent for approximately $1,500 USD and up. In 2006, average rental rates increased approximately 28 percent and rental rates for luxury units increased by 50 percent, according to the International Herald Tribune. Rental rates should continue to rise as demand for available housing increases in the coming years.
This will serve investors interested in the buy-to-rent strategy—simply purchasing a property and renting it out—well. This strategy allows investors to capture capital appreciation and potentially achieve cash flow. It is a long-term strategy well suited for Macau. Property values should increase in the coming years because of Macau’s limited land and growing population and wealth, and rental rates should rise along with them.
Hong Kong, for example, has some of the most expensive real estate in the world, with housing prices of more than three times those in Macau. There is already a land shortage in Macau, and with all the new casinos and developments taking up land and bringing in jobs and tourists, demand for the available land will increase.
“With the size of Macau and the density of Macau, it seems kind of an obvious place to invest your money because of the growth,” Risdon said. “I mean, billions are being spent in Macau right now.”
The Standard, a Chinese business news publication, projects that 70,000 to 75,000 new jobs will be created at the casinos scheduled for completion by 2009. With an unemployment rate of 3.8 percent and a population of about 500,000, many employees will need to be brought in from elsewhere.
Casinos have, in the past, typically brought in expatriate management, but that only accounts for about 10 percent of the projected job growth. The influx of expatriate workers and overall strong supply of jobs should both boost the economy and put a strain on the already tight housing market.
Expatriate workers might be drawn to Macau by the cost of living. Macau’s cost of living is approximately 13 percent lower than Hong Kong’s, according to the University of Macau. Macau’s cost of living is comparable to an average U.S. city. In addition, “tax is quite low [in Macau] compared with other countries,” Risdon said.
“There’s need for housing, both temporary housing for people on vacation doing quick trips from China, and there’s also a pretty decent expat population there,” Pinedo said. “And a lot of that requires high end, more temporary housing.”
With the increasing number of residents and tourists, housing and accommodations aren’t the only areas that will see increased demand. “Retail is really underprovided in Macau,” Faulkner said. A retail boom will be necessary to support the gaming and housing industries.
Macau is a relatively small area, “so, right now, when there is the ability to acquire some of the retail...it might be a good choice,” Pinedo said.
Risks
The gaming industry
China will assume full governing authority of Macau in 2049. This is a cause for concern because, while China has made strides toward capitalism in recent years, the changeover could still have a profound and uncertain impact on Macau. If the Chinese government decides to restrict or eliminate gambling in Macau, then Macau will lose its most lucrative feature: legalized gambling.
The gaming industry comprises 80 percent of Macau’s GDP; this over-reliance on one industry marks Macau’s economy as one-dimensional and easily endangered, should the gaming industry for some reason go under, such as by government influence. “It’s very much driven by the gaming and the hotel businesses,” Faulkner said.
Overbuilding
Overbuilding is also a significant risk. While the area available for development is limited, Macau is a hot market right now, and there might not be enough short-term demand to meet all of the projects underway. An oversupply would drive yields on rental properties down. Such yields are low to begin with because property values are climbing quickly while rental rates are rising at a much slower pace.
“You really have to look at long-term growth here in Macau. The rent right now in Macau is still quite low in comparison with the actual cost of a property, so your yield is anywhere between 4 and 7 percent, which is not high,” Risdon said.
“They’re building a lot of residential condos and residential developments [in Macau] and they probably will go through a process of overbuilding,” Pinedo said. “That might mean that the value of those units might come down at some point—they might peak and come down—or the rental rates might come down, but they will probably keep those buildings fairly well occupied.”
The influx of hotel rooms that will be coming on the market as projects are completed mean that condos will likely not be able to compete for short-term or vacation rentals, because hotel rooms will be able to offer lower prices. Condos will thus be best suited for long-term rental opportunities.
Leasehold ownership
Further, property ownership is leasehold in Macau, though some predict that freehold will emerge at some point. Pinedo said he does not consider leasehold a problem.
“The worst-case result [of a leasehold] would be, what if you have to give up the rights to that land and have to walk away from your development? Which is a possibility, I think, but it’s a very, very slim one,” he said. “In China, everything’s leasehold, so again, it’s really a non issue in that everybody’s playing that same game.”
“I think the leasehold interest is not a risk, I think the government is not a risk,” Pinedo said. “Your major issue, which is the major issue with any far away investment, is management.”
An investment in Macau would likely require “going to some meetings every year,” Pinedo said. “Your investment should be of a worthwhile size to merit the travel back and forth.”
Average length of stay
Another potential problem is getting tourists to stay in Macau longer. The average length of stay for Macau visitors is merely 1.2 days, according to USA Today. The hotel industry in particular needs visitors to stay longer in order to be successful.
Adelson, Wynn and other Las Vegas moguls intend to turn Macau into a multi-purpose destination like Las Vegas. Las Vegas is best known for its gaming industry, but it is also a popular business and convention destination. Las Vegas features entertainment and other attractions that appeal to families. As a result, the average length of stay for tourists in Las Vegas is 3.7 days. Turning Macau into a multi-purpose destination in the vein of Las Vegas is still only a goal, not a reality.
Real estate representation
Real estate agents in Macau are not regulated or licensed, so investors must research agents carefully before choosing one. Still, the lack of licensing requirements has not deterred investment in Macau’s rapidly growing real estate market thus far.
“There’s no licensing requirements in Spain, which is another place that I’ve invested,” Pinedo said. “Licensing requirements, to me, are kind of a non issue. In the United States, it’s the mirror test: if you can breathe, you can get a license. It really comes down to finding an agent who’s knowledgeable in that market and who can do the work for you.”
Climate
Macau’s subtropical climate could also be considered a concern. While Macau enjoys temperatures in the 80s year round, it is also susceptible to cyclones and typhoons. The rainy season, which can be very humid, lasts from May to September; June is the wettest month, with an average of 7.11 inches of precipitation.
Typhoon season is July through September. Macau averages six typhoon warnings per year and has an excellent warning system in place. Still, the risk of severe weather must be considered, especially in light of how Thailand’s tourism industry was devastated by the major tsunami that struck southeastern Asia in December 2005.
Conclusion
Macau is an interesting combination of high risk and high reward potential in much the same way that Las Vegas was 50 years ago. It is a market that combines several rare and lucrative characteristics in one place and time. There is, however, inherent risk in investing in Macau. The uncertainty of how the Chinese government will handle Macau when it takes the region over in 2049 is probably the biggest question mark.
“It really comes down to somebody being comfortable with the Chinese government,” Pinedo said. “I think people get rich by doing what other people don’t want to do or other people aren’t comfortable doing.”
Investment in Chinese Real Estate: A Limited Fortune
The People’s Republic of China rings in the new year—the Year of the Rat—today with festive traditions for good luck and fortune in the coming year. Indeed, it appears that the global superpower has much to look forward to: after an impressive year with GDP growth of 11.4 percent in 2007, increasing economic prosperity almost seems inevitable. However, what goes up usually comes down in a rapidly growing economy, and the rate of growth in the Chinese real estate market poses no exception.
China’s property sector took off in 1998, when Chinese citizens were granted the right to buy their own homes. Since then, China’s property sector has seen an average rate of growth of 22 percent per year, fueled substantially by a large amount of investments flowing into the market, according to an online market overview published by Property Frontiers.
The phenomenon has sparked fears that a property bubble is being created in China. Consequently, the Chinese government placed restrictions on foreign investment in July 2006 as part of an overall effort to control the massive appreciation seen in recent years.
In order for foreign investors to acquire non self-use property in China, they must incorporate and capitalize an onshore entity in China, or foreign-invested real estate enterprise (FIREE), to acquire and hold investment properties, Michelle Gon, senior partner at the international law firm Baker & McKenzie, said in an e-mail interview.
Additional restrictions have been placed on specific segments of the real estate industry, such as development of whole tracts of land, construction and operation of luxury hotels, resorts, office-buildings and exhibition centers and second level-real estate market transactions, Gon said. Such efforts are not prohibited by law, but investors must obtain approval from authorities on a case-by-case basis.
The debt to equity ratio for FIREEs with a total investment of $10 million has also been reduced to 50/50, Gon said. Foreign individuals who work or study in China for more than one year can purchase self-use property, or property for their own use or residence, Gon said. Foreign entities with branches or representative offices in China in operation for more than one year may also purchase self-use property.
Although restrictions have made it more difficult for foreign non-resident private individuals to invest in China’s real estate market, large institutional investors are working within the rules of the system to provide a steady flow of foreign capital to China’s property sector.
“Various institutional investors...such as Morgan Stanley, JP Morgan and Goldman Sachs are actively investing in China’s real estate market via their local vehicles or taking stakes in renowned Chinese development companies through pre-IPO investment,” Marsha Lu, legal consul for Property Frontiers, said in an e-mail interview.
Lagging demand and tighter regulations on the property market may have already started to take effect. The shutdown or downsizing of major real estate agencies and concurrent drop in urban housing sales could be indications of an overall slowdown in the real estate market, according to a press release from the Associated Press last month.
Until China’s real estate market sufficiently “cools down,” it is unlikely that the Chinese government will lift restrictions on foreign property investment, Lu said.
China’s Special Administrative Regions (SARs), Hong Kong and Macau, exercise a high degree of autonomy and are not subject to the restrictions placed on real estate in mainland China.
Real Estate Investment
Real Estate Investment is now treated as a major case of capital budgeting by using state-of-the-art investment analysis which incorporates the future stream of income it may generate and the associated risk adjustments. It has been the highlight of the investment literature since the 1970’s when investment theorists extended techniques such as probability, time value of money and utility into its analysis.
Real estate is basically defined as immovable property such as land and everything permanently attached to it like buildings. Real property as opposed to personal or movable property is characterized by the right to transfer the title to the land whereas title to personal property can be retained. The investment in real estate essentially depends on the risks associated with it, that is to say, even if the venture succeeds when the future stream of income will accrue to the investor and the alternative investment opportunities. Real estate investment can be attractive if viewed as a business opportunity; it can generate rental income, using it as collateral to secure a loan for a business venture, to offset otherwise taxable income through cash savings on tax-deductible interest rate losses, or simply from the profits garnered from its resale. Notable, in this context is the gains reaped by real estate speculators who trade in real estate futures (by buying and selling purchase options).
Common examples of real estate investment are individuals owning multiple pieces of real estates one of which is his primary residence and others are occupied by tenants from where the rental income accrues. Real estate investment is also associated with appreciation in the value of property thereby having the potential for capital gains. Tax implications differ for real estate investment and residential real estates. Real estate investment is long term in nature and investment professionals routinely maintain that ones investment portfolio should have at least 5%-20% invested in real estate.
A Real Estate Investment Trust (REIT) is a corporation or body investing in real estate that has the property to reduce or eliminate corporate income taxes. In return, REIT’s are required to distribute 90% of their income among the investors. These incomes are often taxable. REIT’s provide a similar function as does Mutual Funds provide for stocks in the share market. The key statistics to study about the REIT’s are the NAV (Net Asset Value) and AFFO (Adjusted Funds From Operation).
The Indian Government is yet to introduce REIT’s in the country. The government and the SEBI (Securities and Exchange Board of India) are planning to bring in legislations for the smooth functioning of the real estate market in India. with Initial Public Offers (IPO’s) streaming in from various listed real estate companies, it will be the best time to have an REIT which can help capture the current boom in the real estate market.
REIT’s provide the opportunity to reap the benefits due to interests in the securitized real estate market. The best benefit that can accrue is the fast and easy liquidation of investments in the real estate market which can be observed in Japan which one of the few economies of Asia along with Hong Kong, Singapore, Malaysia and Taiwan to have REIT legislation in place. J-REIT securities are listed on the Tokyo Stock Exchange and most of the participants are domestic and foreign conglomerates.
The legislation for laying out rules for REITs in UK was enacted by the Finance Act of 2006.they have to distribute 95% of their income and have to be publicly listed on a stock exchange which has been recognized by the FSA (Financial Services Authority). In the USA, the REIT’s are required to pay little or no federal income tax but are subject to legislations put forth by the Internal Revenue Code of 1986 whereby they have to distribute 90% of their taxable income in the form of dividends to its shareholders. Increasing demand for REIT stocks will push up the stock prices and entail growth from internal sources which is evidenced by the figures of 2005 where the combined assets of 200 publicly traded REIT companies totaled $500 billion.
Real estate is basically defined as immovable property such as land and everything permanently attached to it like buildings. Real property as opposed to personal or movable property is characterized by the right to transfer the title to the land whereas title to personal property can be retained. The investment in real estate essentially depends on the risks associated with it, that is to say, even if the venture succeeds when the future stream of income will accrue to the investor and the alternative investment opportunities. Real estate investment can be attractive if viewed as a business opportunity; it can generate rental income, using it as collateral to secure a loan for a business venture, to offset otherwise taxable income through cash savings on tax-deductible interest rate losses, or simply from the profits garnered from its resale. Notable, in this context is the gains reaped by real estate speculators who trade in real estate futures (by buying and selling purchase options).
Common examples of real estate investment are individuals owning multiple pieces of real estates one of which is his primary residence and others are occupied by tenants from where the rental income accrues. Real estate investment is also associated with appreciation in the value of property thereby having the potential for capital gains. Tax implications differ for real estate investment and residential real estates. Real estate investment is long term in nature and investment professionals routinely maintain that ones investment portfolio should have at least 5%-20% invested in real estate.
A Real Estate Investment Trust (REIT) is a corporation or body investing in real estate that has the property to reduce or eliminate corporate income taxes. In return, REIT’s are required to distribute 90% of their income among the investors. These incomes are often taxable. REIT’s provide a similar function as does Mutual Funds provide for stocks in the share market. The key statistics to study about the REIT’s are the NAV (Net Asset Value) and AFFO (Adjusted Funds From Operation).
The Indian Government is yet to introduce REIT’s in the country. The government and the SEBI (Securities and Exchange Board of India) are planning to bring in legislations for the smooth functioning of the real estate market in India. with Initial Public Offers (IPO’s) streaming in from various listed real estate companies, it will be the best time to have an REIT which can help capture the current boom in the real estate market.
REIT’s provide the opportunity to reap the benefits due to interests in the securitized real estate market. The best benefit that can accrue is the fast and easy liquidation of investments in the real estate market which can be observed in Japan which one of the few economies of Asia along with Hong Kong, Singapore, Malaysia and Taiwan to have REIT legislation in place. J-REIT securities are listed on the Tokyo Stock Exchange and most of the participants are domestic and foreign conglomerates.
The legislation for laying out rules for REITs in UK was enacted by the Finance Act of 2006.they have to distribute 95% of their income and have to be publicly listed on a stock exchange which has been recognized by the FSA (Financial Services Authority). In the USA, the REIT’s are required to pay little or no federal income tax but are subject to legislations put forth by the Internal Revenue Code of 1986 whereby they have to distribute 90% of their taxable income in the form of dividends to its shareholders. Increasing demand for REIT stocks will push up the stock prices and entail growth from internal sources which is evidenced by the figures of 2005 where the combined assets of 200 publicly traded REIT companies totaled $500 billion.
China, India top 2 investment destinations
Even as the global economy faces a slowdown, emerging markets like China and India have been placed at the top a list of destinations offering exciting growth prospects for privately held businesses (PHBs) in a recently released report. Compared to advanced economies that are forecast to grow at 1.3 per cent in the next two years, the economies of China and India will register a growth rate of over 6 per cent for the same period, the report showed.
Grant Thornton’s report, titled International Business Report on emerging global markets, showed that China and India stood out as emerging markets with the best opportunities. Riding on a wave of positives like their current GDP growth rates, investment climate and substantial trade opportunities, China and India were slotted as the two most favoured destinations for investment and development. Russia trails at number three, Mexico at four and Brazil at five.
The study also reveals the presence of 22 other rapidly growing global economies, which offer immense opportunities for future growth. These include Malaysia, Indonesia, Iran, Pakistan, Thailand and Poland, among others. The emerging markets index is produced using a weighted calculation of key indicators, including GDP, population, international trade and growth projections. Citing the reasons for attractiveness of these countries, Grant Thornton India national markets leader Monish Chatrath said, “Emerging markets offer great potential for growth in a global economic slowdown scenario. Availability of low-cost yet highly educated labour force with strong work ethics, combined with fast industrialisation, technology deployment and a strong focus on infrastructure development is enabling these countries to close the gap with the more affluent and relatively slower-growing mature economies.”
According to recent projections, China’s economy would move ahead of the US by 2027, India would catch up with America by 2050 and BRIC (Brazil, Russia, India and China) nations, as a group, would surpass the G7 by 2032. “India’s position in the second place comes as no surprise.
The Indian economy has consistently been riding high on waves of growth since the 1990s and the current scenario has been characterised by an almost insatiable enthusiasm for technology, openness to global trade and tangible progress towards fiscal consolidation,” Chatrath added. The report also highlights the growing number of challenges in emerging markets. PHBs, in particular, face challenges given that the contemporary business environment is now global in nature and these businesses cannot operate domestically without reference to foreign markets.
Grant Thornton’s report, titled International Business Report on emerging global markets, showed that China and India stood out as emerging markets with the best opportunities. Riding on a wave of positives like their current GDP growth rates, investment climate and substantial trade opportunities, China and India were slotted as the two most favoured destinations for investment and development. Russia trails at number three, Mexico at four and Brazil at five.
The study also reveals the presence of 22 other rapidly growing global economies, which offer immense opportunities for future growth. These include Malaysia, Indonesia, Iran, Pakistan, Thailand and Poland, among others. The emerging markets index is produced using a weighted calculation of key indicators, including GDP, population, international trade and growth projections. Citing the reasons for attractiveness of these countries, Grant Thornton India national markets leader Monish Chatrath said, “Emerging markets offer great potential for growth in a global economic slowdown scenario. Availability of low-cost yet highly educated labour force with strong work ethics, combined with fast industrialisation, technology deployment and a strong focus on infrastructure development is enabling these countries to close the gap with the more affluent and relatively slower-growing mature economies.”
According to recent projections, China’s economy would move ahead of the US by 2027, India would catch up with America by 2050 and BRIC (Brazil, Russia, India and China) nations, as a group, would surpass the G7 by 2032. “India’s position in the second place comes as no surprise.
The Indian economy has consistently been riding high on waves of growth since the 1990s and the current scenario has been characterised by an almost insatiable enthusiasm for technology, openness to global trade and tangible progress towards fiscal consolidation,” Chatrath added. The report also highlights the growing number of challenges in emerging markets. PHBs, in particular, face challenges given that the contemporary business environment is now global in nature and these businesses cannot operate domestically without reference to foreign markets.
NRI Investments in India
NRI India Investment has been subjected to ample neglect over the years. It is only in the past few years that the Indian Government is paying utmost interest in this matter as NRIs all over the globe are being encouraged to bring fresh funds for the economy.
The population of NRIs have experienced a manifold increase in the past few years which has been made possible by the sharp hike in recruitment levels for overseas jobs. According to a recent Business Standard report, in the last three years, 850,000 people went to West Asia alone. And even as the official figure for Indians living in the US is 2 million, unofficial estimates put it as 3.5 million. The immigration list to Canada and Australia continues to grow as well.
The ministries concerned have made sure that rules and regulations are simplified to make investments from NRI's easier. Investment in bank deposits and company deposits may be made by NRIs. They are subject to different rules and investments both with repatriation and non-repatriation benefits are permitted under various schemes.
Criteria for investments from NRI's
* NRI investment in India are permitted in partnership and proprietorship firms. This can be done by subscribing shares or debentures of Indian companies.
* NRIs can also now place funds in company deposits.
* NRIs who undertake not to seek at any time repatriation of the capital invested in India and the income earned thereon are permitted to invest on non-repatriation basis.
* NRIs also have the option of investing in mutual funds floated by domestic public sector and private sector mutual funds on non-repatriation basis. All they have to do is to make their applications to the Reserve Bank.
* They can also invest in money market mutual funds (MMMFs) floated by commercial banks and financial institutions with authorization from the apex bank or the Securities and Exchange Board of India (SEBI) which is the market regulator.
* Another option for NRIs is to invest in securities of the Central or any state government and National Plan/Savings Certificates by making remittances from abroad or out of funds held in their NRE/FCNR accounts. Thus the road has already been paved for investment in India and what better people to get it from than NRIs.
The population of NRIs have experienced a manifold increase in the past few years which has been made possible by the sharp hike in recruitment levels for overseas jobs. According to a recent Business Standard report, in the last three years, 850,000 people went to West Asia alone. And even as the official figure for Indians living in the US is 2 million, unofficial estimates put it as 3.5 million. The immigration list to Canada and Australia continues to grow as well.
The ministries concerned have made sure that rules and regulations are simplified to make investments from NRI's easier. Investment in bank deposits and company deposits may be made by NRIs. They are subject to different rules and investments both with repatriation and non-repatriation benefits are permitted under various schemes.
Criteria for investments from NRI's
* NRI investment in India are permitted in partnership and proprietorship firms. This can be done by subscribing shares or debentures of Indian companies.
* NRIs can also now place funds in company deposits.
* NRIs who undertake not to seek at any time repatriation of the capital invested in India and the income earned thereon are permitted to invest on non-repatriation basis.
* NRIs also have the option of investing in mutual funds floated by domestic public sector and private sector mutual funds on non-repatriation basis. All they have to do is to make their applications to the Reserve Bank.
* They can also invest in money market mutual funds (MMMFs) floated by commercial banks and financial institutions with authorization from the apex bank or the Securities and Exchange Board of India (SEBI) which is the market regulator.
* Another option for NRIs is to invest in securities of the Central or any state government and National Plan/Savings Certificates by making remittances from abroad or out of funds held in their NRE/FCNR accounts. Thus the road has already been paved for investment in India and what better people to get it from than NRIs.
ATN International
ATN International Limited, based in India was incorporated as Arihant Consultants Private Limited in 1983. The company became a public limited company in 1987. ATN International dabbles in both fund-based as well as non fund-based business activities.
ATN International, India
Arihant Consultants Pvt Ltd was subsequently renamed as Arihant Credit Capital then as ATN Arihant International Ltd. Finally the company got its new name, ATN International Limited.
ATN went public in 1994. The idea was to garner resources for widening its capital base.
ATN International Limited's business activities include the following areas:
a. Merchant banking services
b. Mergers and amalgamations
c. Consultancy services
d. Corporate counseling
It may be noted that, ATN International is based in Kolkata. The focus of the company, at present is on Satellite TV Channels and Investment Banking.
Equity Shares of ATN International Limited are currently enlisted at BSE, NSE and CSE.
ATN International's Authorized Share Capital amounts to Rs. 40 crores. Paid-up Capital is to the tune of Rs. 15.78 crores.
SEBI conferred the 'category-I merchant banker' title to ATN International Limited in 1994.
After that, AIL (ATN International Limited) has successfully managed over 20 public / rights issues in the capacity of a lead manager. The company has also acted as a co-manager for several issues.
ATN International Limited has successfully commissioned a wind power plant (of 4.1-MW capacity) in Kayathar, Tamilnadu in 1994-95.
AIL aims to enter the arena of financial services. Some of the envisaged categories are described below:
a. Portfolio management
b. Bridge finance
c. Forex advisory services
d. Debt market trading
e. Hire-purchase
f. Securities
g. Bill discounting
ATN International Limited's channel is known as ATN WORLD. The company has Air time sharing pacts with companies like Cygnus Publications & Communications Pvt Ltd and Rainbow Productions.
AIL is a successful business venture with multiple interests. Primary among them being the Entertainment industry and the Electronic Media Software industry.
ATN International, India
Arihant Consultants Pvt Ltd was subsequently renamed as Arihant Credit Capital then as ATN Arihant International Ltd. Finally the company got its new name, ATN International Limited.
ATN went public in 1994. The idea was to garner resources for widening its capital base.
ATN International Limited's business activities include the following areas:
a. Merchant banking services
b. Mergers and amalgamations
c. Consultancy services
d. Corporate counseling
It may be noted that, ATN International is based in Kolkata. The focus of the company, at present is on Satellite TV Channels and Investment Banking.
Equity Shares of ATN International Limited are currently enlisted at BSE, NSE and CSE.
ATN International's Authorized Share Capital amounts to Rs. 40 crores. Paid-up Capital is to the tune of Rs. 15.78 crores.
SEBI conferred the 'category-I merchant banker' title to ATN International Limited in 1994.
After that, AIL (ATN International Limited) has successfully managed over 20 public / rights issues in the capacity of a lead manager. The company has also acted as a co-manager for several issues.
ATN International Limited has successfully commissioned a wind power plant (of 4.1-MW capacity) in Kayathar, Tamilnadu in 1994-95.
AIL aims to enter the arena of financial services. Some of the envisaged categories are described below:
a. Portfolio management
b. Bridge finance
c. Forex advisory services
d. Debt market trading
e. Hire-purchase
f. Securities
g. Bill discounting
ATN International Limited's channel is known as ATN WORLD. The company has Air time sharing pacts with companies like Cygnus Publications & Communications Pvt Ltd and Rainbow Productions.
AIL is a successful business venture with multiple interests. Primary among them being the Entertainment industry and the Electronic Media Software industry.
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