JULY 2009
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www.opp.org.uk Email your opinions to editor@opp.org.uk
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19
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INDUSTR
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Florida: the trade’s price barometer
calendar and daily news updates
It’s quite incredible how Florida has been the global price barometer over
the past 20 Years. If Florida prices are escalating then the market is buoyant
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globally and if on the decline then the opposite is true. In fact the early
signs of crack in the US economy can be sourced back to Florida property
trade professionals from all over the world
DESTINA
prices and we all know what happened from there.
So let’s tap the glass and see in which direction the hand moves. The
best way to describe it is to compare it with these amazing shoals of
Everything you need to know about the
sardines that travel like some gigantic silver underwater snake up the
overseas property industry in 1 place
TION
coast of South Africa. Dolphins very kindly shepherd these tasty creatures
into a shimmering disco ball of protein. Gannets, seals, sharks, and whales
approach in turn and unison to gorge on the confused little fish until sadly
they are no more than a few flickers of light swimming off into cooler
waters.
No better comparison can exist to present a picture of the property market
there today. The dolphins package foreclosed property inventory into what
is called a tape (shoal). They then cream of_f the big f_i sh and present these
BUSINESS
to the marketing platforms and agents (gannets). Next they allocate to bulk
seller seals such as foreclosure TV property at ridiculously low prices while
providing clean property inventory for the hedge fund whales; again at prices
way below the ‘appraised’ value. One day there simply won’t be the property
left to buy and then, as sure as summer follows winter, the price of f_i sh will go
through the roof again. Fair enough?
derek1344
Are Northern Cyprus agents
DE
risking legal action?
VEL
Dear editor,
www.opp.org.uk
OPER
To suggest to non EU buyers that it’s OK to buy in TRNC
because Greek Cypriots can’t seek your other assets is a little like saying,
“we know its illegal but don’t worry if you get caught they can’t touch you!” Dear editor,
To also suggest that the Orams case has been around for some time is true, but I believe fractional ownership is a mass market product and strongly disagree
not the judgement, this is new. Many agents told me that they would wait for the that fractional ownership is still reserved for the wealthy. While we have owners
outcome of this judgement; those who rushed ahead wherever they are situated that are wealthy enough to own their house in the Caribbean or own several
M
must be feeling a little uncomfortable at the moment. vacation homes, they recognize the fact they are not going to live here year ARKE
I am sorry to say that Mr Devrim Celal is either very naïve or complicit in round so they purchased a few months for a fraction of full ownership.
misleading unwary buyers and agents as to the true risks in purchasing in the However, our main customer has been the family that worked hard, saved and
TING
TRNC. dreamed about a second home. When they saw our fractional opportunity they
We took the decision some time ago not to promote the area in order not to realized they could af_f ord a second home. Since they never planned on moving
expose our clients or our networks to potential litigation, it is a shame others did here full time, the option of purchasing 2-months, 4-months or whatever length
not do the same! of time they wanted meets their family needs.
Andrew Potter MNAEA, Managing Director, United Developers Brian Burgan, Sales Manager, Sueño del Mar
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