As Dusty Springfield famously sang, “the world goes round without even a sound, and it looks like summer is over”.
According to Colin Murphy, Director of Torcana.com, Dusty was spot on regarding the second part of that lyric but the property and financial worlds were making plenty of noise over the past few months.
“Stockmarkets have rebounded, as have equities and commodities” states Murphy, an expert in distressed property sales in UK and Florida. “Investors have regained their appetites for debt and the interest rates at which banks lend to each other has fallen back to near pre-crisis levels. Ben Bernanke, the Fed Reserve chief, has announced that the worst recession since 1929 was “very likely over at this point”. The Sage of Omaha himself, told CNBC last Wednesday that “the US housing crisis was over”.
“Ben Bernanke and Warren Buffett aren’t exactly prone to hype and their word is more than good enough for me”, he continued.
“Confidence is also growing rapidly amongst large investors. I’m not just talking about hedge funds starting to actually buy shares again rather than short them, but also about pension funds and private equity groups buying huge amounts of distressed property in places like Florida.
Twice in the last 4 weeks I’ve seen developments with 100-300 units for sale taken off the market because single groups have purchased them outright, swiping the rug out from under the feet of those who were considering purchasing one or two units”.
Now that decent mortgages are finally available for foreigners and inventory levels have fallen from 23 months to 8 months in 2009 alone, there will not be many once in a generation bargains left after the end of this quarter.
Or as Dusty would have put it “the breeze hurries by without even goodbye”
For further information, please see www.torcana.com
Contact Info:
Colin Murphy
29 Ballsbridge Rd, Dublin 4, Ireland
Dublin, Ireland, 28003
Telephone +353 1 4434 466
Fax: +353 1 258 6016
Website: http://www.torcana.com
Email: investments@torcana.com
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