The financial crunch and a feeble dollar are not such bad news for the United States property market, Pari daily reported.
The classic business maxim that one should buy at times of falling prices is about to attract large-scale real estate investment from all over Europe and a number of Arab countries. Bulgarian property companies, working with American partners, have already observed increased demand from Bulgarians for houses and holiday properties in the US, Pari said.
“We can't talk of a massive interest in the US property market, but we've been receiving enquiries for several months now,” RE/MAX Chance group manager Simeon Mitev told Pari daily. Several locations have been turned into lucrative property investments following price slumps. Enquiries from Bulgarian investors are directed primarily to Florida and big cities such as Las Vegas, Los Angeles and San Francisco.
Lux Imoti real estate agency’s manager Nikola Stoyanov thinks that the US market is targeted mainly by Bulgarians who have business there and travel frequently to the country. They want to acquire properties for personal use rather than for speculative purposes, Stoyanov explained. Bulgarian interest in US property dates back several years, aided and abetted by falling prices, he added.
Given the dimensions of the US market, it's difficult to provide summary data for the scope of the crisis. However, some brokers overseas say that real estate has depreciated by 40 per cent in a year. Prices have even halved, Teodora Dimitrova, CEO of the US-based ERA real estate network for Bulgaria, told Pari. Homes that cost $400 000 only a year ago are now on sale for $200 000, she said. Brokers from the US-based RE/MAX network said that Las Vegas was one of the cities recording the biggest decrease.
Real estate for more than $200 a sq ft currently sells at $ 90 to 125 a sq ft, Simeon Mitev noted. Currently, investment in land in Las Vegas is most lucrative because the gambling capital is surrounded by government plots and private properties are limited in number, he explained. Teodora Dimitrova, said, however, that Las Vegas was a stable residential market with a rapidly growing population. A property there changes ownership every two years and the population has increased from 0.5 million to two million people over the last five years, according to statistics.
The other attractive destination is Florida. The city of St Augustine has survived the blows of the global crunch almost unscathed compared to other parts of Florida because it's an interesting tourist destination with historical landmarks, combined with lavish opportunities for surf and shopping, RE/MAX’s executive Simeon Mitev commented, quoted by Pari daily. Prices in St Augustine are expected to rise, accounting for current investor interest in buying residential properties there. Investors hope to reap quick returns from capital gains.
However, brokers are still divided as to whether the current period is the right time to invest in American real estate.
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Monday, October 13 2008
Expat of the Week
redryler
Grew up in Ireland. Wnet to college in London. This was an eye-opener to the world. Have worked for ... read more
What`s on in Bulgaria
Theatre
12 Angry Monologues/12 razgneveni monologa What: The play is a compilation of 12 of the best monologues from Bulgarian actor Velko Kunev on the National Theatre stage over the past 30 years. Alone on the stage, Kunev re-experiences the fates, thoughts, worries and fears of his characters - including Ham When: October 7 and 25, 7pm Where: Ivan Vazov National Theatre
Volpone What: This comedy, written by English Renaissance playwright Ben Jonson, tells the story of Venetian nobleman Volpone who pretends he’s at death’s door to lure the numerous aspirants to his large inheritance and thereby expose their greed and foolishness. Starr When: October 10, 22 and 28 at 7pm Where: Ivan Vazov National Theatre
The Taming of the Shrew/Oukrotyavane na opurnichavata What: Director Marious Kourkinski returns to the stage of the Satirical Theatre with this Shakespearean comedy, which was one of the master’s earlier plays. The original play depicts a nobleman, Petruccio, who, for pragmatic reasons, marries a shrew – a loud-mo When: October 10 at 7pm Where: Aleko Konstantinov Satirical Theatre
Cultural Institutes
Pavel Besta and his inspirations What: This exhibition by Czech artist Pavel Besta coincides with his 50th birthday. His paintings are in the realm of the grey and sorrowful. Besta discusses universal questions touching on the beating hearts and disillusioned faces who dwell in the country’s o When: Until October 31 Where: the Czech cultural centre, 100 G. S. Rakovski Str, Sofia
Art
Painters from Plovdiv exhibit in Sofia What: Natally gallery is organising a general exhibition featuring artists who have depicted Plovdiv’s gentle pace of life in their works. Visitors can admire the delicately smiling characters looking over from Angel Vassilev’s paintings, or the colourful abstr When: Until October 30 Where: Natally, 38A Gourko Str, Sofia
The return of Dimitar Voinov What: Racoursi gallery presents Bulgarian painter Dimitar Voinov, who has lived and worked in Germany since 1986. Now, 22 years later, he is exhibiting in Bulgaria for the first time. His paintings reveal the use of classic techniques, combined with ambiguous s When: Until October 31 Where: Racoursi, 4A Han Kroum Str, Sofia
Eva Peneva and Yulian Yordanov’s graphics for four hands What: This collaboration between two artists is a long-nurtured idea that finally comes to life. Yordanov presents 13 of his graphics including titles like Leda, Fragrance or Temptation. To find an adequate answer to his challenge, Peneva painted glass using va When: Until October 20 Where: Teo, 34 Macedonia Str, Varna
Soshana: Around the world in 80 years What: Austrian painter Susanne Schuller-Soshana is a true cosmopolitan. As one art critic puts it, she has travelled the world not in 80 days, but in 80 years. During her nomadic life, she has met some of the defining titans of the last century’s art scene – in When: Until October 16 Where: Astri, 34 Tsar Samouil Str, Sofia
The apple in the minds of several artists What: Though it has a small exhibition area, this gallery always offers carefully selected artists the chance to flaunt their talents. In this general exhibition nine artists have come together to explore the ‘apple theme.’ Works by Boiko Kolev, Rossen Rashev, When: Until October 20 Where: Art Gallery Paris, 8 Paris Str, Sofia
LIKE MOTHER, LIKE DAUGHTER – ANI KARALAMBEVA AND NIYA ABRASHEVA What: Drawing on her experience and expertise as a long-time textile designer, Ani Karalambeva collaborates with her daughter Niya Abrasheva to create beauty in the ever-saturated world of fashion and interior design. The exhibition presents mixed media wall pa When: Until October 8 Where: Azza Gallery of Modern Art, 25 Cherni Vruh Blvd, Sofia
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Theatre
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Art