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Team Investment’s Tanya Marchiol on the deals foreign buyers are getting in the U.S.
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Housing is set to be a bright spot in a weak economic recovery but just who is doing the buying well the answer is -- -- -- -- doing a loss of the mining.
Joining us now someone -- -- this field Tonya Mark -- of team investments.
Tonya welcome back thank you for having me you've got four houses to show is yes.
You go for foreign people foreigners yet who bought these houses yeah it's -- about -- solid house number want is an Atlanta.
That's it sold for law.
825000.
Exactly can we have put a dollar a we got a picture of ridiculous a look at this -- right 125000.
The asking price was almost a 100000999.
Exactly who boarded the.
Sat on the market for 152 days and they Canadian buyer who had family in the area that live there for ten years so they're buying house to be close and there are other family.
That's a plan to that place that was sentenced.
This is sort of state and so on you assigned to the Canadian and -- and he with a big bag of money and stolen from under the noses and it was a learning that's exactly right don't they I -- -- number one form buyer Canadians yes.
That I couldn't say that it's gonna -- next sounds Arizona.
It listed for what 550000.
It didn't sold for how much 500000.
In July.
And they bought it as a vacation home and other Canadian them but Canadians yes now but did they pay cash say paid cash that's a nice look complaints yet -- absolutely it is and it's in Scottsdale its prime real thing.
Tell the truth did you -- things I -- that's that's not gonna.
That's why corporate -- -- sell America cheap but that the.
America's not on -- from the investment.
Yet but let's let's look at this not yet anyway.
-- -- use them and I never thought and that the bar has yeah.
An idea -- settle down everyone thought.
I wanna show your place in Miami yes now this with the asking price was almost six million dollars yes this is a mansion and a half.
Six million asking.
What was the fondled the buying price we have it under contract for five million dollars for this contract means somebody's gonna buy yes exactly and deposit them exactly you've got a multi don't have the money -- -- -- -- Who thought it Saudi Arabian buyer and actually he had rented for three years we've talked about this planet -- -- rented for three years that's the one this is don't want.
Dan we asked the -- you know rental 30000 dollars a month and they're willing to pay the first year and a half up -- Let's listen.
-- that the Bosnia yet that that the -- That the saudis decided -- in the -- he's gonna rent it yes.
And -- -- agreement for three years yet at 30000 month 360000.
Dollars a year guaranteed income coming in exact purchase price of five million.
Right.
So basically it's another half million dollars after taxes and insurance and all that that you can reduce his purchase price for -- -- ball with stock market.
Yeah but look at he -- cash he did pay cash five million just broke the check yes but last one Las Vegas.
Yes this is not a previously owned -- exactly new units at its I'm looking at it -- is that.
That's the whole unit right that is actually the clubhouse so this -- -- really a Chinese investor.
And they paid 630000.
Dollars the pools going in as we speak.
And they wanted to be in this particular -- second it is is it that.
That's not the clubhouse that's how this is the house that was the clubhouse and the first picture but those are pictures of the house -- -- -- 630000.
Deaths in Las Vegas forgive me for saying it but five years ago that would been a million loss now.
Mark my prediction Vegas is gonna come back in the second half of -- present their take.
But I'm on -- -- about the placement would have been million -- that is ago it is but you know been dogging Vegas for two years.
But they're about to lift the moratorium in March so.
We're gonna have a flood of buyers the last -- I want to talk about a very very different real estate market index for a moment -- -- read a news item about it and I want your comment right Africa all sit right that's on picket.
Take a look at these numbers just out from Detroit.
More than 45%.
Of the people.
Sixteen and older living that on an office in the labor force that's and that's roughly half the people in Detroit.
But not -- -- the world the -- in world out alleged defaults.
About 35%.
To Detroit's residents get food stamps now President Obama went to Detroit this week to make his case on taxing the rich to help the less fortunate.
The Detroit clearly struggling.
Could this before shattering the United States if we -- on the path and -- long relative to get back question.
Real estate.
Detroit is not a good location well.
Interesting dichotomy.
What's going on right now according to the Detroit Free Press the metro Detroit homes have increased 22%.
But their 50000 dollar homes increasing -- you know 6570000.
Dollar house.
What scares me is he can't sustain because people are buying because it's cheap but -- they -- to there's -- -- with chops so when you're buying real estate you have to look at investment real estate you have to look at okay I'm getting this great deal but what is it gonna do for -- -- -- right.
So it's it's interesting market -- published -- but just now that said that it was the poster child of the recession but it's going to make -- comeback.
And I am you know curious to see but I am not buying realistic you know turn into a bit like that -- just primarily investors who are buying these properties because that put -- -- little on the -- Another Providence.
40% of the Chinese that are buying the states are buying as investment properties -- its own probe into an englishman.
I haven't gonna buy something no.
Element that I -- America.
-- -- -- -- -- -- Buffett -- -- is -- a big difference.
