Any USA updates/info?.

I have been looking for USA discussions but it appears they are closed?.

I am interested to see outcomes with those who invested there many years ago on this site, which would not necessarily be gloomy.
Just would like to know how this GFC has affected, particularly the cheaper housing.
 
There's been much discussion and LOTS of comments, research and even plenty of site visits, but people actually plonking cash on the table and walking away with real estate are few and far between.
 
Thanks Rob, I looked for threads on the US but couldn`t find a single one.
I was interested to know if those on the forum that invested there years ago got out, or continued to rent their properties or if many aussies are actually buying at this point.
Things change fast, there are reports coming out of the US that the worst is behind them, I don`t buy that idea but a lot can happen in the space of a few short years.
 
I can post a couple of observations:

1) My brother is currently looking for a PPoR on Long Island (NYC outer suburbs, about 5km from JFK) and US$420k buys a very nice 4x2 on about 600m2, like this. These prices have largely held steady the past 12 months but are perhaps 30-50% off the peak of 2-3 years ago. Incidentally, annual taxes on a $400k property in NY state are about $9k-$11k, depending on which village you're in.

$400k for a nice house within commuting distance of Manhattan seems to me to be rock bottom, but of course no guarantee that prices will increase in the foreseeable future. (I wouldn't suggest these are investment options though, there are far better options out there)

2) A colleague of mine was recently in Florida looking to buy condos. His REA over there actively discouraged him from buying at this stage, with expectations of further falls in the coming 6 months. Some of these (rather nice) condos have annual strata fees normally of about $15k, but at the moment there are so many bank-owned condos (who apparently don't pay strata fees) that the real owners end up paying about $50k pa in strata fees...ouch!

There's some interesting data on the number of prime resets coming up in the coming 3 years. Perhaps not as bad as the sub-prime resets of 2 years ago, but tough resets all the same!

Cheers
Jonathon
 
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