Next December in Miami real estate investors and collectors of European contemporary art will meet again.
The housing slump and a favorable exchange rate of 1.50 USD per Euro, prices look quite affordable now.
A house on the outskirts of Miami for only $ 50,000 (33,240 euros). If you want a more exclusive area, like West Palm Beach, could do it for $ 179,000 (119,000 euros), according to consulting firm Fiserv. In Miami, Spanish buyers usually opt for Key Biscayne, Brickell and Coral Gables. Everything from $ 200,000 (132,900 euros).
The new market condition gave rise to a new form of speculation, the very-cheap for cheap model is gaining momentum among new specialists in buying from desperate owners. An up and coming big noise.
A house in Orange County (an exclusive suburb of Los Angeles, known for the OC) costs $ 418,000 (278,000 euros) in San Francisco prices have fallen by 40% and New York lost 10% on average.
There will also be good opportunities buying American art but who wants such an small profit when you can triple your investment as soon as the housing market recover?
Will it last for long? Some economist are now predicting a 2010 exchange rate around 1.20/1.25 USD/Euro so, the time to buy is now.
Based on EL PAIS “Un El Dorado de ladrillo y arte” October 25, 2009