Getting in early on a preconstruction project can assure the investor of paying the lowest price, and of course, choice of units
Myrtle Beach, SC (PRWEB) December 13, 2004
Preconstruction condos are selling at a breakneck pace. The release of phase I of Prince Resort at the Cherry Grove Pier was evidence of that when it was sold out ($53,000,000) in the first 48 hours. Investors are snapping up 2 to 3 units at a time, as the Myrtle Beach condos market continues to be one of the most undervalued preconstruction condo markets in the country. Real estate investments continue to be one of the safest investments an individual can make in this day and age. "Getting in early on a preconstruction project can assure the investor of paying the lowest price, and of course, choice of units," says David O'Connell of NewResorts.Com, who has dominated the Myrtle Beach market for the past 7 years. He is about to release a $60,000,000 oceanfront condominium project in the next few weeks.
The sizzling Las Vegas real estate market is turning up the heat another notch. With over 80% of Nevada owned by the US government, land-starved developers are going vertical to meet the demand for housing in the fastest growing city in the United States. Presales of luxury high rise condos and "condotels" along the Las Vegas Strip are skyrocketing, with over 30 new high-end projects already in progress and more opening at the start of 2005. Developers are catering to sophisticated investors by offering a bundled package of lavish fully furnished units, onsite leasing agents and nightly rentals tied to the local casinos, and the return on investment for these Las Vegas condos is so high that many projects are sold out before ground has even been broken. Anticipated appreciation rates (which hit 30% this spring) are also fueling the buzz.
Some of the most expensive yet highly sought after property can be found in Sarasota, Florida. As a "city of the arts" and a tropical paradise, homes in Sarasota will always be in demand. Downtown Sarasota's bay front condos are the hottest Sarasota Real Estate right now. Within walking distance to Sarasota Bay, theaters, restaurants, upscale shopping, specialty stores and cultural centers world-class amenities are right at your doorstep. Prices range from $300,000 to $10,000,000 depending on location, square footage and water views, for a two bedroom/two bath condo. These top of the line extraordinary new condos offer breathtaking views of Sarasota Bay and the Gulf of Mexico. Inc. Magazine recently named Sarasota as "Florida's next big thing!"
Another hot area for investors is Austin, Texas real estate. Since the tech market crash of 2001, this jewel in the rough has been of strong interest to investors, especially those who are able to capitalize on their equity from other hot markets. It remains quite affordable for most first-time investors, with Austin homes and condos in the $100,000 to 300,000 range, as well as duplexes. Nestled in the beautiful hill country, Austin is scenic and serene, with a chain of lakes running from west to east and thousands of acres of devoted park land and nature preserves. According to Austin Realtors, the market seems poised to take off again in 2005, with the number of homes for sale dropping slightly in late 2004, and a frenzy of home buyer activity occurring during this holiday season. All in all, one would do well to consider the up-and-coming Austin real estate market as part of a savvy investment portfolio.
And meanwhile, out in Tucson, Arizona, the local real estate market is also heating up, according to Brenda O'Brien, a top Tucson Realtor. While homes in Tucson are still reasonably priced, they are starting to climb at double digit rates. October listings in the Tucson Real Estate Market decreased 20% from October 2003, and the average price of a home in Tucson was $211,240, according to the local Association of Realtors. This represents an increase of 13.4% over last year's average price. Tucson new home sales are also booming, and great homes can still be had in the $300,000 to $500,000 price range. Retirees from all over the country are choosing Tucson for the perfect weather and reasonable home prices, which add to the investment potential.
By going to contract prior to construction in any of these cities investors should be able to benefit hugely from the projected appreciation increases before even closing on their purchases. Those who purchase multiple units in several projects should do exceptionally well in 2005 before rising inflation costs drive prices up even more.
For more information on sales in these areas please contact:
Myrtle Beach - David O'Connell
Myrtle Beach Real Estate Investment Groups LLC
Las Vegas - Diann Tonnesen
Prudential Americana Group Realtors
Sarasota - Annette Smith
Tucson - Brenda O'Brien
Austin - Jason Crouch or Jim Olenbush
Austin Texas Real Estate
please also view our article:
Preconstruction Real Estate Investments - Buy Now, Pay Later
Las Vegas Real Estate Investments - Is the Boom Over or Just Getting Started?
Las Vegas Real Estate Investments - What's Hot, What's Not
Las Vegas Golf Course Homes - An Endangered Species?
Myrtle Beach Preconstruction Real Estate Sales Reach Record Highs
Las Vegas Condos - Make Sure Your High Rise is Low Risk
Las Vegas Preconstruction Condos - Cosmopolitan Resort Ready for Release
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