Home Buying in Tucson>Question Details

Augusto, Home Buyer in Italy, TX

Hi, I am from Italy, I am thinking of taking advantage of the euro strenght investing in the US by buying a

Asked by Augusto, Italy, TX Thu May 8, 2008

home in tha nice Toucson area. Can you pls. help me with info about the trend of prices for homes from 250 to 300.000 dollars. After buying, I would rent it. Is this feasible?

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14
It seems if you want to do it, you want to hurry up. Fed is going to jack up the interest rate, and US Dollars start becoming stronger each day.
1 vote Thank Flag Link Thu May 8, 2008
You really should stay in Italy. We might arrest you on some trumped up charge and put you through a carnival like trial, ignoring all the evidence of your innocence. Or maybe we will take one of your children and keep them in the court system for a ridiculous and unfair amount of time. We don't cotton much to foreigners here. Especially after you have acted so badly in recent times. Gosh imagine that if you can. Without intervention you would be speaking German and the Euro would not exist.
0 votes Thank Flag Link Sat Jan 2, 2010
Yes you can rent it. If you'd like I can send you information about the Tucson area. It is a great place to live and invest.
You can also use my web site to look at homes free.
http://rlecinski.longrealty.com

Richard Lecinski
Long Realty Company
Tucon - Oro Valley Arizona
520-834-4663
0 votes Thank Flag Link Mon Dec 21, 2009
Augusto,

I personally have 3 vacation home rentals. I have been very happy with their performance. You are welcome to view these homes at:

Club Wolff West
http://www.homeaway.com/vacation-rental/p136489

Blue Wolff Resort
http://www.homeaway.com/vacation-rental/p183776

Poco Lobo
http://www.homeaway.com/vacation-rental/p207782

Your plan is a good one and I have the proof that it can work.
0 votes Thank Flag Link Tue Dec 15, 2009
Look at Winter Park Colorao.....great rentals, great investment, last north american ski resort to develop... Vail 25 years ago... my money is here.....
0 votes Thank Flag Link Sat May 10, 2008
I have another suggestion, buy in Cave Creek /Carefree area where rentals are solid and price increases will be greater based on a larger employment base.........Just north of Phoenix

John Lynch RE/MAX jlynch@fineprop.com
Web Reference: http://www.ohnrlynch.com
0 votes Thank Flag Link Sat May 10, 2008
Hi Agusto-My sister lives in Paris and has with her Parisian husband for the last 35 years. We are currently looking for the right property for them to invest in in Tucson in your same price range.-takling advantage of the exchange rate and the price decline in many US areas. For foreign investors, it truly is a once-in-a-lifetime opportunity. What you can purchase in Tucson, compared to European housing is phenominal! The prospect of renting is healthly, as many other responders as stated, due to the credit crunch & forclosure rate here in the US. Additionally, Tucson is projected to continue to be a major growth area in general, particularly because it is a favoriate amoung new 'baby boomer' retirees-our area will continue to be a great place to invest-It was just named as on of the top 7 recession proof cities in the US to retire to by "Smart Money". There are considerations like property taxes, property management expenses., income tax issues in Italy etc., but all of these can be researched so that you can make an educated and informed decison-Right now many Canadians buyers are working me with &local realtors to just that-Not to mention my France based family members and their friends.

The Sonoran desert is a very special place and Tucson, equally as special within it
0 votes Thank Flag Link Thu May 8, 2008
Rental property in the Tucson area is a GREAT idea right now. There are many properties available, and foreclosures due to the increase in ARM rates are creating a large number of renters whose credit will be tarnished for 10+ years. In addition, there are many commercial (retail) and multi-family rental properties also on the market. I am a commercial realtor in Long Realty's Commercial Branch who performs financial analyses for my clients to get them into investments that will achieve their goals. Most commercial transactions are considerably complex, but can be very lucrative. Feel free to give me a call or e-mail.
Web Reference: http://BertR.LongRealty.com
0 votes Thank Flag Link Thu May 8, 2008
Right now we are inundated with homes in your price range. And for that reason, our prices are still drifting down, and probably will do so for another several months. You could even lower your price range a bit, down to say $200,000, and still pick up a very good deal. In fact, right now I have a home for sale for $210,000 that 2 years ago sold for $280,000. Plus, in the slightly lower price range you are more likely to get positive cash flow when you rent it. I would be happy to help you anyway I can.
0 votes Thank Flag Link Thu May 8, 2008
Hi Augusto,

With the strength of the Euro vs. the Dollar right now it's a great time for people to take advantage and buy property in the US. As Marian mentioned, there are additional expenses to property ownership/rental that should be taken into account before purchasing property.

Buying a property and then renting is a completely feasible idea and as Anne mentioned, there is an abundance of properties in that price range that might suit your needs.

If you would like a relocation packet with housing information feel free to contact me. Also if possible I would recommend a visit to Tucson to check out the town and get a feel for what sort of house you would be interested in purchasing.

p.s. I was just in Italy last year and had a blast!
0 votes Thank Flag Link Thu May 8, 2008
Augusto, you need to also know that if you are not paying cash for your investment, lenders are required to charge investors from foreign countries 35% down payment--from what I understand. You should probably look further into this, or I can do that for you if you are seriously interested in hiring a local agent here in Tucson. Mary Clark - Long Realty - mclark@longrealty.com
0 votes Thank Flag Link Thu May 8, 2008
Dear Augusto,
Purchasing property in the US can be a good thing. However, we have many clients from Europe and most are taken back when they fully understand all of the expenses. For example, a lot of European's do not realize that we pay annual property taxes. In Tucson use 1% of the assessed value. This would be about $3,000 a year. I just just giving you an example and the tax rate depending on county may be more or a little less (not much less possible). Then you have management fees, insurance, etc. I have a member of my team that all he does is through this information for our clients. Finding the right local agent and the right property is the easier part. Making sure you fully understand the numbers is the first priority.
Contact us at terry@marianschaffer.com
The Schaffer Realty Group
http://www.marianschafferrealty.com
0 votes Thank Flag Link Thu May 8, 2008
Pricing in this catagory depending on area has taken some price drops so there are some good deals to be had right now. There is choice in the market place. Would you be thinking of renting it full time or furnished as a weekly monthly rental?
Web Reference: http://thetucsonexperts.com
0 votes Thank Flag Link Thu May 8, 2008
Augusto. You can search right on trulia or zillow for basic trends (don't take them to heart 100% though) for the Tucson area.

Also, Altos Research can help with more reliable trending of data at altosresearch.com.

Renting it would be very feasible. I could recommend an agent in Tucson who could give you current rents in the area and help you pinpoint a location to purchase.

Good luck!
0 votes Thank Flag Link Thu May 8, 2008
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