One thing weÂ have managed to predict lately wasÂ perhaps obvious: that the incredibleÂ window of opportunityÂ that our British friends had to purchase here in Florida would be drawing to a close in the fourth quarter of 2008. We urged them to lock in rates quicklyÂ and make a purchase while they were getting overÂ $2 to the pound – uneard of since the seventies. Combined with good mortgage rates and a US housing collapse you’d have to be more “bear” than Winnie the Pooh to miss the boat on this overseas fire sale.
But many Brits, a cautious bunch by nature, may have done exactly that.Â This week, they areÂ looking at 5-year lows against the US Dollar wipping out thousands of dollars of equity they could have had even a couple of weeks ago. For example,Â on a $100,000 transaction,Â you wouldÂ need the equivalent of an additional $15,000 compared to last Friday.Â For one UK client of ours who closed twoÂ weeks ago, the loss was over $8K between signing and closing.Â And that was before this most recent drop. For more see this UK TV newsÂ video -Â BBC UK News October 22, 2008Â (Beware, they speak the Queen’s English. Contact me for translation.)
For more info on currency exchange, see our International Page.Â Our friends at MoneyCorp will be happy to discuss the current market conditions with your and help guide youÂ through the volatility. MoneycorpÂ also offer competitive exchange rates compared to high-street banks which helps toÂ protect your investment against these sorts of adverse fluctuationsÂ in the exchange rate.Â Â You can alsoÂ contact MoneyCorp direct.
With prices still dropping in the Central Florida area, the deals might not be quite as good as they were last week – but let us find you the right condo, and you can still make out likeÂ a bandit.