Where to Find Real Estate Bargains

“Investing in real estate can make you richer or poorer. Timing makes the difference.”

If you want to make a killing—buy in Havana, Cuba. According to the article,“Real estate market booming despite hurdles”, you can buy property which will need a lot of repairs in a country where there is a scarcity of everything for the bargain price of $250,000.

The moment that the U.S government lifts the embargo (hopefully soon), and the Cuban government realizes that socialism does not work (in most countries), the value of properties in Havana will sky rocket. Havana’s buildings are dilapidated, but when they will have money from the expats currently living in South Miami, or perhaps investors from China (there are 2,000 people from China studying Spanish in Cuba), the faded beauty of the city’s real estate will return. Cubans have a joyful spirit, and when their fortune turns around, it will be like a hidden jewel.

In the meantime, you have the choice to be joyful in our own backyard.

According to the article in the SF Chronicle on May 1^st, 2013, “Home Prices in 20 U.S Cities Climb by Most Since May 2006”, property values in 20 cities rose 9.3 percent since February 2012. Meanwhile, according to the article “Getting Squeezed” in the SF Chronicle, “finding an apartment (for rent) in San Francisco can be harder than finding a job”.

 For instance, one can’t help but notice on Market Street in San Francisco, there are 5 or 6 new residential construction projects, adding some 4,000 new available rental and condo units on the market. A new one has broken ground recently on the corner of Octavia and Market, close to the San Francisco Jazz Hall.

My friend Ildiko Pali, a real estate agent, who is the Queen of the short sales and foreclosures, told me that there are less and less foreclosures and thus fewer bargains. She can be reached at 415-923-7628 /[email protected]

I am sure it helps that the Fed is keeping the interest rates artificially very low. Rates recently dropped again and we could refinance those who’ve previously “missed the boat”. Do not wait. Without notice, the tide can rise again. (It actually did last week and rates went up, and we are now waiting for them to come down again; but we need to have your loan documents to lock the rate.)

P.S.

I photographed a lot of dilapidated buildings in Havana, as well as some that already look very nice after their restoration.

P.P.S

Meanwhile, if you want to check real estate opportunities (and to listen to good music at the same time), join us on a trip to the Havana Jazz Festival on December 15^th-23^rd.