07/07/2010

Property big names investing in US property

Two prominent overseas property personalities with connections to English football clubs are undertaking significant investment in the US property market.

Peter de Savary, the former Chairman of Millwall FC and Darragh MacAnthony, the chairman of Peterbough United are both investing in property ventures again after waiting in the wings for the right opportunities.

De Savary, who specializes in high-end properties such as Skibo Castle in Scotland and the Abaco Club in the Bahamas, is buying two projects in Newport, Connecticut.

The first is a $5.7 million Vanderbilt Hall, a landmark hotel which had been converted into time-share units in 2007 but the units never sold.  The project has now rebranded as a “hotel mansion,” a membership club.

The second is the Vanderbilt Residences at Brown & Howard Wharf, which offers 16 units priced between $2.75 million and $3.5 million and includes membership privileges at Vanderbilt Hall.

Both investments are highly original and are being purchased at the bottom of the market, says de Savary:

“I’m only interested in things that are unique and distinctive and different,” he told ProJo.com.  “Simply, I think we’ve sort of hit the bottom of the recession….I think things will get better in the coming period, not worse”.

MRI to re-invent itself

Meanwhile, Global edge understands that Darragh MacAnthony, arguably the most notorious man in overseas property, is developing property again, this time in Florida with MRI Construction.

His other company, MRI Overseas Property, the most financially successful UK residential overseas property business in history, has scaled back operations and is now specializing in selling furniture packs amid questions from an MEP about its business practices.

Whatever your opinion about Darragh MacAnthony, there is no doubt where the smart is going.  If you can find the right opportunities, there has never been a better time to sell US real estate to international buyers.

Source: Global Edge

P4P Comment

“Follow the smart money” is a good investing maxim.

Better than “Follow the herd”.

Many investors make the mistake of interpreting negative information, in this case, about how hard hit the US property market is, as reason not to invest.  The more experienced and savy recognise that it presents an opportunity to buy at the bottom of the market.

If individuals like Peter de Savary are investing in US real estate, it’s a clear sign that the market has strong merit. He is a highly experienced property developer who can choose from many markets.