Bail out to Florida
London agent bails out for Florida
A London estate agent is to emigrate to Florida because he believes the property market in America will give him more business.
Danny Anysz is a partner at WL Commercial, formerly Whitehouse Lewis, whose residential arm was sold to Bective Leslie Marsh.
Anysz, a member of the National Association of Estate Agents, said he had long realised that a crash in Britain's housing market was on the cards: "About five years ago, I foresaw what was happening to the UK housing market. It has been like a train without a driver, and unfortunately I think there is worse to come."
But surely Florida is far, far worse, judging from everything you read about foreclosures (repossessions) and tumbling house prices?
Not so, he says. He believes now is the perfect time for UK investors to pick up bargains in the USA.
Anysz, who has sold, let and managed properties in London for more than 20 years, will be concentrating on selling properties in Florida. He does not plan to become a licensed realtor but to work with US agents, splitting commission with them, and also to run his own management company for absentee landlords.
"The market in Florida has, I believe, bottomed out and there are two big wins for UK buyers. First, they make on currency because of the weakness of the dollar, and second, they will eventually make on capital appreciation.
"It's now possible to buy lovely properties, overlooking the water and with 24-hour security, for between £160,000 and £170,000. At their peak these properties went for £500,000.
"In the past, my firm managed 900 units in central London. In Florida, I plan to work with no more than 100 clients."
He said it is a myth that America is littered with foreclosed properties. "That is changing fast," he said. "The banks realised that when there were four foreclosed properties in a street, they would never sell any of them. Also, foreclosure takes so long, as properties have to be advertised for three months. Another problem was that people would trash the property before leaving.
"The result is that the banks are now allowing people to remain in their homes, while their mortgage payments are deferred."
Anysz said it is possible to take out mortgages in this country at 75% loan to value.
For the time being, he can be contacted at firstname.lastname@example.org
Written by Rosalind Renshaw