Dec. 18, 2009
Waterford, Ireland
PLUS:
- Winter Wonderland In Panama City...All That's Missing Is The Snow...
- Prices Up In Melbourne...Is This A Bubble Or A Buy?...
- U.S. Dollar Effects In Panama...
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Dear Live and Invest Overseas Reader,
Our seven Christmases in Ireland, we could never bring ourselves to participate in one of Ireland's quirkiest festive traditions, what the Irish refer to as the "Christmas Day swim."
"On Christmas morning," as
Ireland Correspondent Lynn Mulvihill, a native of Waterford, explains, "from beaches, piers, and coves around the country, people of all ages gather to immerse themselves in waters of around 50 degrees Fahrenheit (maximum).
"'Swim' is a bit of a misnomer. There is no particular distance that you need to cover, nor any agreed-upon duration you must stay in the water.
"You simply join the crowd of people running toward and then into the water (cheered on by well-wrapped-up spectators), screaming as their bodies hit the ice-cold sea. A quick splash of the arms and legs, then back in to shore to dry off, wrap up, and enjoy a hot drink.
"Wetsuits have appeared on the scene in recent years, mostly among the kids, but it remains an unspoken rule among the hardy adults taking part: Old-fashioned bathing suits only.
"One of the biggest events takes place at 'The 40 Foot' in Sandycove, in Dublin. Here in Waterford, the brave congregate in Tramore and Stradbally.
"Many of the swims have been running 20 years or more. Some do it for charity; others just for the fun--and maybe to work up an appetite for the turkey and ham Christmas dinner that follows later."
Kathleen Peddicord
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Panama City is going all out for the holidays this year, taking full advantage of her recently inaugurated center-city boulevard and new pedestrian and park areas, collectively called the Cinta Costera, which, over the past week, has become home to a series of giant Christmas displays. Every morning, we look to see what's been added overnight--mermaids, peasants in their village, aliens, pirates, gingerbread men, a snow forest, Santa at the North Pole, his Elves in their workshop, candy land...the bright, sparkling, and enormous figures are lit up at night and have transformed the whole of downtown into a fantasy land.
This morning we see that they're adding amusements and carnival rides..."Just like in the Tuileries in Paris," Jackson, 10, commented as we passed by.
Not quite, but this little city's effort to dress herself up for the season is admirable. All that's missing from the Winter Wonderland they've created is the snow.
We'll get that, we understand, tomorrow. We fly early from Panama City to Baltimore to spend Christmas week with my family. My mother wrote this morning to say, "Pack Jack's snow coat, gloves, and boots. We could be in for a big storm this weekend."
Snow coat and boots? I haven't bought winter clothes for young Jack in two years. I wonder if we can still fit his fingers inside his mittens from Paris...
"I am a British citizen contemplating retirement in
Australia in three years. The property prices in Melbourne seem to have taken off again, whereas prices in the UK, the U.S., etc., continue their spirals downward. What's behind the increases in Melbourne? Is it a bubble about to burst?
"The newsletter is great."
-- Phil A., United States
Resident global real estate investing expert Lief Simon replies:
"Australia's real estate market is one that didn't overheat over the past decade. The country saw appreciation but nothing like in the States or the United Kingdom. So the falloff as a result of the global downturn wasn't nearly so dramatic. And, as you point out, this country's economy is already recovering, and the property markets in Melbourne and Sydney, specifically, are advancing, thanks to a shortage of new homes.
"The Gold Coast is a different story. There was overbuilding in this area, and prices, for both buying and renting, have softened.
"The opportunity in parts of Melbourne and Sydney is to buy to renovate and flip. Look for neighborhoods where new construction possibilities are limited and the path of re-gentrification progresses."
"Kathleen, I always appreciate your newsletter and learn a lot from each publication.
"A point you might want to consider in your evaluation of the
Panama property market is that it is priced in U.S. dollars, so the weak dollar makes it easier to come in and buy if you are not shopping with Greenbacks. My wife and I go back to Japan twice a year and have noticed how much we get beaten up with each decline of the dollar when we buy ¥en. Our accounts in both Australia and New Zealand have really shot up with regard to the exchange rate against the U.S. dollar, too.
"On another note, we have two condos, in the Dupont and Oceanaire buildings, that will come online next year. We plan to rent them both, unfurnished, and would like to get a lease with a large company. We would be willing to negotiate a long-term contract for a cheaper price than the going market rate to lock in, say, a three-year tenant.
"You mentioned Dell, CAT, and 3M as companies moving into Panama and looking for apartment inventory for their executives. Do you think it would be wise to write to their overseas relocation departments and present them with an offer?
"Once again, thank you for all your hard work, time, and consideration.
"Best wishes, Merry Christmas, and Happy New Year."
-- Lawrence and Akiko K., Japan
Resident global real estate investing expert Lief Simon replies:
"Currencies fluctuate. The U.S. dollar/euro exchange rate reached US$1.50 a few weeks ago, but it's back to US$1.44 today. That said, you're right. The currently generally weak dollar does help European (and other non-U.S.) buyers in Panama right now.
"As for the rental of your apartments, you could contact the companies you mention directly, but I don't think you'll get much of a response. These kinds of firms tend to contract with a handful of in-country real estate agencies directly when trying to source the volume of apartments they need. One of the agencies we work with, in fact, is helping a company relocating from South America to find several hundred apartments for its executives. Centralizing the effort like this makes it easier and more efficient, and big firms moving into a market like many are moving into Panama City right now hope to gain economies of scale by working with one or two agencies in particular.
"In some cases, the companies are picking up the tabs for the apartment rentals. In many, though, they are just facilitating the process, so I'm not sure how likely it would be to find a renter for three years at a time.
"One thing to remember about new apartments in Panama is that, typically, the builder obtains an occupancy permit well before the apartment is actually ready to be occupied. A friend visited recently to check on his new apartment in Punta Pacifica, which he'd been told was ready for delivery. The builder had gotten the required occupancy permit, but the lobby was raw, the elevators weren't 100% functional, the social area was a mess, and many punch-list items remained to be addressed for my friend's apartment itself.
"Still, the developer wanted his final payment. My friend, who is a developer, too, in another country, stood his ground. He explained that he wasn't going to make the final payment until the place was truly livable. The estimate for this is another four months.
"I make this point only to help you time the rental of your own units."
