Many young and financially savy buyers are turning towards multifamily and income producing properties. Some are renting part and living in the other part, some are just making the investment. These days with caps on FDIC requirements at $100k, and the fear of banks going under...where else can you put your money?
One place in the Destin Real Estate market is similar to below. Visit www.InvestSmarter.com to see more information on investing in multi family properties.
More Buyers Seek Multifamily Properties
Multi-unit properties are regaining popularity among buyers who see them as a way to house extended family members or as an opportunity to get a little help with the mortgage.People of all types purchase multifamily property, says Cory Weiss, estates director of Prudential California Realty in Beverly Hills. "We have foreign buyers as well as owner-users that want to live in a unit and then rent the others out." Magdalena Glen-Schieneman, owner of MGS Architecture in Venice, Calif., says clients seeking multi-family properties are often young, well heeled and financially savvy. "They're looking to maximize their real estate assets by generating revenue with outlying structures."Chad Parsons and his partner, Wolfgang Bauer paid $399,000 in 2002 for a three-unit property in Venice, Calif. Parsons says he thinks properties like theirs could become increasingly popular in overpopulated areas. "I think as the population grows and the space disappears in Los Angeles and other metro areas . . . it's less realistic for people to have large pieces of property with a single home."
Source: Los Angeles Times, Chuck Green (07/20/2008)
For more information on the Destin Real Estate market also visit www.Real-Estate-Destin-Florida.com for some of the latest trends and to become part of the InvestSmarter network.
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