Funds go on home buying spree in US
They are investing in homes in reviving markets to renovate and rent out
[NEW YORK] Standing in the dining room of the early 1900s-era brick rowhouse, deep in the Bushwick section of Brooklyn with not a frozen yoghurt shop or Starbucks to be found, Alan Dixon, an investor from Australia, struggled to tally the houses he had bought in the area over the last year.
"What, 70? 72?" he asked, raising his eyebrows in question at a group of investors, contractors and designers standing nearby. A dozen construction workers scurried around, fastening plasterboard to walls and laying tile on floors, readying the four-bedroom house that the group purchased in June for US$635,000 for leasing in less than two weeks' time for as much as US$5,490 a month.
Finally, someone locates the number on a piece of paper - 70, later corrected to 71. "That sounds right. Something like that," Mr D…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
How Hudson Yards went from ghost town to office success story
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Forrest Li’s wife buys Gallop Road bungalow next to the one he has redeveloped
Chinese restaurants spur Hong Kong’s retail property recovery
Asking rents down as demand slows and rental listings surge
Eurozone consumers increasingly struggle to pay for housing