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Buy's Property from Lottery for Pension...Why?

By Geoff Morris

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Published: 10Feb2006
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Geoff Morris, a UK property investor, has been working in conjunction with Kirt Christensen in examining the sizzling Florida property scene. As well as some fantastic investment opportunities, he has come across some strange ways of getting your hands on some red-hot deals.

If you are looking to lay your hands on some red hot real estate as a hedge against poorly performing pension schemes, then there are certainly a wide range of suitable bargains to be had in and around America's( and the Brit's) favourite playground in Orlando.

With official capital growth in the area last year recording a high of 31%, and the trend, although not as high as this, but certainly well into healthy double digit growth for some years to come, Orlando looks set to be an investors Mecca for many years to come.

In many areas, if you are looking to buy a new property with a view to moving in, as opposed to an investment, you would be looking at around 18 months to two years before you could do that, such is the forward commitment to pre-construction purchasing in the area. (Pre construction is the American term for 'Off-Plan' purchasing).

And it's not just properties that are causing the excitement. It is not unknown for a good land plot, even though it may already have the correct outline planning or zoning, doubling in price in a few years. Paul Corrigan, an ex-pat Brit now working in Orlando said ' I bought a couple of land plots at the Reunion development a few years back for $190,000, and these were recently valued at around $440,000. And the best thing about this investment is that I knew exactly what my outgoings were, planned to finance the mortgage, and had no worries about the management of the site '.

Paul's experience is typical of what investors are finding in and around Orlando, and this has created a new phenomenon in house purchasing in the area.

As many of you are probably aware, Bobby Ginn, of the Ginn Corporation, has created a massive development just to the side of Disney. This development, which will shortly include a new access road directly into Disney's new main entrance, and with its own exit off I4, is so big, that the complex has so many road bridges on it they are now the second largest bridge builder in Florida, after the State Government!

OK, it's big, but what is unusual about it is that each time they release a new phase of the development; you can not just stroll up to the site and chose your plot - Oh No!

The only way you can hope to get a piece of the action is by purchasing a lottery ticket. Not on a particular plot - this ticket (at $1,000 each - fully refundable) just gives you the right to enter a draw at the time of the launch. You become a 'Preferred Purchaser' on a building plot that has no agreed price. If your number is drawn, then you will be offered a specific plot number, that you can either go for, or have your money back. It certainly is a lottery.

Well, every previous launch has been totally over-subscribed by a factor approaching 2 bids for every plot, so the whole development is usually sold out within 24 hours!

When you wonder round the development, meet some of the owners, and see the facilities that are available (signature golf courses, full equestrian facilities, conference facilities, whole shopping malls and so forth), including full maid service if you want it even in privately owned homes, it is very easy to see why Ginn said buying a home here is 'Buying a Lifestyle'.

But what is also very apparent, is the rate at which land and house prices have shot up, and will continue to do so as the development continues to grow and more and more facilities are added. While I was there a saw an average size plot of land for a medium size house go for $490,000 which had been sold at a previous launch at just $210,000.

Another example was a really smart looking single family home that had just sold for $1,100,000. The rub here was that less than two years ago, a lady wanted to bid on this house, at $700,000 but her husband decided he wanted a new truck instead. The poor lady was in tears when she came back to the site to see if it was available again.

So, back to the lottery.

There is another phase about to be released at Reunion, this time a range of luxury condominiums centred on a new 'Waterfront' experience in the heart of Reunion's 2,300 acre community. Lottery tickets, or as they call it, a 'Priority Reservation Agreement at The Towers at Reunion Square Condominiums' are available by visiting the author's site. The deposit, which is fully protected by Florida State Law, can be purchased using your credit card at $1,000 each, and there is no limit to how many of these 'lottery tickets' you can go for.

We are also planning a teleseminar on this development shortly, where we will be interviewing one of Ginn's realtors, and you will have a chance to put as many questions to them as we have time for.

Geoff Morris has built up a multi-million dollar property portfolio in less than 18 months. He has written a number of articles aimed to help others follow the same path to financial freedom. Imagine the peace of mind that you would achieve if you follow the advice to be found in his Free reports and consumer guides to be found at http://www.propertyprofits4you.com . If you want to take part in his latest Florida campaign this can be accessed at http://imnosey.com/dv

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