Chicago puts the wind in cash-rich investors' sails
Published 27/05/2011 | 05:00
Increasing yields are not confined to the Irish residential market.
Currently net returns of 13pc-17pc are being offered to Irish investors interested in trying out the foreclosed properties in Chicago.
Castleroc Estates Limited, an Irish company which has operated for six years in the Chicago market, can secure discounts up to 80pc off-peak prices for Irish investors.
Entry prices are circa $50,000 to $65,000 (€35,000 to €46,000) which can produce 13-17pc yields after all overheads.
All units are equipped with modern conveniences, and are often tenanted.
They are let unfurnished, which tends to give the investor a longer experience with their tenant.
Bank-repossessed properties are clear of all liens, unfurnished and ready for occupancy, and Castleroc can provide a local management service to manage the assets.
Castleroc sales director Phillip Hegarty says that the combination of reduced prices and lower property taxes has made these units more attractively priced.
Also, because it is difficult to raise mortgages, cash-rich investors have an edge.
Contact: Castlerocestates 01 4789439