The Pound Declined Against the Dollar on Friday, After UK GDP Declined 1.6% in the Fourth Quarter
March 30, 2009 by The Pink Flamingo
Filed under Buying or Selling a Home
Article Courtesy of: TORfx
GBP/USD GBP/EUR
Following on from last week, the Pound was unable to sustain a recovery against the Dollar on Friday, dropping to a one-week low of $1.4270 in New York, after a government report showed that the UK economy sank deeper into a recession in the fourth quarter of last year.
The Pound was still firmer against the Euro, peaking close to the resistance level at 1.0810, before consolidating near 1.0750 at the close of trading on Friday, despite the report from the Office of National Statistics, which showed that UK gross domestic product fell 1.6% from the third quarter.
The UK economy’s contraction in the final three months of last year was far deeper than previously anticipated, as consumer spending stalled and industrial production plunged by the most since 1980. According to Philip Shaw, chief economist at Investec Securities in London, said that the “headline figure is very disappointing…we see the economy shrinking until the middle of the year. It’s very difficult to see it gaining any momentum of recovery until the third quarter at the earliest.”
The Pound came under further selling pressure against the majority of the 16-most actively trading currencies, after the Bank of England’s chief economist Spencer Dale said on Friday that the British economy’s short-term prospects are “bleak”.
Consumer spending has declined 1% and retail sales also stalled, after bank’s kept lending conditions retrained, despite the most aggressive policy easing in the Bank of England’s history. Policy makers, led by the governor Mervyn King, have slashed borrowing costs from 4.5% in October to a record low of 0.5%. The Bank have also begun a period of quantitative easing through the purchase of government and corporate bonds with newly created money.
Bank’s are still reluctant to revive lending and spending on the highstreet and on homes has plummeted, as the worst financial crisis since the Great Depression wiped out £1.9 trillion off consumers’ wealth. The Pound fell 0.6% against the Dollar after the release of the data, which confirmed that the UK economy is in the midst of the worst economic contraction since 1980, when Margaret Thatcher was Prime Minister.
The UK economy shrank 2% in the fourth quarter, compared to the preliminary estimates of 1.9%, as the drop in construction was more than four times as much as initial forecasts. In addition, government spending rose less than expected at 1.3% and retail sales posted the smallest annual gain in over 13-years last month.
The 1.9% drop in sales was exacerbated with the alarming increase in unemployment, as the jobless rate rose at the fastest pace since 1971 in February. Companies were forced to slash jobs in an attempt to reduce costs, while HSBC Holdings Plc, Europe’s biggest bank by market value, said last week that about 1,200 UK employees may lose their jobs.
The Prime Minister Gordon Brown, who has seen his popularity fade in the face of rising unemployment, said agreements that the government signed with the Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc require the banks to boost lending to help the economy recover.
Over the past week, Brown has embarked on a five-day diplomatic tour to try and raise interest in a combined attempt to boost global growth. He told journalists on Friday that “bank’s are now under an obligation to lend £50 billion. So the position that we were last year where the naming system had frozen, we are now seeing the results.”
Brown also quelled suggestions that he was planning a big new fiscal stimulus package, saying that measures in the UK’s annual budget next month will be “cautious” and “targeted”. The tone of the statement mirrored recent comments from the Chancellor of the Exchequer Alistair Darling, who said that the Treasury must keep its deficit under control, after the government bond auction failed for the first time since 2002.
The Pound also declined on Friday, after a separate report showed that the UK current account deficit was wider than previously anticipated in the fourth quarter. A current account gap represent money the UK has to borrow overseas to pay for the goods and service that it import. The shortfall narrowed to £7.6 billion, from a revised 8.2 billion in the previous quarter.
The downside momentum surrounding the Pound may continue this week, according to Marcus Hettinger, head of currency research at Credit Suisse Group AG. The Pound may drop towards 1.0520 against the Euro before the ECB interest rate announcement on Thursday. The UK currency also dropped 2.4% in value against the U.S Dollar and may trade between $1.3500 and $1.4000 over the next three months, as equity markets struggle to hold on to their gains.
UK stocks retreated on Friday, trimming the FTSE 100 Index’s third straight weekly advance, despite reports that Barclays Plc jumped 24%, after Britain’s third biggest bank said that it passed tests conducted by the UK’s financial regulator and may not need to raise additional capital.
EUR/USD
The Euro was unable to break above $1.3600 against the Dollar on Friday, weakening steadily through the course of the day. The single currency was undermined by comments from the German Finance Minister Steinbrueck, who said that the Euro would be put in jeopardy if there was fiscal irresponsibility.
The single currency was also unsettled by renewed speculation that the European Central Bank would follow the Federal Reserve and the Bank of England in engaging in some form of quantitative easing policy. European stocks also fell, ending a six day rally, as the degree of pessimism sweeping through the global economy reduced investors’ appetite for risk.
Reports in Germany showed that inflation slowed more than initial forecasts in March and to the weakest level in almost 10-years. Energy costs slumped and the steepest recession since the Second World War has curbed price pressures, threatening a period of deflation if consumer prices drop towards zero.
The inflation rate, calculated using the harmonised method of consumer prices, fell 0.4% from 1% in February, the lowest reading since June 1999. A 50% drop in crude oil prices over the past year has pushed the inflation down, just as companies are shedding jobs and business investment to cope with the economy slump.
The focus this week will inevitably fall on the ECB interest rate announcement on Thursday, and given the tone of recent rhetoric from a number of governing council members, the market is positioned for another 50 basis point reduction. That would leave the benchmark interest rate at a fresh historic low of just 1.0%.
The accompanying press conference will also be key in determining the short-term outlook for the Euro, amid growing speculation that the ECB will have little option but to engage in some form of quantitative easing policy. Any suggestions of move in this direction will undermine the Euro, which was already under pressure against the Dollar going into the weekend.
The Pink Flamingo Says:Â Â
With these latest trends in the fluctuating currency rates, more and more U.K invetors are opting to invest in Florida real estate which has seen record lows of late. Liquidating investment accounts and rainy day funds for buying power in the Disney short term rental market. Smart buying in today’s real estate market can equal the best return on your long term investment with prices so low they have nowhere to go but up as we near the end of this ten year real estate cycle a little later than anticipated.
$116,900 :: 3498 MARSHFIELD PRESERVE WAY, KISSIMMEE FL, 34746
March 30, 2009 by The Pink Flamingo
Filed under Listing Feed
4 beds, 2.00 full 1.00 half baths
Property Size: 2,116 sq ft
Lot Size: 8,712 sq ft
Added: 12/23/08, Last Updated: 03/28/09
Property Type: Residential / All, Residential / Single Family
MLS Number: S4647116
Tract: CONCORDE ESTS PH 1
The Price of this Listing was last reduced on 3/29/2009 by 10%
2-Story 4 bed/2.5 bath home on corner lot. Convered front entry. Formal living & dining. Eat-in kitchen & cabinets have crown moulding. Inside laundry. Tile & carpet floors. All beds upstairs. Master has walk-in closet, garden tub, sep. shower & dualvanity. 2 car garage. Covered lanai. This property has been selected for inclusion in a public real estate auction. See Realtor Remarks for further details. Auction dates: April 11th
Listed With FLORIDA REALTY RESULTS LLC
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
$149,900 :: 1169 AQUA LN, CLERMONT FL, 34711
March 30, 2009 by The Pink Flamingo
Filed under Listing Feed
3 beds, 2.00 baths
Property Size: 2,216 sq ft
Lot Size: 0 sq ft
Added: 01/30/09, Last Updated: 03/28/09
Property Type: Residential / All, Residential / Single Family
MLS Number: G4644839
Tract: LAKEVIEW POINTE
The Price of this Listing was last reduced on 3/5/2009 by 3%
Bank Owned. 3/2 with den.Excellent condition, 42″ cabinets, close to everything.
Listed With HOMEQUEST FLORIDA
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
$150,000 :: 12522 LEATRICE DR, CLERMONT FL, 34715
March 30, 2009 by The Pink Flamingo
Filed under Listing Feed
3 beds, 2.00 full 1.00 half baths
Property Size: 1,787 sq ft
Lot Size: 54,001 sq ft
Added: 02/13/09, Last Updated: 03/28/09
Property Type: Residential / All, Residential / Single Family
MLS Number: G4645354
Tract: SUGAR RIDGE
The Price of this Listing was last reduced on 3/29/2009 by 32%
Large lot with home set back of the road on the higher ground in a nice country neighborhood. Bonus room on 2nd floor. Split bedroom, side entry garage.
Listed With EXIT REALTY TRI-COUNTY
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
$262,640 :: 4013 GREYSTONE DRIVE, CLERMONT FL, 34711
March 30, 2009 by The Pink Flamingo
Filed under Listing Feed
4 beds, 3.00 baths
Property Size: 3,281 sq ft
Lot Size: 0 sq ft
Added: 10/02/08, Last Updated: 03/28/09
Property Type: Residential / All, Residential / Single Family
MLS Number: G4640891
Tract: LEGENDS
“The Monterey” model, 4/3 with large bonus room upstairs and office/den downstairs. Gourmet kitchen with island, desk with wine rack above, wood cabinetry and Silestone countertops. Family room wired for surround sound,crown mouldings in LR and DR.
Listed With RE/MAX COUNTRY
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
$192,900 :: 2610 LOOKOUT LN, KISSIMMEE FL, 34746
March 30, 2009 by The Pink Flamingo
Filed under Listing Feed
4 beds, 2.00 full 1.00 half baths
Property Size: 2,489 sq ft
Lot Size: 0 sq ft
Added: 08/06/08, Last Updated: 03/28/09
Property Type: Residential / All, Residential / Single Family
MLS Number: S4641216
Tract: BELLALAGO PH 3
*PRICE REDUCED *BANK OWNED Spacious 4 Bedroom, 2 1/2 Bath Home in Desirable, Gated Bellalago Community. PLEASE ALLOW 2-3 DAYS FOR SELLER RESPONSE. PREQUALIFICATION LETTER REQUIRED ON ALL OFFERS.
Listed With PRUDENTIAL SAPPHIRE REALTY
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
$219,900 :: 10832 PRIEBE RD, CLERMONT FL, 34711
March 30, 2009 by The Pink Flamingo
Filed under Listing Feed
4 beds, 3.00 baths
Property Size: 3,263 sq ft
Lot Size: 0 sq ft
Added: 03/26/09, Last Updated: 03/27/09
Property Type: Residential / All, Residential / Single Family
MLS Number: O4904974
Tract: MARTINS LANDING
The Price of this Listing was last reduced on 3/28/2009 by 11%
This home shows NEW. What an outstanding floor plan. The home has large rooms and a private family room. The home has all the bedrooms and baths on the first floor. This is a gated community with plans underway for a picnic area and boatdock. This home is well appointed and will not disappoint your buyer. This is a great price for this home. New sod will be installed. Show and sell today.
Listed With ASSIST 2 SELL BUYERS & SELLERS
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
$119,900 :: 109 HARWOOD CIR, KISSIMMEE FL, 34744
March 30, 2009 by The Pink Flamingo
Filed under Listing Feed
3 beds, 2.00 full 1.00 half baths
Property Size: 2,086 sq ft
Lot Size: 5,662 sq ft
Added: 08/29/08, Last Updated: 03/27/09
Property Type: Residential / All, Residential / Single Family
MLS Number: S4642136
Tract: REMINGTON PH 1 TRACT D
The Price of this Listing was last reduced on 3/28/2009 by 10%
Nice 3 bedroom, 2 bath 2 story pool home with golf course view. Separate formal living / dining room + kitchen with breakfast nook that flows to the family room. Kitchen has light cabinets+ closet pantry + breakfast bar. All living area have neutral tile floors. Master bedroom is downstairs + master bath has separate tub + dual sinks + separate shower.
Listed With COLDWELL BANKER ACKLEY REALTY
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
$232,800 :: 3001 SILVER LEAF CT, KISSIMMEE FL, 34741
March 30, 2009 by The Pink Flamingo
Filed under Listing Feed
5 beds, 3.00 full 1.00 half baths
Property Size: 3,392 sq ft
Lot Size: 12,196 sq ft
Added: 03/19/09, Last Updated: 03/27/09
Property Type: Residential / All, Residential / Single Family
MLS Number: O4903779
Tract: CRESTWOOD PH 2
What a BEAUTY! What a PRICE!!! Ready for a family like yours, move right in!!! Purchase this property for as little as 3% down! This property is approved for HomePath Mortgage and HomePath Renovation Mortgage Financing. Please call office for more info.
Listed With BENHAM REAL ESTATE GROUP
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
$219,000 :: 1434 BLUE HORIZON DR, CLERMONT FL, 34714
March 30, 2009 by The Pink Flamingo
Filed under Listing Feed
6 beds, 3.00 baths
Property Size: 3,155 sq ft
Lot Size: 0 sq ft
Added: 02/03/08, Last Updated: 03/27/09
Property Type: Residential / All, Residential / Single Family
MLS Number: O4827851
Tract: SUNRISE LAKES PH III
NEWLY REDUCE PRICE!!!BANK OWNED!! GREAT HOME IN CLERMONT WITH 6 BED/3 BATH WITH A BEAUTIFUL SCREENED IN POOL!! MUST SEE HOUSE!! MAKE US AN OFFER…
Listed With BLUE PEARL REALTY INC
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
$125,000 :: 16207 WILKINSON DR, CLERMONT FL, 34714
March 30, 2009 by The Pink Flamingo
Filed under Listing Feed
3 beds, 2.00 baths
Property Size: 1,349 sq ft
Lot Size: 5,248 sq ft
Added: 03/22/09, Last Updated: 03/27/09
Property Type: Residential / All, Residential / Single Family
MLS Number: O4904138
Tract: WESTCHESTER PH 5
This is it! Stop here! 3 bedrooms/ 2 baths and pool with screened enclosure! What else is there?
Listed With BENHAM REAL ESTATE GROUP
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
Regal Palms, Don’t Know What You Got Till It’s Gone!
March 16, 2009 by Erica Muller
Filed under Neighborhood News
I’m not one to talk about hype or anything like that but I felt compelled to write this post for those of you who may be considering purchasing a bank owned townhouse in Regal Palms but may be hesitating or waiting for prices to drop even more. I have spent the past two weeks showing property almost everyday in Regal Palms and the past year watching the Regal Palms pricing and market, I can finally say that now is the time to buy in Regal Palms. The bank owned properties are reaching all time lows in the 60K range. Most of the bank owned townhouses in Regal Palms that are coming on the market are the smaller floorplans (1400 sq ft) and they aren’t flying off the shelf (but are still selling). It’s the larger floorplans (1800-2000 sq ft) lock out units that are going under contract almost within days of being listed.
Regal Palms Townhouses in Davenport, FL
I just talked to the listing agent of one of the bank owned 2000 sq ft units in Regal Palms, I had a buyer who wanted to place an offer, and she said that before she could even get updated photos and market the listing online she has multiple offers on the property. It pretty much flew off the Regal Palms real estate shelf in a matter of 48 hours. The other 1800 sq ft lock out townhouse was gone within a few weeks and seemed to get multiple offers all at one time. When it rains it pours in Regal Palms. My advice to any buyers hesitating or waiting to put an offer in on a Regal Palms Townhouse is to strike while the iron is hot. These townhouses are a hot ticket right now, buyers are reacting to the the all time low prices and I predict than when summer comes and the real estate market in Davenport picks up that the Regal Palms bank owned inventory will start to clear out.Â
I don’t foresee prices dropping much more on the bottom end units that are alreadyi n the 60K range.  I do think that some of the townhouses priced above $150,000 will be forced to reduce their pricetag over the next six months but I would be very surprised to see the lower priced twnhouses (Under 80K) drop anymore than they already have. It’s turning into a bidding warzone and buyers are acting. So if you’ve considered a Regal Palms purchase you may want to take advantage of the current low prices.Â
View All Regal Palms Bank Owned Townhouses For Sale
The 6 Best Reunion Resort Bank Owned Home Deals On The Market
March 15, 2009 by Erica Muller
Filed under Neighborhood News
The criteria that was used to evaluate these homes as the best bank owned deals in Reunion was price, value, square footage and condition of the home. There are currently 24 bank owned properties in Reunion ranging in price from $129,000 up to $1,150,000 but only these six home were hand picked by the Flamingo so you can have first choice of the best bank owned Reunion Resort properties.
1. 7630 HERITAGE CROSSING WAY # 102
Price: $129,900
Type: Condo
Sq Ft: 1344
Why it’s the Best Deal: This one is simple, it’s the cheapest bank owned condo in Reunion and it’s in great condition. The HOA fees are a bit steep at $422 per month but when you consider that the building insurance is covered in that it makes it a better value.
See Full Profile and Photos for 7630 HERITAGE CROSSING WAY # 102
Search All Reunion Condos For Sale
2. 837 ASSEMBLY CT
Price: $159,900
Type: Townhouse
Sq Ft: 1686
Why it’s the Best Deal: This townhouse is a hot price for that square footage in Reunion. We love that it’s bank owned and the bank is ready to play ball on this one. The interior of the Reunion townhouse is very clean but it’s mostly carpeted in the living areas which I am not a fan of. At this price you can just rip up those ugly carpets and install tile.Â
See Full Profile and Pictures for 837 ASSEMBLY CT
See All Reunion Townhouses For Sale
3. 1409 FAIRVIEW CIR
Price: $279,900
Type: Single Family House
Sq Ft: 2296
Why it’s the Best Deal: It’s the best priced bank owned pool home in Reunion and surprisingly the interior of the home is not too shabby. It’s upgraded with tile and nicer appliances and for sitting vacant so long it’s in good shape.  We like that it has two porches and lake views and quite frankly don’t understand why anyone would pay more for a non-bank owned home like this in Reunion when you can get this baby under $280,000.
See Full Profile and Pictures for 1409 FAIRVIEW CIR
See All Reunion Single Family Homes For Sale
4. 7412 DEVEREAUX ST
Price: $364,900
Type: Single Family House
Sq Ft: 2478
Why it’s the Best Deal: This home has bedrooms and we mean bedrooms! It has five to be exact and when considering using a Reunion Resort Home as a vacation rental you’re going to want bedrooms. You can maximize bookings with the extra space and create more booking potential. It also has a pool and a great floor plan making it perfect for not just bookings but a primary residence as well.
See Full Profile and Pictures for 7412 DEVEREAUX ST
See All Reunion BANK OWNED Homes For Sale
5. 115 WATSON CT
Price: $599,900
Type: Single Family House
Sq Ft: 3733
Why it’s the Best Deal: If you like large estate homes in resort communities than stop reading this right now and come check out 115 Watson. The Pink Flamingo knows luxury estate homes and we know that this Reunion Resort estate home is such a flaming hot deal that we should call the fire department (okay so that was cheesy we admit). This is one of the best price bank owned estate homes in Reunion right now and is perfect for a luxury vacation home rental or corporate home rental.Â
See Full Profile and Pictures for 115 Watson Ct
See All Reunion Resort Estate Homes For Sale
6. 7401 GATHERING CT
Price: $894,900
Type: Single Family House
Sq Ft: 4742
Why it’s the Best Deal: Here it is, the mother of them all. The largest bank owned home in Reunion. The perfect luxury vacation home retreat and even better it’s golf front. Pull up a chair and watch the pros play in the yearly Ginn open right from your backyard in this Reunion mini-mansion. This home is just too beautiful to be sitting around vacant. I do anticipate the price being a bit high however, the bank will entertain ALL offers.
See Full Profile and Pictures for 7401 Gathering Ct
See All Reunion Resort Bank Owned Estate Homes For Sale
$104,900 :: 103 ATHABASCA DR, KISSIMMEE FL, 34759
March 15, 2009 by The Pink Flamingo
Filed under Listing Feed
3 beds, 2.00 baths
Property Size: 1,889 sq ft
Lot Size: sq ft
Added: 01/23/09, Last Updated: 03/13/09
Property Type: Residential / All, Residential / Single Family
MLS Number: V4618562
Tract: POINCIANA SUB NBRHD 6 VIL 7
The Price of this Listing was last reduced on 3/14/2009 by 0%
Bank Owned. 100% financing may be available. Seller will assist with closing costs upto4%. This is a brand new home and has never been lived in.
Brought to you by The Flamingo Team at Cozy Homes Real Estate. Contact us today for more information on this property.
$104,900 :: 1227 JAMES LN, KISSIMMEE FL, 34759
March 15, 2009 by The Pink Flamingo
Filed under Listing Feed
3 beds, 2.00 baths
Property Size: 1,889 sq ft
Lot Size: sq ft
Added: 01/26/09, Last Updated: 03/13/09
Property Type: Residential / All, Residential / Single Family
MLS Number: V4618578
Tract: POINCIANA SUB NBRHD 6 VIL 7
The Price of this Listing was last reduced on 3/14/2009 by 0%
Bank Owned. 100% financing may be available. Seller will assist with closing costs upto 4%. This is a brand new home and has never been lived in. Seller will provide a home warranty.
Brought to you by Cozy Homes Real Estate. Call me today at 561-723-4265, or visit my website at www.ThePinkFlamingo.info!
