Last message looked at international investments and distortions in the country. Now here are three really big city distortions.
We saw in an even earlier message that London housing currently sells for over $1,000 a square foot.
The message showed how we looked for international investments in the cheapest listing at international.sothebysrealty.com
And found a 1-bedroom, first-floor flat of approximately 836 sq. ft. situated in the heart of Mayfair with all the amenities for $935,000 or $1,168 a square foot!
We have also looked at real estate in Old Quito at prices as low as $40 a square foot with views of the colonial cathedral like the one below:
Learn more about real estate distortions in Ecuador
Last week I had lunch with Tom Banks developer of the Jefferson Station condo and retail project in the heart of West Jefferson, North Carolina. His email is firstname.lastname@example.org
Jefferson Station is a premier multi-use, residential and retail facility that is being developed at the old Thomasville Furniture Plant.
We went to look at the artwork that is going up in the development because The Ashe County Arts Council is coordinating with Tom Banks to include public art as a featured component at the facility.
The artwork makes this a destination for travelers and residents to enjoy public art, shopping and eating; therefore contributing to the downtown business and arts district.
There is a good article about this in the Mountain Times.
After lunch and after viewing the art, Merri and I took a look at the loft condos that are being developed. They are huge with 12 to 24 foot high ceilings and run from 1,100 to 2,800 square feet. Yet they are selling at low prices. The unfinished units are as little as $80 a square foot and about $108 a square foot finished.
is low enough but there is an extra distortion in these
condos with 25 foot ceilings. Lofts can be built over half
the floor space (you'll still have 12 foot ceilings).
For example in the 2,800 square foot models, a half loft
increases the square footage to 4,200 square feet. The
base price is only $225,000 (plus the cost of putting in
the loft) for these huge condos! That pushes the price
down into the $55 a square foot range. This is a very low
price for really nice condos linked to a major retail center
in the middle of a very fast growing town (West Jefferson
is expected to double in the next five years). There is
more. The condo association has a huge (3,000 square foot)
meeting room, an equally large exercise room and a two
Then there is more good news that almost assures that the value of these units will rise.
First more big international money is moving into this area. The Mountain Times reported in its March 24, 2005 issue that a former VP and general manager of a huge development near Naples Florida ($100 million a year in real estate sales) has taken over the local Jefferson Landing Golf community.
International Investments in Golf
This golf course is already acclaimed as one of the best mountain courses on the east Coast. Golf Digest Magazine rates it 4.5 out of five stars and says:
course and value for a resort ... I recommend it highly
... Mountain gem ... Fun to play, tricky; lots of elevation
change ... Most enjoyable mountain course I ever played
... Great accommodations and staff."
a second course called Mountain Aire. Triad Golf says at triadgolf.com/June2003 "Mountain
Aire Golf Club stands alone as a public access course in
a county famous for its hospitality, Fraser firs and rolling
mountain terrain. But rest assured, visitors to the West
Jefferson layout, which opened as a homemade nine-holer
in 1948, will find all of those traits in abundance.
won't find is much semblance of the original layout routed
a committee of community-minded friends and neighbors.
Mountain Aire's gradual evolution to its current 18-hole
championship length took some time under the direction
of owner Mark Hagel, but the end result is a popular public
mountain venue easily described as friendly and affordable.
And the golf ain't bad either."
International Investments From Japan
Second, The Japanese have arrived! When we put on a seminar at Jefferson Landing two years ago I noticed Japanese eating in the restaurant. The waitress explained that they were there often. Golf is so inexpensive here that they come up when they are on business on the US East Coast.
International Investments in Snow
have a bit of spice. Some of the windows in the condos
Station have been specially designed to look over a new
ski resort that is being installed just outside of town
on Phoenix Mountain. Having a ski resort opening near by
will greatly enhance winter tourism in West Jefferson which
formerly did not exist. I have not been able to pin down
much about this resort down yet. The Chamber of commerce
does not know anything except that they heard rumors. However
one developer I talked to said his electrician tested the
snow machines this winter. I'll write more on this
as events unfold.
Learn more about International Investments and value in Ashe County
So what do you want, city property in London ($1,000 a square foot), Old Quito ($40 a square foot) or West Jefferson (at perhaps $55 a square foot?
You may make money owning property in any of these cities. Yet I believe that the potential in the two low cost areas is more!
Learn more about International Investments and Real Estate Distortions