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Aussie Property Mogul Becomes Biggest Single Investor in the Big Apple

Posted: December 9th, 2014 | Author: | Filed under: Business and Economy, Wealth Creation | Tags: , , | Comments Off on Aussie Property Mogul Becomes Biggest Single Investor in the Big Apple

Aussie Property Mogul Becomes Biggest Single Investor in the Big Apple

An Australian businessman’s investment fund has divided locals after amassing hundreds of properties and becoming the largest single investor in family homes in the New York region.

Over the past three years, Alan Dixon’s fund has spent $610 million on residential property, buying nearly 600 houses and making his company the biggest investor in single family homes in New York.

Mr Dixon’s fund buys historic houses, many of them abandoned or rundown. They buy them cheap, renovate them, and turn them into luxury homes which command top dollar on the rental market.

The purchases are made entirely in cash, and real estate broker Victoria Hagman said Mr Dixon’s all-cash deals are driving up prices ::::

Aussie Property Mogul Becomes Biggest Single Investor in the Big Apple
“We’ve already seen things like an easing in the iron ore prices that would suggest an Australian dollar at perhaps closer to 75 US cents which will provide some further gains for investors,” he said.

Mr Dixon’s fund buys historic houses, many of them abandoned or rundown. They buy them cheap, renovate them, and turn them into luxury homes which command top dollar on the rental market.

The purchases are made entirely in cash, and real estate broker Victoria Hagman said Mr Dixon’s all-cash deals are driving up prices.

“What he’s doing definitely has the community pigeonholed in a place that is not comfortable for a lot of people who don’t have the sort of access to money and resources that he does,” Ms Hagman said. “It leaves him in a position of power and us not in a position to do much about it right now.”

In the historic Brooklyn neighborhood of Bedford Stuyvesant, Mr Dixon’s fund has bought 35 houses.

Characterised by its brownstone houses, Bedford Stuyvesant is a predominantly black neighbourhood, however, the demographics are changing.

A few decades ago it was 95 per cent African American, that number has dropped to around 60 per cent.

Alan Dixon - Aussie Property Mogul Becomes Biggest Single Investor in the Big AppleSome long-time residents blame investors like Alan Dixon for pushing rental prices up and people out.

“Coming into a neighbourhood and charging prices that are not affordable by most people, I think that is morally wrong,” James McDougal, who lives in a brownstone his family has owned for four generations said.

Others like Mrs Butler who bought her home in Bedford Stuyvesant in 1968 for $18,000, welcome the changes.

“I like it because it’s making everybody upgrade their homes and keeping the area better, and it’s just encouraging for my daughter, in other words, not wanting to move out,” she said.

Mr Dixon said he expected some significant capital gains on the fund’s investment. Morgan Munsey, a local historian and real estate agent agreed.

“There’s no doubt Alan Dixon is going to make a tonne of money from investing in this neighbourhood,” Mr Munsey said.

“At the end of the day, he’s going to be a very happy man.”

@m_dangerfield

RELATED! ABC Lateline
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RELATED! Bedford-Stuyvesant face massive fixups

Dozens of shocked residents on a Bedford-Stuyvesant block are scrambling to put their lives back together after a rampaging tornado peeled the roofs off their Quincy St. homes – landing 14 people in emergency housing, including four children.

The Buildings Department issued immediate vacate orders for seven roofless homes on Quincy St. between Bedford and Nostrand Aves. after the Sept. 16 storm.

“I know it’s going to be awhile before I can get back,” said Robert Grady, 73, who has lived with his family in the 19th century brownstone at 181 Quincy St. since 1984.

“There’s no use getting angry about it, it ain’t going to bring the roofs back.”

Contractors have already begun gutting three water-damaged buildings on Quincy St., tearing out warped walls and destroyed ceilings while throwing away furniture, clothes and all other possessions left behind :: Read Jake Pearson’s full post at New York Daily News

RELATED! Is Australia’s Property Bubble About to Burst?

Is Australia's Property Bubble About to BurstIs the Australian property market ‘in danger of overheating’ According to New York-based ratings agency Moody’s it’s getting mighty close to bursting, and could seriously affect the country’s economy.

Moody’s warns that the Australian property market is in danger of ‘overheating’ and rising housing prices could also jeopardise the country’s economic and financial stability, the agency blames low interest rates for fueling rising house prices, and says the trend can’t continue.

Despite such warnings, house prices continued their rise in the first quarter of 2014, with average year-over-year growth in Australia’s 8 largest cities crawling up to 8.3 percent, marking the highest growth rate in nearly four years.

House prices in Australia’s most populated city, Sydney, rose 16 percent over the past 12 months, while the Melbourne property market increased to 9.9 percent, according to RP Data figures :: Read the full article »»»»

GIFTS.FOR.HER GIFTS.FOR.HIM

source: abclateline
source: nydailynews
image source: abcnews/indeepmedia/nydailynews


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