If you ever have had the thought of investing in Europe, now is the time to do so.
As the Wall Street Journal pointed out recently, it’s because of the falling Euro. As the story pointed out, “U.S. buyers dreaming of a Tuscan villa or a Parisian pied-a-terre are enjoying discounts created by the strong dollar.”
Wait, hold up, wasn’t the dollar on the decline? Some would have you believe the dollar no longer carries the same strength as it once did. Well, not according to the WSJ.
And the people who have jumped on getting an European property are wreaking the benefits. The WSJ leads its story off with 62-year-old retired flight attendant Lisa Suydam who went into contract on a Paris pied-a-terre in November. As the story points out, she still hasn’t closed because the seller “needs more time.”
“Every point that the euro drops, I’m saving money,” Suydam told the WSJ. “Not closing has saved me lots (of money).”
The story points out that she agreed to buy the 366-square-foot, one-bedroom for roughly $870,000 (in dollars) last fall. Today, it’s about $760,000, though, as the WSJ points out, she’s already put down 10 percent. Suydam will close later this month.
As one of the commenters pointed out, how does a retired flight attendant have the money to buy that? Are the retirement packages that good for flight attendants? If so, you may see a max flux of people trying to become a flight attendant. She must have been a flight attendant in the golden age when they had pensions, and served cigarettes and whiskey.
Regardless, if you have the money and have ever thought about buying a place in Europe, now is the time do so. As the WSJ said in the story: “For Americans who have long dreamed of owning an European getaway, the euro’s tumble is a game changer. From its low point last year to today, the dollar has strengthened by 26 percent against the euro. The last time the dollar traded this high against the euro was 2003.”
If you have the dream, now’s the time to do so. When an opportunity like this come forth again?