Florida real estate gains a new appeal
Prague resident Martin Urman has $5 million in his pocket and he is planning on spending it here.
Urman, 39, is a residential developer who has been riding a wave of post-communist capitalism that has infused huge sums of money into former Soviet states. Those clever enough to take advantage of the burgeoning free-market economies have made a killing.
He and his colleagues say they are now poised to invest a significant portion of that wealth in Southwest Florida’s ailing real estate market.
“Me and my business partners think the real estate market is down in its cycle,” Urman said by telephone recently from the Czech Republic. “We would like to take advantage of the down market and buy a residential building. We are looking not only for the rental income, but an appreciation in value in the next three years.”