Overseas investors buy Tuscany Reserve from WCI

WCI designed Tuscany Reserve as its most exclusive golf course haven and expected to sell a limited number of homes for $2 million to $5 million, with golf membership in the range of $200,000. But it never really took off.

In the last year, WCI has repositioned the community, offering homes for less than $1 million.

There is an inventory of three homes, two condominiums and a villa. Most of the community has yet to be developed. It’s permitted for 530 homes and only about 30 have been built, Filthaut said.

Italy's Pirelli RE Q1 profit down

MILAN, May 8 (Reuters) - Italy's Pirelli & C Real Estate (PCRE.MI: Quote, Profile, Research) joined other European real estate companies in reporting lower quarterly results on Thursday, blaming a weak property market in light of the credit crisis.

It said it expected the market to improve in the second half of the year, and reiterated its forecast for a flat operating profit for all of 2008.

Pirelli RE also announced plans to streamline its operations, raise money for a new fund, and increase the amount of assets under management, by acquisition if necessary.

In Umbria it's easier to buy into the high life

At first glance there may not seem to be much difference between the rolling hills of southern Tuscany and their counterparts across the border in Umbria. The medieval villages in each region are remarkably similar, with stunning ancient churches and castles. But differences there are. In Tuscany, those hills roll down to the wonderful coast, and the less than wonderful tourist crowds. Umbria is quieter but the property prices are also much lower.

Compared with Chiantishire, Umbria hasn't had anything like the boom in tourism. There are reasons for this: Umbria is land-locked while Tuscany has Florence, Siena and Pisa. Yet among the piazzas and palazzos of Umbria's historic and beautiful capital, Perugia, you'll find all manner of cultural and artistic treasures. And the countryside has all the attractions of peaceful rural living.

Italy recommended to property buyers

Foreign property buyers from the UK have been encouraged to look at the Italian market.

The European country was flagged up as a possible option by the Independent, in particular Tuscany and Umbria.

According to the media outlet, both areas offer attractions such as medieval villages with "stunning" architecture, as well as good scenery and countryside.

Anxiety in Italy over family finances

The country's two main warring coalitions both ran in this month's elections on platforms promising to lighten the financial burden of average Italians. Proposals ranged from eliminating unpopular real estate taxes, subsidizing dental care or even giving free books to the poor. Only when the new government takes office next month will Italians see which promises are kept.

If the future is a distressing question mark, the Roman couple, like many Italians, blame the rising feeling of precariousness on at least one major event rooted in the recent past: the introduction of the euro as legal tender in 2002.