November 21, 2023 • 38 mins
Welcome to episode #6 of RealtyCast Global – a global connection to all things real estate, hosted by Hugh Gilliam, president of Global Property Pros.
Let's welcome Piero Lorenzo, a seasoned real estate ace with an intriguing blend of Californian and Italian expertise. Piero brings an exclusive perspective of merging Italian and American real estate tactics on the table, which has been a game changer for international buyers eyeing Italian properties. Imagine basking in Italy's captivating lifestyle while earning passive income via short-term rentals! Piero unravels this dream scenario and more in our enlightening chat about Italian real estate.
Ever thought about buying an Italian property without setting foot in it? Sounds crazy, right? But Piero shares how this strategy has been a hit during the pandemic. We also delve into the nuances of property pricing and the potential goldmines across Italy's diverse regions. Plus, we introduce to you a remarkable project, "Living the Italian Way," a distinctive fusion of sustainable apartments and an authentic Italian lifestyle experience. If Italy's real estate market has been on your mind, this episode is your treasure trove of insider knowledge, expert guidance, and much more!
Visit blog.realtyhive.com for more details on this episode.
About the Guest - Piero Lorenzo:
Piero was born and raised in lovely Tropea, Calabria. He lived in Florence for 21 years, where he was a Real Estate Broker for 13 years. In 2015 he and his wife moved to Santa Cruz, California (USA).
Piero has been a California Realtor since May 2015. In 2017, he received his California Broker license and is now Broker-Owner of Lorenzo International Real Estate. In April 2021, he became an American citizen, so he now proudly has dual citizenship: Italian and U.S.A.
He lives in California but travels to Italy for long periods with his family at least twice yearly (totaling 3-4 months per year). In this way, he lives in two worlds, which also helps his family’s quality of life because they receive the best aspects of both countries, cultures, customs, etc.
Living on two continents, North America and Europe is the best gift you can give yourself - for your mind, cult
About the host - Hugh Gilliam:
Hugh Gilliam co-owned a national transportation company, created a land development business, and worked as a general contractor in residential and commercial construction for over two decades. Hugh also co-founded an international distribution company and successfully negotiated and contracted with 135 sales representatives in the United States, Canada, France, Brazil, Japan, and the Netherlands.
Today, Mr. Gilliam is affiliated with RealtyHive, LLC where he serves as Director of International Real Estate and President of Global Property Pros. His duties include involvement in commercial and residential transactions, plus promoting marketing systems and lead generation platforms.
For real estate professionals looking to take their business to the next level, check out Global Property Pros!
He is also co-founder of the luxury digital magazine, DOORWAYS INTERNATIONAL, powered by RealtyHive, which serves as a platform for Brokers and Buyers throughout 70 countries.
Hugh's Designations Include:
- Certified Luxury Home Marketing Specialist
- Certified Distressed Property Export
- Certified International Property Specialist
- Certified International Investment & Immigration Specialist
- Transnational Re
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Hugh Gilliam (00:01):
Welcome to Realtycast Global, where we
bring insights and advice fromtop professionals in the global
market.
Join us for a journey ofculture and real estate from
countries across the globe.
Today, my guest is PieroLorenzo.
Piero is currently inCalifornia and he's got a long
(00:25):
history of real estate in bothCalifornia and Italy.
And so, Piero, it's so good tohave you here today, and I wish
you could just spend a fewminutes telling us a little bit
about you and your rich historyin Italy.
Piero Lorenzo (00:42):
Hi everybody, thank you for having me, and I'm
so happy to be here today totalk about the Italian real
estate.
This is the best time to buyhome in Italy and there are lots
of great opportunities in theItalian market now, but we will
talk more about it during thispodcast.
First, let me tell you, all myclients who are bought property
(01:06):
in Italy are delighted.
They are so happy.
They are spending a great time,lovely time in Italy, and this
is inspiring to me because I'vebeen in the industry for 22
years and the last eight yearssince I immigrated to the United
States from Italy, I have beendeveloping this new model that
(01:30):
combines the two methods of realestate Italian and American.
I have found the best way tosell homes in Italy to
international buyers, such asAmericans, with safety, without
stress.
And I was born 50 years ago inTropea Calabria it's a beautiful
(01:55):
beach town in South Italy andthen I lived for 21 years in
Florence, where I studiedeconomics, and then I started my
career in real estate.
I worked in Florence for almost14 years until I moved to Santa
Cruz, california, with my wife.
(02:16):
It was the day of my 42ndbirthday, right that and I was
so happy and with thousands ofemotions, in Santa Cruz, I
continued my career in realestate, getting the California
(02:38):
salesperson license a few monthslater, and then I started
working with Keller WilliamsSanta Cruz.
But at that time I wasn'treally thinking about
international real estate.
But people started to ask mehey, piero, what's the homes in
(03:00):
Florence?
What about Lake Homo?
What about Costa Malfitana?
So I thought perhaps I shouldtake a look at the international
market, look again at theItalian real estate.
So I started to investigate theway to help American buyers to
(03:25):
buy homes in Italy and I workeda lot on this and my business
started to grow up day after dayand in the meantime, I got the
certified international propertyspecialist designation and two
years later, I got theCalifornia real estate broker
(03:46):
license.
It was two weeks before my son,stephen, was born, and in April
2019, I started my brokerage,lawrence International Real
Estate, specializing ininternational transactions and,
in particular, helping Italiansto buy homes and businesses in
(04:09):
California and Americans' homesin Italy.
And two years ago, right at theend of April, I became a proud
American citizen.
So now I have a dualcitizenship Italian and American
.
About me personally I am verypassionate in many things I do
(04:33):
and I love spending time with mywife, my son, the beaches, the
parks, watching movies,especially cartoons.
I love traveling and I lovegood food.
Of course, I love good wines.
I love art, music, especiallyRolling Stones.
(04:56):
I am a fan of Rolling Stones andI love soccer, play soccer,
watch soccer, especially my team, ac Milan, and now I started to
playing a pick-up ball.
It's very funny.
And, of course, I love my workand I love helping people to
(05:20):
realize their dreams.
Hugh Gilliam (05:22):
That's fantastic, and you've got the best of both
worlds.
I think it's wonderful.
You know, I just had to textyou a few minutes ago about when
our relationship began.
That was eight years ago.
Piero Lorenzo (05:34):
You were publishing in my magazine Yep.
Hugh Gilliam (05:37):
You were publishing in my magazine,
doorways International, thedigital version of that magazine
, and we knew each other, butthis is really the first time
we've met each other face toface.
That's true, and it's beeneight years, eight long years.
Piero Lorenzo (05:52):
Eight long years yeah.
Hugh Gilliam (05:54):
Well, let me ask you this you know, I read that
there's 65 million people comingto Italy every single year as
guests and visiting, vacationingthere, spending time there.
That's a lot of people.
That's a lot of people cominginto Italy.
Tell me what attracts yourbuyer to Italy.
(06:17):
I know that may sound like abad question, but typically,
what attracts a buyer to Italy?
Piero Lorenzo (06:24):
Okay, I don't think it's necessary to talk
about how beautiful Italy is,about its history, art, culture,
food the food is the best oneand wines, mountains, seas,
rolling hills, fashion but Iwould like to talk about other
(06:47):
aspects.
There is a big attractionbetween the USA and Italy.
Many Americans dream of livingor spending time in Italy, and
they love the Italian lifestyle.
They love spending more time atthe table, eating authentic
(07:08):
Italian food and then walking inthe historic centers surrounded
by art, history.
In my opinion, to be able tolive in two countries, in two
worlds so different, like theUSA and Italy, it's the best
gift that you can give yourselffor your mind, for your culture
(07:35):
and for your well-being.
You can easily visit all Italyand Europe by train, by car, by
short and low cost flights, andalso you can earn BNB.
You can earn a passive incomeusing your home in Italy for
(08:00):
short rentals, so you can easilycover all the managing costs of
owning a property in Italy.
Also, because the property taxand the utilities in Italy are
much less expensive than the USA, you can easily cover all these
costs, your travels, rentingout the property.
(08:22):
Living in Italy is not theclassic investment, it's more a
sole investment.
To live the Italian way to livethe Italian lifestyle means
high quality of life.
Hugh Gilliam (08:44):
I think you answered the question.
I was about ready to ask, but Iwant to go back and see.
If you purchase in Italy, arethere any restrictions for an
Airbnb or short-term rental?
Piero Lorenzo (08:57):
Generally, there are no restrictions to use your
home as an Airbnb for shortrentals.
The exception can be for a fewcondominiums where the
Regulamento di Condominio, whichis the HOA rules and
regulations, forbids shortrentals.
(09:18):
It's very unusual.
I would say at least 90% 95% ofthe properties in Italy allow
short rentals.
Also, the option to use yoursecond home and earn a passive
income is keeping alive theItalian market now.
Hugh Gilliam (09:42):
I see what about.
So you purchase a home in Italyand you can live there what?
Three months out of a year?
Piero Lorenzo (09:53):
Yes.
Hugh Gilliam (09:55):
Explain that in a little bit more detail, about
how long you can actually livein the home that you purchased.
Piero Lorenzo (10:00):
Yes, as an American citizen, you can stay
in Italy for three months longeron each trip.
If you own a property in Italyand you would like to stay
longer than three months, youcan apply for a long-term visa,
also called elective residencevisa.
(10:22):
You can stay longer.
You can stay one year, renewinganother year until you get the
permanent residence either.
You have just to show proof offunds, but it's a very small
amount, and you cannot work inItaly.
(10:43):
This is the only restrictionwith this kind of visa.
If you have any Italianancestors, like Grandpa, who
moved to the USA from Italy, youcan apply for the Italian
citizenship.
It's a long process, but it'svery worth.
Recently, the Italiangovernment is introducing a new
(11:10):
kind of visa.
It's called Nomad Digital Visa.
It's for high-qualifiedemployers who work remotely for
non-Italian companies.
Hugh Gilliam (11:25):
Let me ask you this If just say you have your
client, do you go with yourclients to meet them in Italy?
Or how do you do thattransaction with a US person
going to Italy looking for ahome?
Piero Lorenzo (11:41):
It would be impossible for me because I have
a fortune to have many clients,so it's impossible for me to
travel with them to show themproperties.
I used to collaborate with thelisting agents in Italy, so we
select in the USA with myclients, we select the right
properties and then, when theyare ready to travel to Italy, I
(12:07):
arrange a tour for them and theywill go to see properties with
each listing agent and it'sworking very well.
We are very happy with thissystem.
It's something secret for mebecause it's a typical for
(12:27):
Italian seriatos to collaborate,so it's something that I
introduced with the model that Iwas talking about before,
meaning the Italian style andthe real estate in the USA.
Hugh Gilliam (12:47):
So what does a person need?
I know you have to have money,but what do you need and what
kind of assistance do you haveto have to purchase that dream
home in Italy?
Piero Lorenzo (13:00):
Yes, you need your USA passport.
You must get the Codege Fiscale.
It's a fiscal code which isfree of cost, that you can
request it at the nearestItalian consulate in the USA and
you don't need.
It's not mandatory to open abank account in Italy, but it's
(13:23):
recommended to pay easilyutilities or other costs.
And most of my clients, theyprefer not to travel to Italy
just for the closing and theygive a power attorney to my
legal consultant, who is also mybrother.
He lives in Como so herepresented them at the closing
(13:49):
for the final contract.
And, of course, you need a goodre-alter with the expertise and
a strong Italian accent.
Hugh Gilliam (13:59):
I see, and you do qualify, by the way.
Piero Lorenzo (14:03):
Yeah, yeah, absolutely.
And there are many differencesbetween buying a home in Italy
and buying a home in the USA.
In Italy, for example, there isno MLS, no multiple listing
service.
Sometimes you find propertieson the market without being
(14:24):
perfectly up to code, so youmust be very careful.
But if you work with a goodre-alter, good agent, everything
will be fine.
Hugh Gilliam (14:35):
So about financing ?
You've got an individual herein the US that wants to move to
Italy and purchase a second home, and they only have enough
money for a down payment.
So what about financing inItaly?
How can you arrange that?
Piero Lorenzo (14:55):
Yeah, this is a problem Most of my clients.
When we have the firstcommunication and I give them
the preliminary informationabout buying a property in Italy
, they ask me about financing.
But unfortunately, getting amortgage in Italy for a
(15:16):
non-resident buyer is a missionimpossible.
Hugh Gilliam (15:21):
It's just not going to happen.
Piero Lorenzo (15:26):
I worked a lot of this, finding a lender or an
Italian bank open to work andhelp my clients, but there is no
way.
Actually, there are a few banksin Italy that are open to
accept applications fromAmerican citizens, but it's a
(15:47):
long, super long process.
You must send them thousands ofdocuments, post-heal
translations, notarizeddocuments.
At the end, after six, seven,eight months waiting, they may
reject your application.
So in my opinion, the best wayfor an American to get a loan is
(16:13):
an equity loan in the USA.
Most of my clients are all cashbuyers, also because the prices
in Italy are pretty affordable.
Hugh Gilliam (16:25):
That was going to be my next question about
affordability, and I just wonderif you can share with us a
little bit about pricing andalso maybe touch on the
everybody's heard about this.
The one euro, yeah, I mean, andyou can give us the pros and
cons on that too.
But what about affordability?
What affordability there?
What would it be like a medianprice for homes?
Piero Lorenzo (16:51):
This is the best time to buy them in Italy, also
because the prices in manyregions of Italy are the lowest
in the last 15, 20 years.
Of course, you cannot findaffordable prices in the center
of Florence, in Capri, in CostaMalfittana, in the center of
(17:14):
Milan or Rome, but there arethousands of beautiful places
where you can buy at veryconvenient price.
And regarding the myth of oneeuro homes, I receive many, many
mails from people that isinteresting on these properties.
(17:35):
They think it's a good deal.
Personally, I don't see what isthe bargain to buy these
properties.
These are located in remoteplaces where, if you are a
tourist, you wouldn't visitthese places because they don't
(17:56):
offer nothing and nobody wantsto live there.
So after you buy, you buy forone euro, but you have the
obligation to renovate themwithin 12 months.
Usually these properties areentirely, completely dilapidated
, so you have to spend money torenovate them, to find an
(18:21):
architect, a contractor, overseethe work from the USA.
It's not easy at all.
It's very stressful alsobecause it's complicated.
It's very complicated If youdon't speak the dialect not the
Italian, the dialect.
It's a mess.
But the real question is afterthe property are done, are
(18:46):
completed, what are you going todo with this property?
Are you going to resell it?
There is no market there.
Are you going to Airbnb?
There is no tourist there.
Hugh Gilliam (18:59):
So you're basically talking about
abandoned homes that are out inremote locations.
Piero Lorenzo (19:04):
Abundant towns, abundant villages.
So it's not only the problem,it's not only specifically with
these properties, it's the areathat is not attractive.
Hugh Gilliam (19:21):
I was just going to say this too.
I think, when you think aboutthat, if it sounds too good to
be true, it probably is too goodto be true, and I think you
just gave us the definition ofwhat that program is.
Do you know any success storieswhere a person maybe initially,
at the beginning of thisprogram found something really
nice and was able to turn itinto a show place, or is that?
(19:45):
Does that even?
Has that ever happened?
Piero Lorenzo (19:49):
I don't work on these properties usually and
honestly, I don't think they canhave good experience with these
kind of properties.
So I prefer not to work herebecause it's so complicated.
They never will be satisfiedwith me and with these
(20:12):
properties.
Hugh Gilliam (20:14):
So to go back to pricing, can you purchase a
$100,000 property?
Piero Lorenzo (20:21):
Yeah, yeah.
Hugh Gilliam (20:23):
What about a $200,000?
Piero Lorenzo (20:25):
Yes, you can find it in the budget.
I can show you some listings ifyou want.
But you can find the goodproperties at the same price.
In considering the work thatyou need to the money that you
need to spend for renovating theone euro properties, at the end
you spend the same amount thatyou could spend finding other
(20:53):
nice properties in much betterlocations.
So I can show you someproperties if you want.
Hugh Gilliam (21:01):
We'd love to see properties if you have those
available.
Piero Lorenzo (21:04):
Let me drink a little water, okay.
Hugh Gilliam (21:08):
Give me.
Piero Lorenzo (21:15):
For example, I have a beautiful property in
Umbria.
Umbria is an amazing region andlet me see the location is
Basque, it's a little town, butlovely town.
It's very close to Orvieto,which is an amazing city.
It's between Tuscany, Umbriaand also near Lazio.
(21:42):
It's a great location.
You can find great restaurants.
It's three bedrooms, twobathrooms, on three levels and
the price is $109,000, euros,which will be like a little less
(22:03):
than $120,000.
It's furnished up to code,completely up to code.
That in Italy, as I mentionedbefore, it's not always
something that you can find andI don't know if you can see the
photos.
Yes, we can.
It was recently restored, it'slovely and it's completely
(22:33):
furnished.
Also, the fridge is with.
You can find wine, cheese, goodprosciutto and everything is
ready to enjoy or stay in Italy.
Hugh Gilliam (22:48):
This is one, so, piero, it's completely furnished
.
It's about 1,700 square feet.
It has three bedrooms, one bathor two.
Two bathrooms, yeah, two bathsfor a little bit less than
125,000 USD.
Piero Lorenzo (23:05):
Yeah, we can stop one second because I found some
properties.
There are no photos of thisproperty.
Some photos are not of thisproperty.
I don't know why I'm seeingthis photo and there are two
photos that are not of thisproperty.
Sorry for that.
Hugh Gilliam (23:26):
That's okay.
Tell us which two were not.
Piero Lorenzo (23:30):
Yeah, can you see one step up?
Hugh Gilliam (23:35):
The one with a large patio.
Piero Lorenzo (23:37):
Yeah, this is not absolute.
I don't know why we're seeingthis.
Yeah, these are not photos ofthis property.
I don't know why.
Sorry.
Hugh Gilliam (23:47):
Now, that's okay.
So let me ask you this Can westart back for just one minute
and start this showing?
You've already described theproperty, but show the interior
one more time.
Just a few pictures.
Piero Lorenzo (23:59):
Yeah.
Hugh Gilliam (24:02):
I mean, if he could send a link to this, then
you know, Amanda might be ableto click install.
Okay, yeah, I can cancel.
Piero Lorenzo (24:12):
I can cancel when we finish.
I can cancel the photos thatare not of this property and I
will send you the link and maybeyou can.
That's great.
Hugh Gilliam (24:21):
That's great, and we'll send it on to the editor.
That's perfect.
Okay so, but I think we canmove on to the second.
Piero Lorenzo (24:31):
Yeah, the second listing now.
Yes.
You can you see it?
I guess?
Yeah, this is a.
This is another great propertyfor investment in Santa Teresa
Galora, which is a superbeautiful place in Sardinia, and
this, this is a two bedroombedrooms, one bathroom, in a in
(25:01):
a complex right next to thebeach.
There is also a share pool.
It's furnished and the price is160,000 euros.
It will it is, I think todaywill be like a little less than
$180,000.
And you can.
(25:21):
Airbnb is with this propertyfrom at least for six, seven
months.
You can have a good income.
The location is beautiful.
My another client from SanFrancisco bought a similar
apartment in the same complexand she's crazy for this place.
(25:43):
She's super happy.
Hugh Gilliam (25:46):
So, Piero, this, this particular listing right
here, would it be considered acondo in a complex with an HOA
fee?
Is that correct?
Piero Lorenzo (26:00):
Yes, but the the HOA in Italy are much less
expensive than an HOA in the USA, Also if they offer a swimming
pool or other services, but butusually the cost utilities are
less expensive.
So I think probably the HOA isaround 100 euros per year, per
(26:27):
month, so it's almost nothing.
Hugh Gilliam (26:31):
Okay, and so you just went through the grounds of
this property of the complex.
It's gorgeous.
Piero Lorenzo (26:38):
Yeah, it's, it's right next to the beach.
The beaches there are amazing,are beautiful.
Sardinia has probably the bestbeaches and seas in Italy.
I can show you something inLake Como, because Lake.
Hugh Gilliam (27:02):
Como, let's do that.
Let's look at one more and Iwant us to go back after we
excuse me finish up with thatthird one.
Let's look at one more listingand then, if it I don't want to
put you on the spot, but if youcould tell us basically what
we're looking at in terms of, Iguess, a weekly rate for those
(27:22):
three different properties, whatthe rental rate would be for
those three different properties.
But let's look at the fourthone first.
Piero Lorenzo (27:29):
Yeah, let's do the third one first.
Can we stop one second?
I'm going to find it.
Sorry, where is it?
I can't find now.
(27:52):
I prepared these others, butnow I can't find them and I can
send you the link if you want.
If you can, yeah, I feel, sendthe link.
Hugh Gilliam (28:06):
Send the link to me, I'll send it to the editor
and we'll do property one, twoand three.
Yeah, I can tell you somethingabout this other property, if
you want.
Piero Lorenzo (28:16):
Okay, that's good , okay.
This other is a two bedrooms,two bathrooms apartment in
Menaggio, lake Como, which isone of the most beautiful towns
in Lake Como and the views ofthe lake is amazing.
(28:37):
This is a furnished apartment.
The price is 290,000 eurosProbably is like 315,000 dollars
and it's beautiful.
Menaggio.
It's a you can Airbnb, probablyfor seven, eight months a year,
(29:03):
full of the time.
Hugh Gilliam (29:09):
That's beautiful.
A lot of the stone.
So we'll have all three ofthese links in the episode
description so that our guestscan or the people watching this
program can, look at thelistings and have a little bit
more time to view eachindividual one, and you will
have pricing also attached tothose links.
(29:30):
Sure, we were talking aboutpurchasing side unseen, and
that's worked generally prettywell for you, hasn't it?
Piero Lorenzo (29:40):
Yes, yes, Fortunately, I started working
and selling homes unseen sincethe pandemic started and now I'm
keeping selling theseproperties unseen and most of my
clients of the buyers are fromthe USA.
(30:01):
They only saw photos and videosof these properties.
Of course, we were very careful, we were cautious in every
aspect of these properties.
We had a kind of homeinspection that in Italy is
(30:23):
unusual to have and at the end,when these clients were able to
travel to Italy, they were happyand satisfied with the purchase
.
This is very important for meand it represents a milestone in
my development of this newmodel that I have been working
(30:48):
in the last eight years.
And most of these clients at thebeginning were skeptical to be
able to buy a home in Italy,Probably because they had a bad
experience in Italy, maybe withthe problems in the
communications with the realtorsor with the information on each
(31:11):
properties that usually areless transparent than the USA.
So at the end they bought theseproperties from their home in
the USA, selecting, choosingproperties online, viewing
properties to walk to videosonline, signing offers and
(31:36):
preliminary contracts online,remotely, and at the end at the
closing they were absent by mylegal consultant, my brother, so
they saved lots of time, moneyon travels, stress.
At the end they bought aproperty and seen from their
(32:00):
home in the USA and this is anextraordinary in my opinion.
Hugh Gilliam (32:06):
Well, I think it's great because in your
reputations out there too I meanwhat you've done over the last
eight years you've built a greatreputation.
People understand who you are,that you're transparent, you're
honest and you're going to makethat deal work for them, and I
think that's you know.
They've become partnersbasically with you during the
transaction.
(32:26):
We're running out of time, butI need to ask you a couple of
other things.
Living the Italian way youmentioned that to me several
weeks ago, but what does thatmean exactly, living the Italian
way?
Piero Lorenzo (32:42):
Okay, I'm part of this new project, living the
Italian Way, where we are goingto have almost 50 new apartments
in beautiful areas of ItalyMontepulciano, tuscany, the
center of Palermo in Sicily, anda beautiful area of Salento in
(33:04):
Puglia.
These new apartments aredesigned to be environmentally
sustainable, so they will have ahigh top class energy
efficiency, photovoltaic system,roof ventilation, other
(33:26):
features.
But the purpose of this projectLiving the Italian Way is to
help the buyer to be integratedin the local community, to help
the buyer to live the authenticreal life, italian lifestyle,
(33:47):
with the old traditions of Italyconnected with agriculture,
crafts, art and natural.
They were going to have manyactivities like cooking classes,
guided tour of the surroundingareas, food and wine testing.
(34:13):
Also, they can have many, manybenefits, like a property
management, a personalized foodprogram, a nurse assistance and
the best surprise, the best newsfor this project is that the
buyer can buy using the rent tobuy formula, so they can pay
(34:39):
down payment, they can getpossession of the property, they
can add BNB, write them, theycan pay the rent to buy until
they buy the property using thisincome from short rentals.
Finally, we got the financingfor my clients.
Hugh Gilliam (35:03):
That sounds fantastic.
Now, as far as projections whenis it?
Has it already begun?
Piero Lorenzo (35:09):
Yeah, yeah, yeah, we.
There's a new 50 apartmentsthat will be completed within
two years, but some of them arealready completed.
They are already usable.
Hugh Gilliam (35:23):
So do you have a flyer or a wind tour flyer?
You could post that in theepisode.
We could post in the episodedescription, Of course.
Of course that would befantastic.
That sounds like a greatopportunity.
It really does.
What is your forecast?
I know you don't have a crystalball to see the future, but
what about the forecast for theItalian market over the next
(35:46):
three to five years?
How do you see thingsdeveloping?
Piero Lorenzo (35:51):
Let me say the Italian market has been in
difficulty since 2008 in most ofthe regions in Italy, with some
exceptions like, for example,milano Milan, which is also
considered the economic capitalof Italy.
It's also one of the three mostimportant financial centers of
(36:13):
Europe, with Paris and Frankfurt.
So in Milan the market has beenactive.
The prices have risen, but inmost of the regions of Italy the
prices have dropped in the lastyears and to sell a property it
takes a long time.
My forecast for the next fewyears is the stable market, but
(36:42):
for the locations that they havehigh demand for second homes,
the prices can go up.
Hugh Gilliam (36:54):
Once again, thank you so much for being with us
today.
We appreciate you and we hopethat we can have another time
with you in the future.
I'd love to get into thatcommunity that you're talking
about the living Italian way.
I think that would be a greatshow to get into the middle of
it, see what it looks like whenit's developed a little bit
further and see some of theopportunities that people might
(37:16):
have through ownership of one ofthose properties.
Thank you, and we appreciateyou.
Piero Lorenzo (37:22):
Thank you so much for this opportunity to you
gave me today to share someinformation about the Italian
real estate with with you guys,and I'm very happy to help
people that are interested inbuying in Italy.
So, guys, call me and contactme anytime, and thank you so
(37:49):
much.
I would love to have anotherpodcast with you.
Hugh Gilliam (37:55):
We will definitely look into that, and you have a
great rest of your day.
Piero Lorenzo (37:59):
You too Thanks.
Hugh Gilliam (38:01):
Bye.
Welcome to Realtycast Global, where we
bring insights and advice fromtop professionals in the global
market.
Join us for a journey ofculture and real estate from
countries across the globe.
Today, my guest is PieroLorenzo.
Piero is currently inCalifornia and he's got a long
(00:25):
history of real estate in bothCalifornia and Italy.
And so, Piero, it's so good tohave you here today, and I wish
you could just spend a fewminutes telling us a little bit
about you and your rich historyin Italy.
Piero Lorenzo (00:42):
Hi everybody, thank you for having me, and I'm
so happy to be here today totalk about the Italian real
estate.
This is the best time to buyhome in Italy and there are lots
of great opportunities in theItalian market now, but we will
talk more about it during thispodcast.
First, let me tell you, all myclients who are bought property
(01:06):
in Italy are delighted.
They are so happy.
They are spending a great time,lovely time in Italy, and this
is inspiring to me because I'vebeen in the industry for 22
years and the last eight yearssince I immigrated to the United
States from Italy, I have beendeveloping this new model that
(01:30):
combines the two methods of realestate Italian and American.
I have found the best way tosell homes in Italy to
international buyers, such asAmericans, with safety, without
stress.
And I was born 50 years ago inTropea Calabria it's a beautiful
(01:55):
beach town in South Italy andthen I lived for 21 years in
Florence, where I studiedeconomics, and then I started my
career in real estate.
I worked in Florence for almost14 years until I moved to Santa
Cruz, california, with my wife.
(02:16):
It was the day of my 42ndbirthday, right that and I was
so happy and with thousands ofemotions, in Santa Cruz, I
continued my career in realestate, getting the California
(02:38):
salesperson license a few monthslater, and then I started
working with Keller WilliamsSanta Cruz.
But at that time I wasn'treally thinking about
international real estate.
But people started to ask mehey, piero, what's the homes in
(03:00):
Florence?
What about Lake Homo?
What about Costa Malfitana?
So I thought perhaps I shouldtake a look at the international
market, look again at theItalian real estate.
So I started to investigate theway to help American buyers to
(03:25):
buy homes in Italy and I workeda lot on this and my business
started to grow up day after dayand in the meantime, I got the
certified international propertyspecialist designation and two
years later, I got theCalifornia real estate broker
(03:46):
license.
It was two weeks before my son,stephen, was born, and in April
2019, I started my brokerage,lawrence International Real
Estate, specializing ininternational transactions and,
in particular, helping Italiansto buy homes and businesses in
(04:09):
California and Americans' homesin Italy.
And two years ago, right at theend of April, I became a proud
American citizen.
So now I have a dualcitizenship Italian and American
.
About me personally I am verypassionate in many things I do
(04:33):
and I love spending time with mywife, my son, the beaches, the
parks, watching movies,especially cartoons.
I love traveling and I lovegood food.
Of course, I love good wines.
I love art, music, especiallyRolling Stones.
(04:56):
I am a fan of Rolling Stones andI love soccer, play soccer,
watch soccer, especially my team, ac Milan, and now I started to
playing a pick-up ball.
It's very funny.
And, of course, I love my workand I love helping people to
(05:20):
realize their dreams.
Hugh Gilliam (05:22):
That's fantastic, and you've got the best of both
worlds.
I think it's wonderful.
You know, I just had to textyou a few minutes ago about when
our relationship began.
That was eight years ago.
Piero Lorenzo (05:34):
You were publishing in my magazine Yep.
Hugh Gilliam (05:37):
You were publishing in my magazine,
doorways International, thedigital version of that magazine
, and we knew each other, butthis is really the first time
we've met each other face toface.
That's true, and it's beeneight years, eight long years.
Piero Lorenzo (05:52):
Eight long years yeah.
Hugh Gilliam (05:54):
Well, let me ask you this you know, I read that
there's 65 million people comingto Italy every single year as
guests and visiting, vacationingthere, spending time there.
That's a lot of people.
That's a lot of people cominginto Italy.
Tell me what attracts yourbuyer to Italy.
(06:17):
I know that may sound like abad question, but typically,
what attracts a buyer to Italy?
Piero Lorenzo (06:24):
Okay, I don't think it's necessary to talk
about how beautiful Italy is,about its history, art, culture,
food the food is the best oneand wines, mountains, seas,
rolling hills, fashion but Iwould like to talk about other
(06:47):
aspects.
There is a big attractionbetween the USA and Italy.
Many Americans dream of livingor spending time in Italy, and
they love the Italian lifestyle.
They love spending more time atthe table, eating authentic
(07:08):
Italian food and then walking inthe historic centers surrounded
by art, history.
In my opinion, to be able tolive in two countries, in two
worlds so different, like theUSA and Italy, it's the best
gift that you can give yourselffor your mind, for your culture
(07:35):
and for your well-being.
You can easily visit all Italyand Europe by train, by car, by
short and low cost flights, andalso you can earn BNB.
You can earn a passive incomeusing your home in Italy for
(08:00):
short rentals, so you can easilycover all the managing costs of
owning a property in Italy.
Also, because the property taxand the utilities in Italy are
much less expensive than the USA, you can easily cover all these
costs, your travels, rentingout the property.
(08:22):
Living in Italy is not theclassic investment, it's more a
sole investment.
To live the Italian way to livethe Italian lifestyle means
high quality of life.
Hugh Gilliam (08:44):
I think you answered the question.
I was about ready to ask, but Iwant to go back and see.
If you purchase in Italy, arethere any restrictions for an
Airbnb or short-term rental?
Piero Lorenzo (08:57):
Generally, there are no restrictions to use your
home as an Airbnb for shortrentals.
The exception can be for a fewcondominiums where the
Regulamento di Condominio, whichis the HOA rules and
regulations, forbids shortrentals.
(09:18):
It's very unusual.
I would say at least 90% 95% ofthe properties in Italy allow
short rentals.
Also, the option to use yoursecond home and earn a passive
income is keeping alive theItalian market now.
Hugh Gilliam (09:42):
I see what about.
So you purchase a home in Italyand you can live there what?
Three months out of a year?
Piero Lorenzo (09:53):
Yes.
Hugh Gilliam (09:55):
Explain that in a little bit more detail, about
how long you can actually livein the home that you purchased.
Piero Lorenzo (10:00):
Yes, as an American citizen, you can stay
in Italy for three months longeron each trip.
If you own a property in Italyand you would like to stay
longer than three months, youcan apply for a long-term visa,
also called elective residencevisa.
(10:22):
You can stay longer.
You can stay one year, renewinganother year until you get the
permanent residence either.
You have just to show proof offunds, but it's a very small
amount, and you cannot work inItaly.
(10:43):
This is the only restrictionwith this kind of visa.
If you have any Italianancestors, like Grandpa, who
moved to the USA from Italy, youcan apply for the Italian
citizenship.
It's a long process, but it'svery worth.
Recently, the Italiangovernment is introducing a new
(11:10):
kind of visa.
It's called Nomad Digital Visa.
It's for high-qualifiedemployers who work remotely for
non-Italian companies.
Hugh Gilliam (11:25):
Let me ask you this If just say you have your
client, do you go with yourclients to meet them in Italy?
Or how do you do thattransaction with a US person
going to Italy looking for ahome?
Piero Lorenzo (11:41):
It would be impossible for me because I have
a fortune to have many clients,so it's impossible for me to
travel with them to show themproperties.
I used to collaborate with thelisting agents in Italy, so we
select in the USA with myclients, we select the right
properties and then, when theyare ready to travel to Italy, I
(12:07):
arrange a tour for them and theywill go to see properties with
each listing agent and it'sworking very well.
We are very happy with thissystem.
It's something secret for mebecause it's a typical for
(12:27):
Italian seriatos to collaborate,so it's something that I
introduced with the model that Iwas talking about before,
meaning the Italian style andthe real estate in the USA.
Hugh Gilliam (12:47):
So what does a person need?
I know you have to have money,but what do you need and what
kind of assistance do you haveto have to purchase that dream
home in Italy?
Piero Lorenzo (13:00):
Yes, you need your USA passport.
You must get the Codege Fiscale.
It's a fiscal code which isfree of cost, that you can
request it at the nearestItalian consulate in the USA and
you don't need.
It's not mandatory to open abank account in Italy, but it's
(13:23):
recommended to pay easilyutilities or other costs.
And most of my clients, theyprefer not to travel to Italy
just for the closing and theygive a power attorney to my
legal consultant, who is also mybrother.
He lives in Como so herepresented them at the closing
(13:49):
for the final contract.
And, of course, you need a goodre-alter with the expertise and
a strong Italian accent.
Hugh Gilliam (13:59):
I see, and you do qualify, by the way.
Piero Lorenzo (14:03):
Yeah, yeah, absolutely.
And there are many differencesbetween buying a home in Italy
and buying a home in the USA.
In Italy, for example, there isno MLS, no multiple listing
service.
Sometimes you find propertieson the market without being
(14:24):
perfectly up to code, so youmust be very careful.
But if you work with a goodre-alter, good agent, everything
will be fine.
Hugh Gilliam (14:35):
So about financing ?
You've got an individual herein the US that wants to move to
Italy and purchase a second home, and they only have enough
money for a down payment.
So what about financing inItaly?
How can you arrange that?
Piero Lorenzo (14:55):
Yeah, this is a problem Most of my clients.
When we have the firstcommunication and I give them
the preliminary informationabout buying a property in Italy
, they ask me about financing.
But unfortunately, getting amortgage in Italy for a
(15:16):
non-resident buyer is a missionimpossible.
Hugh Gilliam (15:21):
It's just not going to happen.
Piero Lorenzo (15:26):
I worked a lot of this, finding a lender or an
Italian bank open to work andhelp my clients, but there is no
way.
Actually, there are a few banksin Italy that are open to
accept applications fromAmerican citizens, but it's a
(15:47):
long, super long process.
You must send them thousands ofdocuments, post-heal
translations, notarizeddocuments.
At the end, after six, seven,eight months waiting, they may
reject your application.
So in my opinion, the best wayfor an American to get a loan is
(16:13):
an equity loan in the USA.
Most of my clients are all cashbuyers, also because the prices
in Italy are pretty affordable.
Hugh Gilliam (16:25):
That was going to be my next question about
affordability, and I just wonderif you can share with us a
little bit about pricing andalso maybe touch on the
everybody's heard about this.
The one euro, yeah, I mean, andyou can give us the pros and
cons on that too.
But what about affordability?
What affordability there?
What would it be like a medianprice for homes?
Piero Lorenzo (16:51):
This is the best time to buy them in Italy, also
because the prices in manyregions of Italy are the lowest
in the last 15, 20 years.
Of course, you cannot findaffordable prices in the center
of Florence, in Capri, in CostaMalfittana, in the center of
(17:14):
Milan or Rome, but there arethousands of beautiful places
where you can buy at veryconvenient price.
And regarding the myth of oneeuro homes, I receive many, many
mails from people that isinteresting on these properties.
(17:35):
They think it's a good deal.
Personally, I don't see what isthe bargain to buy these
properties.
These are located in remoteplaces where, if you are a
tourist, you wouldn't visitthese places because they don't
(17:56):
offer nothing and nobody wantsto live there.
So after you buy, you buy forone euro, but you have the
obligation to renovate themwithin 12 months.
Usually these properties areentirely, completely dilapidated
, so you have to spend money torenovate them, to find an
(18:21):
architect, a contractor, overseethe work from the USA.
It's not easy at all.
It's very stressful alsobecause it's complicated.
It's very complicated If youdon't speak the dialect not the
Italian, the dialect.
It's a mess.
But the real question is afterthe property are done, are
(18:46):
completed, what are you going todo with this property?
Are you going to resell it?
There is no market there.
Are you going to Airbnb?
There is no tourist there.
Hugh Gilliam (18:59):
So you're basically talking about
abandoned homes that are out inremote locations.
Piero Lorenzo (19:04):
Abundant towns, abundant villages.
So it's not only the problem,it's not only specifically with
these properties, it's the areathat is not attractive.
Hugh Gilliam (19:21):
I was just going to say this too.
I think, when you think aboutthat, if it sounds too good to
be true, it probably is too goodto be true, and I think you
just gave us the definition ofwhat that program is.
Do you know any success storieswhere a person maybe initially,
at the beginning of thisprogram found something really
nice and was able to turn itinto a show place, or is that?
(19:45):
Does that even?
Has that ever happened?
Piero Lorenzo (19:49):
I don't work on these properties usually and
honestly, I don't think they canhave good experience with these
kind of properties.
So I prefer not to work herebecause it's so complicated.
They never will be satisfiedwith me and with these
(20:12):
properties.
Hugh Gilliam (20:14):
So to go back to pricing, can you purchase a
$100,000 property?
Piero Lorenzo (20:21):
Yeah, yeah.
Hugh Gilliam (20:23):
What about a $200,000?
Piero Lorenzo (20:25):
Yes, you can find it in the budget.
I can show you some listings ifyou want.
But you can find the goodproperties at the same price.
In considering the work thatyou need to the money that you
need to spend for renovating theone euro properties, at the end
you spend the same amount thatyou could spend finding other
(20:53):
nice properties in much betterlocations.
So I can show you someproperties if you want.
Hugh Gilliam (21:01):
We'd love to see properties if you have those
available.
Piero Lorenzo (21:04):
Let me drink a little water, okay.
Hugh Gilliam (21:08):
Give me.
Piero Lorenzo (21:15):
For example, I have a beautiful property in
Umbria.
Umbria is an amazing region andlet me see the location is
Basque, it's a little town, butlovely town.
It's very close to Orvieto,which is an amazing city.
It's between Tuscany, Umbriaand also near Lazio.
(21:42):
It's a great location.
You can find great restaurants.
It's three bedrooms, twobathrooms, on three levels and
the price is $109,000, euros,which will be like a little less
(22:03):
than $120,000.
It's furnished up to code,completely up to code.
That in Italy, as I mentionedbefore, it's not always
something that you can find andI don't know if you can see the
photos.
Yes, we can.
It was recently restored, it'slovely and it's completely
(22:33):
furnished.
Also, the fridge is with.
You can find wine, cheese, goodprosciutto and everything is
ready to enjoy or stay in Italy.
Hugh Gilliam (22:48):
This is one, so, piero, it's completely furnished
.
It's about 1,700 square feet.
It has three bedrooms, one bathor two.
Two bathrooms, yeah, two bathsfor a little bit less than
125,000 USD.
Piero Lorenzo (23:05):
Yeah, we can stop one second because I found some
properties.
There are no photos of thisproperty.
Some photos are not of thisproperty.
I don't know why I'm seeingthis photo and there are two
photos that are not of thisproperty.
Sorry for that.
Hugh Gilliam (23:26):
That's okay.
Tell us which two were not.
Piero Lorenzo (23:30):
Yeah, can you see one step up?
Hugh Gilliam (23:35):
The one with a large patio.
Piero Lorenzo (23:37):
Yeah, this is not absolute.
I don't know why we're seeingthis.
Yeah, these are not photos ofthis property.
I don't know why.
Sorry.
Hugh Gilliam (23:47):
Now, that's okay.
So let me ask you this Can westart back for just one minute
and start this showing?
You've already described theproperty, but show the interior
one more time.
Just a few pictures.
Piero Lorenzo (23:59):
Yeah.
Hugh Gilliam (24:02):
I mean, if he could send a link to this, then
you know, Amanda might be ableto click install.
Okay, yeah, I can cancel.
Piero Lorenzo (24:12):
I can cancel when we finish.
I can cancel the photos thatare not of this property and I
will send you the link and maybeyou can.
That's great.
Hugh Gilliam (24:21):
That's great, and we'll send it on to the editor.
That's perfect.
Okay so, but I think we canmove on to the second.
Piero Lorenzo (24:31):
Yeah, the second listing now.
Yes.
You can you see it?
I guess?
Yeah, this is a.
This is another great propertyfor investment in Santa Teresa
Galora, which is a superbeautiful place in Sardinia, and
this, this is a two bedroombedrooms, one bathroom, in a in
(25:01):
a complex right next to thebeach.
There is also a share pool.
It's furnished and the price is160,000 euros.
It will it is, I think todaywill be like a little less than
$180,000.
And you can.
(25:21):
Airbnb is with this propertyfrom at least for six, seven
months.
You can have a good income.
The location is beautiful.
My another client from SanFrancisco bought a similar
apartment in the same complexand she's crazy for this place.
(25:43):
She's super happy.
Hugh Gilliam (25:46):
So, Piero, this, this particular listing right
here, would it be considered acondo in a complex with an HOA
fee?
Is that correct?
Piero Lorenzo (26:00):
Yes, but the the HOA in Italy are much less
expensive than an HOA in the USA, Also if they offer a swimming
pool or other services, but butusually the cost utilities are
less expensive.
So I think probably the HOA isaround 100 euros per year, per
(26:27):
month, so it's almost nothing.
Hugh Gilliam (26:31):
Okay, and so you just went through the grounds of
this property of the complex.
It's gorgeous.
Piero Lorenzo (26:38):
Yeah, it's, it's right next to the beach.
The beaches there are amazing,are beautiful.
Sardinia has probably the bestbeaches and seas in Italy.
I can show you something inLake Como, because Lake.
Hugh Gilliam (27:02):
Como, let's do that.
Let's look at one more and Iwant us to go back after we
excuse me finish up with thatthird one.
Let's look at one more listingand then, if it I don't want to
put you on the spot, but if youcould tell us basically what
we're looking at in terms of, Iguess, a weekly rate for those
(27:22):
three different properties, whatthe rental rate would be for
those three different properties.
But let's look at the fourthone first.
Piero Lorenzo (27:29):
Yeah, let's do the third one first.
Can we stop one second?
I'm going to find it.
Sorry, where is it?
I can't find now.
(27:52):
I prepared these others, butnow I can't find them and I can
send you the link if you want.
If you can, yeah, I feel, sendthe link.
Hugh Gilliam (28:06):
Send the link to me, I'll send it to the editor
and we'll do property one, twoand three.
Yeah, I can tell you somethingabout this other property, if
you want.
Piero Lorenzo (28:16):
Okay, that's good , okay.
This other is a two bedrooms,two bathrooms apartment in
Menaggio, lake Como, which isone of the most beautiful towns
in Lake Como and the views ofthe lake is amazing.
(28:37):
This is a furnished apartment.
The price is 290,000 eurosProbably is like 315,000 dollars
and it's beautiful.
Menaggio.
It's a you can Airbnb, probablyfor seven, eight months a year,
(29:03):
full of the time.
Hugh Gilliam (29:09):
That's beautiful.
A lot of the stone.
So we'll have all three ofthese links in the episode
description so that our guestscan or the people watching this
program can, look at thelistings and have a little bit
more time to view eachindividual one, and you will
have pricing also attached tothose links.
(29:30):
Sure, we were talking aboutpurchasing side unseen, and
that's worked generally prettywell for you, hasn't it?
Piero Lorenzo (29:40):
Yes, yes, Fortunately, I started working
and selling homes unseen sincethe pandemic started and now I'm
keeping selling theseproperties unseen and most of my
clients of the buyers are fromthe USA.
(30:01):
They only saw photos and videosof these properties.
Of course, we were very careful, we were cautious in every
aspect of these properties.
We had a kind of homeinspection that in Italy is
(30:23):
unusual to have and at the end,when these clients were able to
travel to Italy, they were happyand satisfied with the purchase
.
This is very important for meand it represents a milestone in
my development of this newmodel that I have been working
(30:48):
in the last eight years.
And most of these clients at thebeginning were skeptical to be
able to buy a home in Italy,Probably because they had a bad
experience in Italy, maybe withthe problems in the
communications with the realtorsor with the information on each
(31:11):
properties that usually areless transparent than the USA.
So at the end they bought theseproperties from their home in
the USA, selecting, choosingproperties online, viewing
properties to walk to videosonline, signing offers and
(31:36):
preliminary contracts online,remotely, and at the end at the
closing they were absent by mylegal consultant, my brother, so
they saved lots of time, moneyon travels, stress.
At the end they bought aproperty and seen from their
(32:00):
home in the USA and this is anextraordinary in my opinion.
Hugh Gilliam (32:06):
Well, I think it's great because in your
reputations out there too I meanwhat you've done over the last
eight years you've built a greatreputation.
People understand who you are,that you're transparent, you're
honest and you're going to makethat deal work for them, and I
think that's you know.
They've become partnersbasically with you during the
transaction.
(32:26):
We're running out of time, butI need to ask you a couple of
other things.
Living the Italian way youmentioned that to me several
weeks ago, but what does thatmean exactly, living the Italian
way?
Piero Lorenzo (32:42):
Okay, I'm part of this new project, living the
Italian Way, where we are goingto have almost 50 new apartments
in beautiful areas of ItalyMontepulciano, tuscany, the
center of Palermo in Sicily, anda beautiful area of Salento in
(33:04):
Puglia.
These new apartments aredesigned to be environmentally
sustainable, so they will have ahigh top class energy
efficiency, photovoltaic system,roof ventilation, other
(33:26):
features.
But the purpose of this projectLiving the Italian Way is to
help the buyer to be integratedin the local community, to help
the buyer to live the authenticreal life, italian lifestyle,
(33:47):
with the old traditions of Italyconnected with agriculture,
crafts, art and natural.
They were going to have manyactivities like cooking classes,
guided tour of the surroundingareas, food and wine testing.
(34:13):
Also, they can have many, manybenefits, like a property
management, a personalized foodprogram, a nurse assistance and
the best surprise, the best newsfor this project is that the
buyer can buy using the rent tobuy formula, so they can pay
(34:39):
down payment, they can getpossession of the property, they
can add BNB, write them, theycan pay the rent to buy until
they buy the property using thisincome from short rentals.
Finally, we got the financingfor my clients.
Hugh Gilliam (35:03):
That sounds fantastic.
Now, as far as projections whenis it?
Has it already begun?
Piero Lorenzo (35:09):
Yeah, yeah, yeah, we.
There's a new 50 apartmentsthat will be completed within
two years, but some of them arealready completed.
They are already usable.
Hugh Gilliam (35:23):
So do you have a flyer or a wind tour flyer?
You could post that in theepisode.
We could post in the episodedescription, Of course.
Of course that would befantastic.
That sounds like a greatopportunity.
It really does.
What is your forecast?
I know you don't have a crystalball to see the future, but
what about the forecast for theItalian market over the next
(35:46):
three to five years?
How do you see thingsdeveloping?
Piero Lorenzo (35:51):
Let me say the Italian market has been in
difficulty since 2008 in most ofthe regions in Italy, with some
exceptions like, for example,milano Milan, which is also
considered the economic capitalof Italy.
It's also one of the three mostimportant financial centers of
(36:13):
Europe, with Paris and Frankfurt.
So in Milan the market has beenactive.
The prices have risen, but inmost of the regions of Italy the
prices have dropped in the lastyears and to sell a property it
takes a long time.
My forecast for the next fewyears is the stable market, but
(36:42):
for the locations that they havehigh demand for second homes,
the prices can go up.
Hugh Gilliam (36:54):
Once again, thank you so much for being with us
today.
We appreciate you and we hopethat we can have another time
with you in the future.
I'd love to get into thatcommunity that you're talking
about the living Italian way.
I think that would be a greatshow to get into the middle of
it, see what it looks like whenit's developed a little bit
further and see some of theopportunities that people might
(37:16):
have through ownership of one ofthose properties.
Thank you, and we appreciateyou.
Piero Lorenzo (37:22):
Thank you so much for this opportunity to you
gave me today to share someinformation about the Italian
real estate with with you guys,and I'm very happy to help
people that are interested inbuying in Italy.
So, guys, call me and contactme anytime, and thank you so
(37:49):
much.
I would love to have anotherpodcast with you.
Hugh Gilliam (37:55):
We will definitely look into that, and you have a
great rest of your day.
Piero Lorenzo (37:59):
You too Thanks.
Hugh Gilliam (38:01):
Bye.
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