Airlander sells real estate in Florida from Spain

Colin Murphy, originally from Armagh, has spent much of the last 20 years in Spain closing deals in the US real estate market. He says working remotely and having the freedom to run his own business has given him the best of both worlds. While living and raising a family in Madrid, Colin runs his real estate business CGM Land Inc in Florida, a market he and his two partners originally entered in 2008 when they saw a golden opportunity after the financial crisis when real estate prices collapsed.

"I like the Spanish standard of living. I like the culture, I like the food, the health care is much better. You are not dealing with a gun control issue. But at the same time, earning a good salary in Spain is difficult," he says.

"Today, it's very easy to run an American business from a remote location, so I try to have a Spanish lifestyle, combining it with the dynamics of the American corporate world.

"But it's not just about how I can make more money. Freedom in terms of money, place and time is equally important to me. 'I like to have a small and flexible business that can change to suit my lifestyle, so the rhythm of the business is determined by the lifestyle I want, not the other way around,' he adds.

Born in Keady and having spent most of his time in Limerick, Murphy says he has always had a desire to make it in the people "outside the little Irish bubble". He studied business at UL and earned a master's degree in marketing at UCD, where he met his Spanish wife, Cristina. He says he was always more attracted to the idea of starting his own business rather than moving up the corporate ladder. After several years in London right out of college, where he sold advertising space in The Irish Times and real estate magazines, Murphy found himself at the helm of the Irish office of Someplace Else, a British company that sold resort homes in Eastern Europe and Central America during the peak of the real estate boom between 2004 and 2007.

"It was before the crisis when everyone, especially the Irish, were very enthusiastic about real estate. We had a nice office on Dawson Street, and we had a few good years before the recession swept everything away," he says. "But in 2008, that whole business model of selling real estate in emerging markets disappeared. We had to close the office, we had to lay everyone off.

After business in Ireland ground to a halt, Murphy and his two partners saw an opportunity in Florida, where real estate prices had been falling for several years.

"We thought if we could get access to discount properties there, we might have a chance to keep selling and earning a commission. There were these beautiful apartments in Orlando that were selling for $70,000 or $80,000 (€63,700-72,800) when two years ago they were going for $230,000 (€209,250)," he says.

Trio raised a few thousand euros to fly to Orlando and network with local real estate agents to find properties and in 2009 opened his Torcana real estate business in Florida.

"People didn't feel safe leaving their money with AIB at the time. Some felt safer investing $90,000 in an Orlando condo and renting it out for $1,100 a month than leaving it in the bank. We were lucky enough to stumble upon it and it helped us get started and build up some cash reserves," he says.

Colin spent 12 years with his Torcana partners buying, renovating and selling real estate in Florida, mostly working remotely from Madrid, before starting his own business with CGM Land Inc.

"Eventually, I needed to make a change. I was a bit overwhelmed when the pandemic started, so I had a friendly parting of the ways with business associates I was working with. That's when I switched to buying and selling vacant land in Florida, which has been fantastic. I've been doing this for two years now," he says.

Colin says perseverance and a willingness to take risks have been important factors in his success in the Florida market.

"Perseverance is more important than being smart or lucky. Just keeping moving when others give up is a habit that anyone can develop," he says.

"And a healthy attitude toward risk is essential. If you are not willing to take risks in your life, you will end up working for someone who was willing. Some people want to avoid risk at all times, but if you want an interesting life you have to have a healthy attitude to risk. "

Colin is currently a volunteer with the Spanish-Irish Business Network, promoting business and cultural links between the two countries. He says that also one of the keys to success in penetrating an industry outside the home country is networking.

"If you want to change your life, don't be afraid to take the leap and move, but do it through networking. Find groups of people who are where you want to be and just join their circles. You'd be surprised how open and helpful people are who can introduce you or give advice on how to avoid mistakes before you make them," he says.