Jeff Ostrowski
Alexandra Clough
Home > Real Time > Archives > 2007 > November > 13 > Entry
Florida welcomes the world
LAS VEGAS - Prepare for a foreign invasion.
With the dollar’s value dropping, more and more foreign citizens are buying property in the United States. And where are they looking? “Florida is the top destination for international buyers,” NAR economist Lawrence Yun.
Along the U.S.-Mexico border, most foreigner buyers are Mexicans. But in the rest of the country, foreign buyers are from the United Kingdom, Canada, India and China, he said.
Permalink | Comments (5) | Categories: 2007 NAR convention
Comments
By Get in the Game
November 13, 2007 5:54 PM | Link to this
Uh-huh…
And the russian oil tycoons, as well.
NYC, sure. Miami, don’t think so.
By Lord Sahib III
November 13, 2007 5:58 PM | Link to this
I think this true, yes, but I think will take time before any of this matters. maybe too years or more.
By bernie
November 13, 2007 7:03 PM | Link to this
once these foreigners do the math on taxes, and insurance, and principal and interest, they will see that renting is a much better alternative,
By bernie II
November 13, 2007 7:17 PM | Link to this
bernie certainly adds alot to the discussion….not.
By David Podgursky
November 19, 2007 10:06 AM | Link to this
Right now, this market is a bargain hunter’s paradise for Foreign Nationals in Florida.
The dollar is at an all time low. When buying a property and then holding it for its eventual appreciation, the dollar will appreciate as well giving these foreigners double gains. This is why the foreign/multi-currency loans are silly - why wouldn’t you buy the dollar AND real estate when they’re so weak.
On the flip side, WAITING is the enemy of anyone looking for that deal. Even if there is more decline in all markets in Florida which is unlikely, waiting just puts the foreign investors in a bind where they stand to lose such a favorable exchange rate! The only option is to hedge the dollar now and hold it for investment later which means they could lose a deal on a great investment property.
Look for more foreign investors to buy up commercial properties as many small real estate investors are hurting on the homefront and panic-y with their income properties.
btw.. this is a great reason to vote FOR property tax reform!
Bernie - renting has no upside… might as well just buy elsewhere.
The negativity of South Florida is pervasive but there are communities and cities that are not suffering as badly. There are central Florida areas that are still far more stable. Also, country-club communities which have financially stable homeowners have not seen the drop that middle income bracket communities are suffering.
www.themortgagegotoguy.com is where you’ll find great industry news