written by Suzanne Gantner, GRI Sky Realty Austin Texas
There is a fairly old trend gaining recognition again. With the Euro dollars jumping a mere 34% against the American dollar, Europeans are buying properties in the US. at record rates. According to the Austin American Statesman in a recent article, euro dollars have risen 47% since 2002.
With the US housing crunch, we've become more appealing and affordable to foreigners. When you compare what you would have to pay over seas as opposed to what you can buy here it is a bargain to buy here. Let's say in Austin, you can buy a 5,000 sq. ft home on the lake for $700,000 or more, if you were to buy it elsewhere, it would be in the millions. Investors are saying that they can afford twice as much home in Texas for the same monies with more amenities.
I also find it interesting that people from Mexico make up 13% of foreign buyers, Britain 12%, Canada 11%, China 6% and India 5%.
Alot of the homes being bought by these investors are used primarly for vacation and resort homes. Popular also in all states are hotel condos. Either way, Austin Texas has over 10,000 properties on the market, call me.... Cheerio!
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