All real estate is local. That is the mantra for most real estate professionals. Indeed, the majority of buyers – whether they purchase a home as a primary residence, a vacation home, or an investment property – take location into account when making that home buying decision. And they rely on a real estate professional who is well-versed in local real estate market conditions. But not all buyers are local.
Canadian buyers are heading for the Sunbelt!
The NAR Report of their buying habits in Florida indicates a third of all of their purchases are in the Sunshine State. The National Association of Realtors estimates there were 7,200 Canadian buyers of Florida homes in the period covered by a recent report, more than double the 3,500 a year earlier. In some Florida resort communities, so many Quebec residents have bought second homes that French is now commonly spoken.
Condominiums were most popular among those foreign buyers from Canada: nearly half of all properties purchased by Canadian buyers were condominium/apartments. Thankfully, maybe they can help absorb the tremendous number of units avalible.
The top four states for completed international residential transactions were Florida, California, Arizona and Texas. New York, Washington and Nevada were also popular. The top four states were also the top destinations in last year's survey, and likely for the same reasons. Florida, California and Texas are major gateways into the U.S. In addition, the climate in most areas of the top four states is relatively mild, certainly compared with that of Canada and most European countries.
The value of the dollar as compared to foreign – especially European and Canadian –
currencies has dropped over the last several years. The effect (when combined with lower U.S. home prices) means that the true cost for a U.S. property is actually less in foreign monetary terms than in previous years. So Folks...I'd say it's time to learn the words to "Oh Canada!"
Name: Paige Rausch
Email: Contact Paige Rausch
Office Phone:(239) 443-2500
Cell Phone:(239) 691-4321
Fax: (239) 425-8653
Gulf Gateway Realty Inc.
1326 S.E. 47th St. Cape Coral, FL 33904
Tel: 239.425.2500 Fax: 239.425.8653
;)
;)
I've seen this. It's so weird that we're now the cheap buy. Such is life.