Despite all the gloom and doom surroundingthe present real estate market and national/world economy is there any good that is NEW NEWS!
In the Global Perspectives in Real Estates, 3rd Quarter of 2009 Dr. Lawrence Yun (Chief Economist for NAR) describes the Next Middle Class arrising from the "BRIC Countries" (Brazil, Russia, India, China)!
Dr. Yun notes that population of these countries is 10 TIMES larger that ALL of the United States and economic growth is forecasted to be much faster in the BRIC countries than the Unites States or any of the other industrialized countries!
He argues that a shift in just 1% of the population into the middle class would be equivalent to 30 MILLION NEW FAMILIES, with money to spend!
If just 1% of this new middle class becomes "wealthy" this translates into 300,000-500,000 NEW WEALTHY and important players in the Real Estate Market!
In my own south Florida market this could not be more evident than the substantial number of Russian Buyers that have made south Florida their Sub-Tropical Home! The town of Sunny Isles Beach, is know know as "Little Moscow" due to this new demographical change!
One of my most recent sales was to a Russian national who was able to find a GREAT BUY in West Palm Beach!