The state of Florida has seen huge swings in the real estate market over the past decade. We felt the boom when mortgages were handed out with no prequalifications, driving home prices to unnatural highs. Then we witnessed the market correction and recession as many home owners were forced to leave their homes behind in short sales and foreclosures. Finally, we are experiencing market recovery, prices rising and multiple offer scenarios (great for sellers).
We are seeing developers back to developing and trying to grab a hold of the last pieces of developable real estate available.
Some statistics: overseas homebuyers accounted for 7.3 percent of residential salesin 2007 and in 2012 the number jumped to 19%. The leading foreign buyers are Canadians and South Americans taking advantage of the South Florida market. Florida has 23% of the market share across the country.
Kevin O'Leary of Sharktank and Dragon's Den, explained, "Rising prices or no rising prices...the U.S. is still the land of opportunity for Canadian property investors, but only for those prepared to think outside the box." Canadian Real estate magazine.
By the way, cash is still king. The foreign real estate buyer favors purchasing their property with cash over credit.
Michelle Farber Ross