Florida Real Estate Attracts Foreign Buyers
Florida may have been hard hit with the real estate downturn, but the Florida real estate market has been attracting many out of country buyers. Over 25% of all foreign buyers that bought property in the US between May 2007 through May 2008 – bought it in Florida. The next closest rival was a VERY distant 2nd at 8.9% – which was California. And a great many of these foreign purchasers are doing it with cash: approximately 43% made their purchases without acquiring a mortgage.
This is at least a shed of positive light in a possible turn around. And this should help the Florida horse farms and equestrian communities as well. It brings in a floor to what some persons were concerned may not be an end in site on tumbling real estate values. And with the new persons coming into the market, it should help stimulate the local economy as well. They’ll need to stock their new Florida homes with food, cleaning supplies, etc – and they aren’t going to be packing the items from their home country. So this should help some of the local businesses and restaurants feeling the pinch as well.
We’re still a bit away from the boom Florida real estate markets that some persons are desiring to return, but these purchases being made by foreign buyers may help stimulate American buyers that have been sitting on the sidelines, to jump in and get back into the markets. Time will tell, but this appears to be a positive for Florida real estate!