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Overseas Buyers Hitting Florida Condos Market
The second half of 2009 is going to be favorable for Florida condos market. With cash rich investors penetrating the market, the distressed condo units are getting sold in bulk. The overseas buyers from Britain and other European countries have found the current market situation most favorable and they are coming to the Sunshine state to strike a cool bargain.
The local buyers along with the foreign investors look forward to the Florida condos as the most lucrative investment vehicle. With such a liberal shore line and so many Disney theme parks, Florida is easily one of the best places to buy vacation homes. Naturally beachfront Florida condos and those near the theme parks are most in demand and command high prices. Florida has a sunny climate and draw huge number of tourists throughout the year. As such, the investors can rest assured of a year round rental income. The recession needs a cut down on travel budget for many families. The families that used to fly to exotic vacation destinations are now sticking to the destinations near home and thus Floridian beaches are having more local tourists than ever. This also adds to the income potentials of Florida vacation rentals.
Following the sub-prime crisis, Florida condos market emerged one of the worst hit markets in the American continent. But savvy buyers are keen on making the most of the situation now and they are buying the low priced Florida condos gradually pushing up the sales index. Over the past decade, Miami alone got nearly 7, 000 new condos and a sizeable number of them are owned by Brits and other investors from European countries. Over past 3 years, Palm Beach, Broward and Miami together fetched some $4.5 million in foreign investment. Most of this $4.5 million foreign investment was expended on Miami, Florida condos market.
The sub-prime crisis bought about a major change in the pattern of foreign investment in Florida condos market---European buyers are surpassing their European counterparts. A few years ago, the affluent investors from Latin American countries bought properties across the border, so that they could take shelter in them during the times of unrest. But after the Florida condos prices dropped significantly during recession, a large number of Europeans are buying Florida condos.
When it comes to buying properties across Atlantic, the geographical distance fail to discourage the Europeans from acquiring Florida condos. A favorable exchange rate between dollar and euro, dollar and pound has led many European buyers to jump into the venture. While Britons are at present the major buyers of Florida condos, the real estate experts expect a surge in the buyers from the countries like France, Germany, Italy and Spain in the upcoming years.
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