Foreign Buyers Drive Florida's Housing Recovery

[caption id="" align="alignleft" width="800"] Businessweek[/caption]

Florida is seeing an increase in foreign investors, especially from Canada and South America. It has put out some would-be home buyers as they are relying on mortgages to make a bid on a home and the investors come in with cash and sometimes will pay above-market prices for it. Since 2009 buyers from overseas have spent $50 billion + on more than 250,000 properties in Florida. One stockbroker from Bogota claims that it has to do with "cheap prices, a cheap dollar, and low interest rates." This makes it a great deal for them to either use the property as a vacation home or rent it out for a profit.

Other states are seeing an increase in foreign investors as well, but Florida has received one of the largest economical impacts from it with one of the highest foreclosure rates in the nation. Construction is expected to pick up in the area due to the higher demand from these investors. Home values in Miami have jumped 10.2% just in this past year. It helps their tax base, as the state brings in high numbers in property tax, but it may leave people that live in Florida full time without the option of buying a home for themselves.



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POSTED November 13 2013 3:01 PM
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