Pay attention, foreign buyers!
Yesterday's Sun Sentinel had an article on how the drop in housing prices in south Florida is, rather understandably, proving an attraction to foreign buyers. Lured by tales that condos are now going for "25 to 60 percent less" than they were during the boom property years, many foreign buyers are heading over to the Sunshine State hoping for bargains. The article mentions in particular interest from English, German, Italian, South American and Indian buyers.
I certainly think that there's bargains to be had. If you're after making a quick buck, as it were, purchasing in Florida clearly isn't for you at the moment. However, if you're after a lovely vacation home and are prepared to accept that prices will most likely continue falling a bit further in the near future, now may well be the time to strike.
There's also plenty of supply. If you head out to Florida on a property tour, you will probably get shown twice or three times as many different properties as you may have done a few years back. Some vendors are desperate to sell; I've heard of property notices even being posted up on electricity posts in a clear "must sell" situation. All of this means buyers are in a much stronger position to negotiate better prices for themselves.
Ultimately, your own situation and financial position will dictate whether or not you can afford a holiday home in Florida. But if it's something you've been considering for a while, you might like to take the plunge sooner rather than later!
Article: Condo crunch in S. Florida good news for bargain hunters (Sun Sentinel, 18th May 2008)
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2 comments:
My neighbor is selling his condo 40% cheaper in Ft. Lauderdale.
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