Miami Real Estate Getting Boost From Canadian Clients

It is known that Miami has been a hotspot for foreigners for tourist destination but I wasn’t aware that it can also be a hotspot for foreign investors since I met some people who are really cashing in the area. A couple traded mountain views for palm trees and they are not alone. In 2007, as the values of their Vancouver property and the Canadian dollar soared, the couple started looking for real estate in the sunny south, where prices were plummeting. This year, they made the leap, buying a home in Weston, a gated community about 15 minutes from Fort Lauderdale. The couple bought a six-bedroom home that met all their criteria for $780,000, says their realtor. A year ago they were looking at similar homes in the $1-million to $1.2-million range. Now you see the big difference on the price? It is obvious that the declining prices are attracting people from the North border.

Well, it is known that Florida’s once-hot real estate market is now frozen, and Canadians are knocking on realtors’ doors, hunting for luxury homes and condos. In the first quarter of 2008, a broker with the Condo Hotel Company in south Florida did more sales volume than all of last year. What’s the reason? please visit:- Canadian Clients. The highest concentration of Canadians is between Hollywood Beach and Bal Harbour. Brokers are selling suites in brand new condos for $368 a square foot. A couple of years ago they sold for $600 to $700 a square foot. Well, the Canadian dollar is stronger by 40 per cent over the last four to five years, while Florida prices have fallen by 10 to 20 per cent. This means Canadians are able to purchase a home in Florida at half the price of four to five years ago. Talk about big discounts.

When I try to research about it, I read that in 2007 study by NAR found Canadians are more likely to purchase homes worth over $1 million than other international buyers, which is a critical lifeline for realtors. One realtor had two of his most recent sales have been to Canadian buyers looking for ocean view properties. One condo, in pricey Bal Harbour, sold for $2.6 million, and the other, in Hollywood, went for $1.4 million. The realtor says the best deals can be found on condos that closed in mid-2005 because so many speculators have walked away. There are some killer deals on beachfront properties but not necessarily with unobstructed views. Properties not on the oceanfront, like the Miami River area where there has been massive construction, are also great deals. So I’ve been told.

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