Why Canadians and Europeans are getting the best deals on buying property in Florida
March 19th 2008 04:32 pm
I moved to Florida from Toronto, Canada because of the cold, snow and, back then HIGH prices of real estate.
Boy, how things have changed.
Back then the exchange rate was $1.60 Canadian to $1.00 U.S..
Today it is almost $1 -$1.
What does this have to do with the reason Canadians and Europeans are getting the best deals on Florida property? Well, if
1. the exchange rate isn’t enough (the Euro is $1.56 exchange to the dollar),
2. the equity in their homes just became worth more instantly due to the exchange,
3. prices in Florida have dropped tremendously, and
4. interest rates for Foreign Nationals has also decreased.
5. foreclosures are selling at as little as 60 cents on the dollar in some areas and less. You should learn how to buy foreclosures No Money Down/No Credit
6. Canadians can buy with as little as 10% down which is the equivalent of about 5% down several years ago.
All this confluence has created a buying opportunity like no other ever seen for foreign nationals and they are definitely buying up a storm.
As a realtor I have had several Canadians buying property based on appraisals and pictures without ever coming down to see the property prior to closing.
They know they can’t lose when they deal with a reputable person and all the aforementioned factors.
You can use savings or the dead equity in your current residence to purchase cash or for down payment and in this market the seller can be convinced to pay your closing costs or get other great incentives.
So if you have ever thought of buying in Florida, now is your best chance
Canadian Eh?
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As Canadian looking at florida property. I am finding many negitives. Please clarify if my information is incorrect.
1. Property taxes for non residents are extremely high and can be raised by double digit percentages anually.
2. Insurance has become extremely expensive
3. Local residents are leaving the state in record numbers because of the high cost of living (taxes, insurance, Utility) thus lowering the overall tax base and making it an even longer recovery to the real estate market for the state.
Chris G on 16 Apr 2008 at 1:54 pm #
Chris G:
1. High for all, but there are signs of some relief.
2. Yes!!!
3. Yes, but there are still lots of newcomers.
I don’t think anyone denies there are disadvantages to life in Florida (remember hurricane season 2004?) but there also some great benefits. All depends what you want out of life, I guess.
Colin
Colin Stafford (2 comments.) on 18 Jun 2008 at 4:03 pm #