Friday, June 11, 2010

Foreign Buyers are Flocking to Florida Condos Again

The Florida real estate market is enjoying a real boom in condo sales and many of the buyers are coming from abroad. International investors are showing their confidence in our real estate market and are snapping up condos, sometimes in bulk. A recent article in the Miami Herald titled, Foreign buyers are flocking to Florida condos again discusses this trend saying, “Lured by rock-bottom prices, international buyers are now flocking to buy Florida properties. It’s especially true in countries where the currency is strong against the dollar.”

Recent increases in real estate sales over the past several months have been in large part due to the federal government tax incentive programs for first-time home buyers and move-up/repeat home buyers; however, as these programs wind down, sales are remaining strong and the international real estate investor is a big factor. Peter Zalewski, a Condo Vultures principal stated, “The stampede from overseas is kind of like a foreign subsidy helping us resolve our real estate problems. This time the assistance isn’t coming from Washington. It’s coming from Caracas, London, Milan, Bogotá.”

SI Real Estate is acutely aware of this segment of the market as many transactions conducted here in Tampa are by international real estate investors who have the cash to buy condominiums and other properties as investments. We are seeing first-hand an increase in purchases by international investors, especially in the downtown Tampa, Westshore district and Hyde Park areas. The urban appeal to business and medical professionals and students of the University of Tampa make these areas highly desirable. Demand is so great that we could sell or rent whatever listings we obtain. It just makes good sense to investors when prices are so attractive and the potential for profit is so evident. It is not only good for the investor, but also good for our local real estate market as inventory is being gobbled up, which ultimately will lead to price stabilization and an overall market correction.

For more information about real estate investments, please e-mail us at YourHome@SIRealEstateInvestments.com or give us a call at (813) 631-5144. We are SI Real Estate, “Global Real Estate in Every Way!”

2 comments:

angelo h said...

Thanks for all your hard work on this site, I really enjoy reading it.

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SI Real Estate Investments said...

Thank you, Angelo! Although this post is from some time ago, it remains true today. The international investor community remains interested in Tampa's real estate market. Let us know if we can answer any questions you may have. SI Real Estate!