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 u