Thursday, October 28, 2010

Foreign Investors Not Scared of Housing Market At All

The word is out…real estate in Tampa Bay and around Florida is a hot commodity for foreign investors! Not only is the weather hot in Tampa, Florida, so is the real estate market. International investors from Argentina, Canada, Colombia, France, Israel, Italy, Norway and Venezuala are swarming to Florida for what they see as irresistible real estate deals.

According to’s recent article, Foreign Investors Not Scared of Housing Market, “For the international investor class, the United States’ bloated inventory of homes, high unemployment and weak currency make for an unusually attractive buyer’s market.”

Peter Zalewski, founder of Condo Vultures, a consulting and brokerage firm stated, “I have never seen such a high concentration of foreign nationals acquiring real estate. Eighty percent of the sales in downtown Miami are foreign-based. This is unprecedented.” And Miami is not the only “hot spot” for international real estate investors. Surges have been seen in Tampa, Washington, New York, Las Vegas, Los Angeles and San Francisco.

A recent National Association of Realtors report points to this trend as well. 28 percent of brokers reported they had worked with at least one international client, up from 23 percent a year ago. Among these, 18 percent had completed at least one sale, compared with 12 percent in the 2009 report.

These international investors are choosing to invest in real estate rather than in the stock market. The math is easy and seductive for foreign investors who pay with cash as there deals start making money for them right away. Interestingly, due to the fire sale prices in the United States, real estate is now within the reach of the global upper-middle class, and no longer just for the wealthiest of investors.

The reduction in inventory is a very positive outcome for our real estate market as it will ultimately aid in the overall stabilization of the economy. “It’s a positive in a sea of negatives,” says Jonathan Miller, chief executive of Miller Samuel, a real estate consulting firm in New York.

To learn more about how international real estate investing or to become one of those taking advantage of a fantastic buyer’s market, please call SI Real Estate today. SI Real Estate is “Global Real Estate in Every Way!”

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