International Buyers Fuel Home Sales In Florida Market

Florida has led the nation for years in purchases of homes by foreign buyers - one in four of the national total. According to a July survey by the National Association of Realtors of its members, foreign buyers accounted for 32% of home sales in Florida in the prior 12 months, up from 29% in 2008. A weak dollar coupled with discounted real estate prices make Florida even more of a bargain for international buyers.

While many of us in the industry have seen our share of International buyers over the years, the fact that the demand for Florida real estate has not waned over the last couple years only proves that, over the long term, Florida real estate is still a good investment. If you look at average prices in some of our largest "feeder" areas, like Canada and the UK, you can see why Florida real estate is considered such a bargain. The September 2009 Coldwell Banker Home Price Comparison Index shows that International home prices are MUCH higher than Florida prices. I've included some examples In U.S. Dollars:

Vancouver, BC average home price - $1,174,241

Toronto, Ontario average home price -$766,643

Dublin, Ireland average home price - $1,127,843

London, England average home price - $485,625

All of UK average home price - $257,105

When you consider that the average home price in Florida is around $138,000, our real estate is cheap by comparison.

Steve Eckhardt, Broker, Luxury Real Estate Professional

Contact me at (813) 765-1182

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