If you live in Germany, Russia, Canada or one ot the other countries where many investors are now taking advantage of our weak dollar and investing in a bargain priced US home in a warm climate, you are on the right track.
But if you are thinking of investing in any town on the east coast of Florida south of Ft. Lauderdale, or even south of Vero Beach, be very careful!
Many of our Palm Coast home buyers are coming in droves from Miami and southeast Florida. The reason? Well, they say it doesn't seem like you are even in America in most parts of Miami and many parts of the southeast Florida coast. Spanish has become the first language and the predomimate culture. Traffic is very congested. Gangs and crime are flourishing.
The world is behind the curve on the Balkanization of southeast Florida.
Note this article from the UK:
OVERSEAS PROPERTY PROFESSIONAL NEWS ARTICLE
"MIAMI PRICE DROP TRIGGERS FOREIGN ‘BUYING FRENZY’
US, Florida, Miami, Condo Vultures, discounts,
Miami developers saw a surge in condo sales in the second half of 2009 after lenders slashed property prices by 30%.
Buyers purchased 1655 new condos in Greater Downtown Miami in the latter part of the year, up by 133% from 711 sales in the first six months, according to tesearch from Florida-based consultancy Condo Vultures.
“Buyers, primarily with cash, purchased an average of 6.5 new condo units per day from developers in 2009,” said Peter Zalewski, principal at Condo Vultures. “The buying activity really picked up velocity in the second half of the year once retail condo prices were slashed by lenders from $300 per square foot down to $200 per square foot, which is in many cases below the replacement cost of the finished product.
“The new prices triggered a buying frenzy by foreign nationals with strong currencies and private equity groups that finally began to purchase, completing a dozen condo bulk deals in the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor in 2009.”
Zalewski said it is unclear how much of an effect the lack of condo financing in Greater Downtown Miami had on the final transaction totals for 2009.
More new condo sales were made in the third quarter (977) than the whole of the first half of 2009, but transactions saw of a decrease of 27% to 700 in the fourth quarter"
OVERSEASE PROPERTY PROFESSIONAL ARTICLE: http://www.opp.org.uk/news_article.asp?id=3597
Good PR for Condo Vultures, but very bad advice for non-spanish speaking foreign investors. My advice is to find a friend or relative from your native country in Florida and couple that with a local real estate agent who knows about each sub-neighborhood in the town and what they offer in the way of a lifestyle and investment opportunity.
I start a dialog with my prospective buyers about what they want and need. I then do a comparative analysis of different candidate places in Florida that meet their needs. If they are planning to visit the US, I send them on an area tour to meet with competent local agents and check the towns out.
The foreclosure bargains and depressed real estate market is universal in Florida. You can find a great deal almost anywhere if you do the right research. A reflexive reaction to buy in Miami could bite you.
Location, Location, Location. Talk To Ted ! tedleshersr@gmail.com. Licensed Florida Real Estate Broker.
