The Canadian dollar is relatively high and the US real estate market is bottoming out – although impossible to time a market there’s plenty of statistical evidence that the US housing market is hitting a turning point. According to Ricardo Mello, a real estate agent with Prudential Douglas Elliman in New York, “With the Canadian dollar higher…and real estate in New York and Florida, unlike Toronto, continuing to be substantively lower, this is an opportunity for Canadians to diversify into down markets”. Ricardo says that Manhattan experienced declines of 16% in the second quarter compared to a year ago. For a Canadian looking for a holiday home in Manhattan one can purchase a large one bedroom in the Upper West side for just US$549,000…
(Source: The National Post)
If you’ve ever wanted to own a home in New York or Miami, this may be the time to buy it. Ricardo Mello, a real estate agent with Prudential Douglas Elliman in New York, believes the time is right. I don’t know Ricardo but was forwarded an email he sent out – a chain letter of sorts – announcing he was going to be in Toronto the week of September 21 for private appointments to discuss real estate in both these cities.
Read the full article by Kelvin Browne, “Price is right to buy in the U.S., if you can agree where” in the National Post (Sept 4, 2009).