Dec 5, 2010
Courtesy of its housing crisis, the US has been liquidating real estate at bargain basement prices for years now.
Some Canadians aren’t letting these deals pass unperturbed and are scooping up cheap American property – Canadians are the greatest group of foreigners buying US Property. Many are purchasing homes in Florida, a state in which 54,000 foreclosed homes are currently for sale.
“The deals right now are phenomenal,” says Brian Ellis, vice-president of Florida Home Finders of Canada. “There is lots of stuff under $100,000 that used to be selling in the high $200,000 range.”
As of August, approximately 112,283 Florida Realtor members closed on roughly 90,000 deals with international clients in 2010, according to a survey by the National Association of Realtors and Florida Realtors. Over the past 12 months, foreign buyers accounted for approximately 22 percent of Florida’s existing home sales.
Canadians dominate among international buyers in Florida. Canadians made up approximately 36 percent of Florida home sales to foreigners, making them the largest group of out-of-country buyers. Western Europeans came in second at 29 percent, according to a report by the American National Association of Realtors and Florida Realtors survey.