Evidence is rife in real estate news to suggest that the property investment market is heating up in Florida. With the powers of the internet making it possible for foreign investors to find properties for sale in the US, the real estate market has significantly opened up and is appealing to buyers from countries such as Canada, China and the UK.
Florida is currently a foreign hotspot for investors and, in particular, is appealing to a whole different type of real estate investor. AOL Real Estate has reported such an influx of interest from overseas investors that properties are being purchased without the buyer having even visited their intended property.
According to the report, overseas investors – particularly from the Asian market – are so eager to invest in a real estate property deal while prices are low and values are rising that they are making sight unseen purchases.
Wayne Levy from a Toronto based company explained: "Some Chinese investors bought up 35 [townhouse-condo] units without even flying in first," He continued by adding: "They looked at a picture. They wrote cheques. That's what's happening now."
In a race to snap up the property as soon as possible, investors may only have seen a few pictures over the internet before handing over a substantial amount of money. One realtor told AOL Real Estate that he had experienced an investor so eager to purchase a property that he transferred $1 million over the telephone.
Although this certainly highlights the demand for real estate in Florida, it is generally recommended that buyers visit the property through a real estate company prior to committing, especially when such large amounts are involved.