According to a recent survey, Canadians have continued to dominate the foreign investment market in Florida. The survey, which was produced on behalf on the Florida Realtors association, has revealed that Canadian buyers account for around one-third of the total international property investment market. Their share stands at 31%.
It is believed that Canadians are being enticed to the Florida real estate market in particular as a result of the bargain house prices still available, rising property values, a favorable exchange rate, the proximity to Canada and, of course, the warmer winter climate that has seen Florida receive its Sunshine State namesake.
Additionally, the survey revealed that two-thirds of the properties were sold for less than $200,000, that 90% of the transactions were paid for in cash, and that half of the properties purchased were condos thought to be intended for use as holiday homes for between three and six months of the year.
Dr John Tuccillo, chief economist for the association, said: "We're dealing in a world where prices are starting to come back, but there's still room to go." He went on to add: "There are areas here where there are still bargains."
Dr Tuccillo also had some advice to offer to those considering investment opportunities in Florida, explaining: "I would come without a lot of illusions. Understand what the market is and where it is, so when you come you can evaluate properties in a proper way. If you come expecting to pay 20 cents on the dollar, you might be disappointed."
He also advised: "Choose the location before you choose the property. Determine where you want to be, what fits your goals and desires. One ought never to buy based simply on price."
