Canadians Buying Estates in Florida reports Oasis Condos
Make up one-third of all foreign real-estate purchases
The numbers seem to show that the “snow birds” are likely being spurred by the favorable exchange rate and low real-estate prices in the area.
“We’re dealing in a world where prices are starting to come back but there’s still room to go,” says Dr. John Tuccillo, chief economist for the Florida Realtors association. “There are areas here where there are still bargains.”
He says that although the market is improving, it is still years away from a full price recovery.
“We have gone way below the historical trend in prices in Florida. That suggests we will see in the future a return to that historical timeline. There is a lot of scope here for price improvement over the next 5 plus years, but there is still time.”
The survey did note that Canadian buyers account for nearly one-third of all international purchases within Florida. While that number is down slightly from years past, it still accounts for the largest piece of the foreign buyers pie. Nearly half of the purchased homes are condos, as opposed to both single-family and townhouses, and most intend to spend one-third to on-half of the year at the homes.
Nearly 66% of the properties purchased were under $200,000. Over 90% of the transactions were handled in cash, though Tuccillo stated that the number is somewhat misleading, as many buyers take a loan from their country of origin and use the proceeds to purchase the estate with cash.
“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.”
Secondly, he says, “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.”
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