Tuesday, May 6, 2008

Miami Real Estate Market depending on Foreigners to Make Progress

The National Association of Realtors estimates Because of the sinking value of the U.S. dollar relative to other currencies, a home bought by a foreigner comes with a discount averaging 30%.. Between April 2006 and April 2007, about 30% of foreign buyers came from Europe, according to an NAR survey. Activity is especially busy in affluent cities such as New York and in warm-weather vacation destinations such as Miami and San Diego. Many of these investors, Realtors say, are buying homes as vacation retreats. Nearly one-third of Realtors reported in that survey is having had business with foreign buyers.

Monique Burger of Belgium, who's buying a Miami Beach vacation condo for $270,000, "With these prices, you can't say no." she added "With the low dollar against the euro, it helps. And the low housing prices made us want to buy." Miami is always the best place to have a home with, especially on vacations. It is quite important to know the basics of the market and Miami as most foreigners know, have the best location out there. People are thinking that places such as Miami are having the setback because the real estate has become awfully depleted in the past few months. 2 Years ago the market is in the boom stage but now that they are trying very hard to maintain.

Jron Magcale