This is the perfect time for Canadians to buy U.S. Real Estate in the Sunshine State.
The high dollar, low interest rates and the bargain prices in Florida cause this to be the best time for Canadians to buy U.S. Real Estate. Canadians have been attracted to Florida for decades, mostly for the sunny skies, clean air and a warm climate, but also for the abundance of recreational and leisure activities: World-class white sand beaches, National preserves, lush state parks, 1,000-plus golf courses, professional sports teams, recreational sports, a vibrant arts and music scene, and family fun attractions such as Walt Disney World Resort and Epcot.
A great city to invest in at the moment is Ocala, Florida. It is perfectly situated between three big cities (Tampa, Orlando and Jacksonville), you have accessibility to major highways, international airports, shipping ports and all the resulting commerce. There is also easy access to the abounding recreational and leisure activities, such as the sandy coastal beaches of Daytona and Ormond and river kayaking and fishing at Crystal River and the Gulf of Mexico.
Canadians are by far the largest foreign buyers of U.S. Real Estate property in Florida, accounting for about one-third of purchases.
Last year, almost 10% of sales in Florida were made to Canadians. In Ocala, as in most of Florida, property values have fallen significantly since 2008. Homes are dirt cheap at the moment, and as the U.S. Real Estate market recovers in the years to come, the profit potential is that much greater. There is also great availability and marketability of foreclosures and distressed properties that have almost hit rock bottom. Most will to agree that U.S. Real Estate prices are almost as cheap as they are going to get. People who are on the sidelines are witnessing the surplus inventory being snatched up by cash buyers right before their eyes, meaning that homes are now marketable. This is a clear sign of inevitable price appreciation soon to come. As available homes are bought up and taken off the market, prices start their climb to normal levels again.
Where else should Canadians be looking in Florida for U.S. Real Estate?
Naples, Sarasota, Fort Myers are areas that deserve attention. These areas tend to attract people looking for a slower pace, more laid-back lifestyle. Fort Myers and similar areas are quiet and family oriented, with family fun parks, fishing, boating and natural parks. It’s great for people who want to escape the big city life for a small town feel. Naples is known for country clubs and luxury waterfront homes. With its nice hotels, galleries and fine restaurants, it attracts an older, wealthier crowd heading for retirement.
Areas like Tampa, Sarasota and Naples have strong business development (i.e. jobs) and they have not been over-built. Thousands of people a day move to Florida and are looking for a place to live. According to experts, the rental market in Florida will stay strong for at least 10 more years.
Another hot spot is Fort Lauderdale, which attracts buyers since you can get more for your money there. It’s a very convenient vacation destination – there are many flights a day to Florida. Beachfront properties in Fort Lauderdale are often walking distance to restaurants, stores and services, which attracts buyers. U.S. Real Estate prices in Fort Lauderdale have fallen an average of 33% since 2005.
Canadians are empowered right now. This is the best time in history for Canadians to buy U.S. Real Estate in Florida.