Over the years, we as Canadians have seen property in the sunshine state within U.S. real estate rise to stellar levels.
A beautiful beach front home that was once unobtainable for average folk, is now available, as long as you have a passion for sunshine and leisure! The pendulum has clearly shifted and it’s in our favor!
We are used to seeing half-price sales, but this is much more drastic than normal in U.S. real estate. You can buy an amazing beachfront Daytona Beach property, for not much more, if less, than a “very nice” home in Thornhill, Ont., would cost.
Scouring the U.S. real estate market snapping up distressed properties is fun!
It’s like a crazy hunt for the best prize in the end- MONEY! Finding bargains is an adrenaline rush like no other, and NOW it is accessible and easier than ever to obtain. In the world of distressed real estate Florida has been ground zero – where every day has been a Black Friday sale to well capitalized investors.
Major Canuck investors, aka Snowbirds, have been looking south to take serious advantage of low prices in the U.S. real estate zones and a rising Loonie, which has hit par multiple times. Analysts expect the Canadian dollar to stick just above parity for quite some time!
Canadians are the largest purchasers of foreign property in the U.S., representing 23 per cent of all sales. And it’s not the people you think it is!
It has been said that this housing meltdown in the United States will take three to five years to clean up the excess supply of distressed homes. For us Snowbirds, this is awesome! Only 20 per cent of the 1.2 million homes in the foreclosure process are on the U.S. real estate market so far, and the deflation might exceed 10 percent before the bottom is reached, and this means even lower prices are to come!!!
Recent figures show us that almost one in four homes in the U.S. real estate are in trouble.
The value of the mortgage is worth more than the market value of their homes. Meanwhile, the percentage of Americans struggling below the poverty line is the highest it has been in 15 years, and for us to cash in on these properties.
According to a recent report, there are 85 U.S. urban markets where four-bedroom detached homes go for well under $200,000. In depressed areas such as Detroit, the same four-bedroom home would go for $68,000. The difference is night and day between Canada and the U.S., which has led to some incredible opportunities.
We have a situation in the palm of our hands where there has been a major decline in real estate because of the economy in the state it is, and the Canadian dollar is at par. These two major factors combine to make the U.S. a real opportunity.
Patience is a virtue, and you must be patient to succeed in Real Estate. But wait too long and this amazing opportunity will pass you up!!