Shift in Global Investors in Florida

The Florida market, one of the hardest hit by the recession, is reporting an increase in sales for existing properties for the 8th consecutive month. The Florida Association of REALTORS® (FAR) reported that existing home sales increased by 18% compared to a year ago, and existing condo sales rose by 21%. While promising, the value of new properties has fallen as much as two-thirds from the 2007 price peak, making a quick recovery of the previously hot development market unlikely. Low prices and the large number of bank-owned distressed properties are attracting investors, including overseas buyers. While Florida has long attracted international buyers, FAR reports a shift of the source of those buyers with Canadians overtaking the British as the largest source of buyers. REALTORS® working with foreign buyers seeking retirement properties in Florida will be interested in an April '09 report from Florida Tax Watch. The report advocates for the introduction of a national retirement visa, but also outlines current visa options