| It is known that Miami has been a hotspot for | | | | stronger by 40 per cent over the last four to five |
| foreigners for tourist destination but I wasn't aware | | | | years, while Florida prices have fallen by 10 to 20 per |
| that it can also be a hotspot for foreign investors since | | | | cent. This means Canadians are able to purchase a |
| I met some people who are really cashing in the area. | | | | home in Florida at half the price of four to five years |
| A couple traded mountain views for palm trees and | | | | ago. Talk about big discounts. |
| they are not alone. In 2007, as the values of their | | | | When I try to research about it, I read that in 2007 |
| Vancouver property and the Canadian dollar soared, | | | | study by NAR found Canadians are more likely to |
| the couple started looking for real estate in the sunny | | | | purchase homes worth over $1 million than other |
| south, where prices were plummeting. This year, they | | | | international buyers, which is a critical lifeline for realtors. |
| made the leap, buying a home in Weston, a gated | | | | One realtor had two of his most recent sales have |
| community about 15 minutes from Fort Lauderdale. | | | | been to Canadian buyers looking for ocean view |
| The couple bought a six-bedroom home that met all | | | | properties. One condo, in pricey Bal Harbour, sold for |
| their criteria for $780,000, says their realtor. A year | | | | $2.6 million, and the other, in Hollywood, went for $1.4 |
| ago they were looking at similar homes in the $1-million | | | | million. The realtor says the best deals can be found |
| to $1.2-million range. Now you see the big difference on | | | | on condos that closed in mid-2005 because so many |
| the price? It is obvious that the declining prices are | | | | speculators have walked away. There are some killer |
| attracting people from the North border. | | | | deals on beachfront properties but not necessarily with |
| Well, it is known that Florida's once-hot real estate | | | | unobstructed views. Properties not on the oceanfront, |
| market is now frozen, and Canadians are knocking on | | | | like the Miami River area where there has been |
| realtors' doors, hunting for luxury homes and condos. In | | | | massive construction, are also great deals. So I've |
| the first quarter of 2008, a broker with the Condo | | | | been told. |
| Hotel Company in south Florida did more sales volume | | | | Overall the Miami real estate market has been getting |
| than all of last year. What's the reason? Canadian | | | | raves from the Canadians, they are having a great |
| Clients. The highest concentration of Canadians is | | | | time shopping for luxury homes and no one can blame |
| between Hollywood Beach and Bal Harbour. Brokers | | | | them. They get the best homes on the best vacation |
| are selling suites in brand new condos for $368 a | | | | spot, for very much less. Impressive shopping in my |
| square foot. A couple of years ago they sold for $600 | | | | opinion, don't you think? |
| to $700 a square foot. Well, the Canadian dollar is | | | | |
