Our South Florida readers have probably seen previous posts here referencing the widespread interest in Broward County real estate among international buyers. Our area is ideal for almost any kind of lifestyle, and international interest comes from the chance to snatch up desirable Florida property at what have been depressed prices in recent years.
Residents in Broward, Miami-Dade and Palm Beach counties may already be aware of this, but it appears that Canadians represent the third highest number of home and condominium owners in the area, behind only Floridians and New Yorkers. Reports indicate that Canadians own approximately 3 percent of the property in Broward County, and those properties are mostly owned as vacation homes
Most prospective buyers from Canada are seeking ocean view residences, mainly in the Hallandale and Hollywood areas. Some of the higher-ups in local real estate firms have noted that Canadians seem to feel more at home among the Northeasterners in the area.
We’ve discussed previously that international buyers are taking advantage of some of the lowest property values in recent history in South Florida. The Broward County real estate market, in particular, is improving much more quickly than most of the other large markets in the country. Some recent reports have seen double-digit increases in sales percentages in certain months, and potential sellers should do what they can to ensure the best terms of sale in their contracts.
No matter what country buyers come from, most Broward County real estate sellers are sure to welcome the swift recovery our local real estate market.
Source: Sun Sentinel, “Broward a hotspot for Canadian homeowners,” Paul Owers and John Maines, May 27, 2012