Foreign Buyers Expected to Revive Florida

Investors from Asia and Europe are expected to bolster housing sales in Central Florida in 2011, with many looking to take advantage of the "undervalued" property that is on the market. Florida house prices are bottoming out and international property buyers look like reviving the Florida housing market this year, Stirling Sotheby's International Realty has claimed....

Investors from Asia and Europe are expected to bolster housing sales in Central Florida in 2011, with many looking to take advantage of the "undervalued" property that is on the market.

Florida house prices are bottoming out and international property buyers look like reviving the Florida housing market this year, Stirling Sotheby's International Realty has claimed.

Speaking to Overseas Property Professional, Roger Soderstrom, chief executive of the company, forecast that there would be much more optimism in the sector and many prospective investors are beginning to move to secure a bargain home in a good neighbourhood.

"In reality there is a segment of real estate in Central Florida that is undervalued today," Mr Soderstrom says. "Real Estate remains a neighbourhood business, and some neighbourhoods that have experienced fewer casualties in the housing market are performing much better than neighbourhoods with a large number of foreclosures."

Meanwhile, the latest figures from RealtyTrac show that volume of homes being repossessed in Florida fell during November and December 2010 - down 22 per cent over the period - and two per cent for the USA as whole.  

- Thursday 20 January 2011

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