Some experts area sating that USA real estate is going to get even cheaper.
Attention, real estate shoppers: the entire U.S. sunbelt is now officially on sale. Prices in many areas of Florida, Arizona, Nevada and California have dropped 40 per cent from their peaks of a couple of years ago, to the point where the deals seem nearly too good to be true. In Naples, Fla., a three-bedroom, two-bathroom home that sold for $350,000 in 2007 is on the market for only $200,000. A starter home in Sacramento, Calif., that sold for $215,000 in 2004, is on offer for a mere $129,000. And remember: these aren't sale prices. They're asking prices. Article.
This means that in a couple of years your average Albertan can sell there home in Edmonton or Calgary for $500K, then move to sunny California and buy a home for $100K. This is an exaggeration of course, but if the trend continues any longer that 2012 it will be the reality.
Monday, July 21, 2008
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5 comments:
This is true. I am looking into investing in AZ. I came across this great website! Lots of great information! Thought it would be a good one to share!
www.canadiansbuyarizonahomes.com
We are definitely starting to see a lot of Canadian interest here in the Santa Barbara and Montecito CA areas. Most of our out of country buyers are Canadians and Brits in the last few years.
Feel free to visit www.SantaBarbaraRealEstateVoice.com for information on our area.
I think this is a good time for the investors to invest there in the market. I think the down in prices is good news for those who have been waiting for this time to come. It is the suitable time for them to invest their money here.
Our prices have continued to fall in Arizona and Canadian Buyers are snapping them up. Reasonably priced upgraded homes with pools and views in an area that boast over 320 days of sunshine a year. Doesn't get much better than that!
The biggest problem for Canadians has been financing the US properties. There is a mortgage banker in Phoenix who just launched what sounds like a very dynamic loan program for Canadian buyers in Arizona. I don't know anyone who has tried it yet (just read a press release about it last week), but it sounds like it could be a useful vehicle for buyers who can't (or don't want to) pay cash. I don't know if there is a website up for it yet, but his name is Tom Marcopulos, Broadview Mortgage, and his email is tomm@broadviewmortgage.com.
I have a couple of potential buyers that I am hoping to refer into this loan program. I will post an update on how it goes.
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