As ‘Foreclosure’ and ‘For Sale’ signs popped up like weeds, many Canadians – retired snowbirds and keen investors alike – started taking interest. Florida prices plunged more than 40 per cent peak-to-trough on the FHFA Index and top destinations such as Orlando experienced a 56 per cent drop in prices from an average $258,000 (U.S.) at the peak, down to $113,400 in 2011. Rock bottom prices and a high exchange rate made purchasing U.S. property an attractive proposition for northern neighbours. According to the National Association of Realtors, nearly a quarter of home sales in the 12 months ending in March 2012 were by Canadians.
Times, however, are changing. A 2012 report from BMO indicates that while the housing market in Florida is relatively stressed, the worst is over. “Florida was one of the epicentres of the housing bubble-bust cycle, but there are mounting signs that a recovery is under way,” it said.
Economists indicate that the Florida economy is recovering at a modest pace with real GDP expected to grow 1.9 per cent in 2013.
If you are interested in purchasing a home in Central Florida, Contact Cheryl Hilty at
352-638-5688 or email Cheryl Hilty at LakecountyLakefrontHomes.com
website:
http://www.mountdorawaterfronthomes.com
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