The recent collapse in US home prices has provided an excellent opportunity for Canadians to purchase a vacation property in the US. States like Florida, Arizona, and Nevada have suffered with a tremendous amount of overbuilding and there is just not enough local demand to absorb all the properties. Currently investors have been acquiring condos and homes at rock bottom prices. As a vacation home, you would be able to enjoy the property and also have the potential for long term price appreciation.
As a Miami condo realtor, I have many Canadian clients that think Miami and South Florida in general is a great place to vacation and invest. When you compare Miami with places like Phoenix and Las Vegas, the thing that attracts buyers to the Miami area is the ocean. There are hundreds of miles of coastline where you can purchase a property with an ocean view, or at least a water view. Real estate prices in Miami have fallen over 50% from the peak, and it is possible to get a nice 1 bedroom condo in a desirable location for between $150,000 and $200,000 USD.
When you purchase a vacation property, an important thing to take into account is maintenance. Since the property is only going to be used for a brief time during the year, someone other than yourself will have to maintain the property. If you own a home, you will need to maintain the landscaping, provide security, and also deal with possible problems like a leaky roof, for example. For this reason, condos have been extremely popular among vacationers, as owners don’t have to worry about maintenance issues in exchange for paying a monthly maintenance fee.
With all this said, southern states such as Florida, Nevada, and Arizona will continue to be a perfect winter getaway for those from the North. I think looking back at today ten years from now, we will all acknowledge the unique opportunity to purchase real estate that has presented itself today.
Author Bio: Marc Knight works as a Realtor specializing in condo sales in Miami, Miami Beach, and Sunny Isles Beach. He operates a website and blog called Miami Condo Shop.
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Good article. I think the Bishop California and Mammoth Mountain are areas also worth considering.
you can view vacation property on floridasunnysideup.com can give you better idea what is trend and market value of various home sizes.
The top foreign buyers for U.S. homes over the past three years, reported NAR, have been Canadians. Unlike buyers from other foreign countries who often seek out expensive, high end properties, the Canadians tend to buy homes “more toward the $200,000 range,” said Smith, which is why so many are looking at the Phoenix area right now. Due to the housing meltdown, there’s plenty of beautiful homes for sale really cheap that Canadians love.
Canadian buyers generally come from the big cities such as Vancouver, Calgary or Toronto, where homes are very expensive, so to buy a vacation home in Arizona at a price tag of $100,000 to $200,000 is a steal. Additionally, Canadians are buying because the Canadian dollar has strengthened and is now about at par with the U.S dollar.
To put it bluntly, Canadians absolutely LOVE Arizona!
If you are a Canadian buyer looking to purchase in sun drenched Arizona, the professionals at Artisan Real Estate Group can help. Our company is skilled at walking you through the steps to buy real estate outside of your home country. We can help with property management if you are an investor looking for buy and hold investment property. We also have access to hundreds of new foreclosures that go to sale daily at the courthouse steps and can help you buy a 2nd home or investment home for 20%-30% under market. Call the professionals at Artisan Real Estate Group today at 480-560-5757. Ask for Jameson
@ ARSG: calling you is a little expensive. COuld e-mail me to jl_stereo@hotmail.com instead? Thank you.