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International real estate investors Florida is ripe

The real estate boom across the United States over the past several years slowed considerably in 2006. The slowing market has meant that in certain areas there is an oversupply of new and resale properties on the market. In one of the hotter markets in recent years, South Florida, this is quite true. For international real estate investors, retirees and those just looking for a property in the sun, this is actually great news. While some isolated areas and communities still continue to remain sellers’ markets, most of the area is now a buyer’s market. That means it’s a good time for real estate investors and buyers to get in.

In its annual state of the market report for Southwest Florida, realtors from the Re/Max-Ellis Team, located in Ft. Myers, note that the “Because of oversupply, prices have come down significantly.” (http://topagent.com/2007sotm.htm) This means it’s a great time to buy or rent.

One thing that is also noted in the report is the decline in new home building, which will result in prices starting to rise once demand comes in line with the current supply. When that happens is anyone’s guess, but it’s expected that prices will start rising again as early as 2008. So if you’ve been looking for a property in this part of the world, now is a great time to get in.

Some of the areas in South Florida where prices are at their best are the Miami/Fort Lauderdale area on the east coast. Also on this side of the state are the Palm Beach communities, north of Fort Lauderdale. On the Gulf of Mexico side are the cities of Fort Meyers and Port Charlotte.

One other point of consideration for international real estate investors is the decline in the value of the dollar in recent months. This drop has given overseas investors an advantage when it comes to buying property in the US. All in all, now is a great time to buy in this part of the country, particularly for overseas purchasers.

HeraldTribune.com report on the fact that the expected property tax reducations were dwindling, particularly for Sarasota County residents, in a Florida House Republican plan that once claimed average savings of $433 for homeowners.

A centerpiece of the Florida House plan would have rolled property taxes back to 2001 levels. But the latest version calls for a rollback to 2004 instead, restoring $89 million in funding to county budgets in Charlotte, Manatee and Sarasota counties.

Bowing to pressure from counties that said the cuts would devastate their budgets, the House leadership announced late last week that they had changed their reform proposal. The rollback to 2001 was estimated to cut $3.2 billion from county budgets statewide. The Florida Association of Counties says the latest changes have reduced that amount 29 percent to $2.3 billion.

"They have backed down a good deal and I think before it's through we'll come up with a much more responsible plan," said state Rep. Keith Fitzgerald, D-Sarasota. Asked if House Republicans had "blinked" in the face of counties' predictions of massive cuts in services, Fitzgerald said, "Definitely."

International real estate buyers view Real Estate in Florida

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