Sun
From Washington State to Florida, Canadian investors are taking advantage of rock bottom prices combined with a strong Canadian dollar. Here are some of the highlights:
In the Northwest prices may soon be on the rise.
“I believe the bottom has arrived in the Puget Sound market place and from here on prices will stay level or advance slightly in 2008,” said NWMLS director Dick Beeson, broker/owner of Windermere/Commencement Associates in Tacoma, adding, “My agents tell me their recent conversations with buyers indicate pent-up demand that should start showing up in the marketplace this month and next.”
“Given the positive job growth, strong regional economic outlook and the fact that buildable land is still scarce, the return of a reasonably hot market is likely, making this an optimum time to buy,” said Ron Sparks, a vice-president at Coldwell Banker Bain in Bellevue.
In Las Vegas thousands of bank- foreclosed properties are currently on the market at bargain prices. Home owners faced with foreclosure are just walking away, placing more distressed homes up for sale, which makes for an extreme buyer’s market. The Las Vegas economy right now is experiencing extraordinary growth due to the major construction projects that are generating many job opportunities.
It is estimated there is well over $69.4 billion dollars worth of projects on the table. The U.S. Census recently reported Nevada as the number one fastest growing state. It is reported that once the major construction projects are completed in late 2009 and 2010 Las Vegas will experience a workforce housing shortage.
If you’re looking for a piece of Florida at the lowest price you’ll see in years, then 2008 may be that year to buy into the Sunshine State. Condominium inventory has soared over the last 20 months and about 35,000 units were recently completed or about to be completed this year, according to Florida Trend Magazine.
The median price of a condo in Florida stands at about $187,000 according the Florida Association of Realtors, down nine per cent from last year at the same reporting period. Meanwhile, the number of units sold compared to the same time last year is down 29 percent.
Nevertheless, investors are moving in to grab good deals while they can in this buyers market. The demand for condos should continue upward as the state brings in more than 300,000 new residents per year, second only to the state of Texas.