Florida’s bargain homes beckon
Ever dreamed of owning a vacation home in Florida? Maybe a nice one- or two-bedroom winter getaway near the beach and a swimming pool in the courtyard?
U.S. developers are hoping that snowbirds from cities such as Toronto will take advantage of bargain-basement prices to make that dream a reality. With one in about 454 U.S. homes now in foreclosure and a huge oversupply of condos on the market, prices for Florida condos are indeed at fire-sale levels — as much as 50 per cent below what they were selling for last year.
That means prices as low as $200 (U.S.) — or about $240 — a square foot compared with average condo prices nudging the $500-a-square-foot mark in the Greater Toronto Area.
Why target Canada? Simple, Canadians are the largest single foreign buyer of U.S. residential property. Last year alone, Canadians snapped up 56,000 Sunbelt properties, says Brian Ellis, vice-president of Brampton-based Florida Home Finders of Canada Inc.