In Florida, foreign buyers help buoy high-end real estate market
All is not disaster in Florida, U.S.A.
Thousands of houses for sale are sitting empty across the southernmost state, and there have already been auctions of hundreds of foreclosed homes.
But, in a situation typical of wealthy enclaves across the United States, the glistening waterfront glass towers on Miami Beach, the sprawling estates of Palm Beach and the clustered mansions in Naples continue to sell.
Indeed, Florida homes and condos with price tags of $1 million or more are still changing hands at roughly the same price, albeit not as briskly as they did a year ago, according to real estate data. And the rate of foreclosure for lower-income homes is far greater than for homes over $1 million.