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Real Estate in South Florida Primed for Overseas Investment Takeover - 29 January 2010

For the first time in 30 years, properties in Miami are cheaper than in any major city in Latin America, experts say, making South Florida a prime spot for overseas investment.

Homes in Florida are priced at all time low of 40 to 60 percent less than their peak in the early 2000s. Therefore, the number of distressed and repossessed properties is becoming too hard for foreign investors to pass up, especially with the American dollar still weaker than most European currencies.

According to real estate agents in Southern Florida, sales have increased steadily over the last year and half. At Waterside at West Coquina, a new condo development near St. Petersburg priced at £51,400 for a one bedroom unit and £58,200 for two – with some listings as low as £42,000 existing for one bedrooms. Other new condominiums along the beach have already sold out.

One South Florida property developer, Joe Milton, has so much faith that overseas investors will penetrate the market (foreign buyers account for 60 percent of his sales), that he has set up his own mortgage company for foreign loans, since non-U.S. residents have a relatively harder time than locals when looking to buy property in Florida or anywhere else in the United States.

With low prices and less financial red tape than ever before, conditions seem prime for overseas investors to seize Florida real estate. The tropical locale has always been a vacation hotspot for many Europeans, but now holidaymakers can see a return for their invested getaway rather than waste thousands on vacation packages and time shares.

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