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According to the lead story in the Money section of USA Today yesterday, Foreign Buyers are snapping up US real estate. The article cites that agents are eager to win the business of foreign investors who due to low US real estate prices and the weak dollar are find eye-popping deals in places such as Miami, New York and San Diego.

According to the National Association of Realtors foreigners are enjoying an average discount of about 30%. Although approximately 25% of Realtors are reporting an increase in home buying by foreign clients in the past 5 years it is probably not enough to absorb the glut of properties currently for sale.

Miami Beach condo anyone?

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May 2, 2008 by alice cooper (not verified)
US real estate is a good buy at the moment for foreigners due to the low value of the dollar however we wont see a big take up until the housing market has stopped it downward trend.
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April 26, 2008 by Marc Rasmussen (not verified)
I just sold nice luxury home yesterday on Lido Key to a great couple from the United Kingdom. You can see the home here - http://www.luxurysarasotarealestate.com/idx/listings/374977/details.html I have worked with several Canadians this year and now the Europeans are very active. It is a perfect storm for them. Our market is depressed and their dollar is down.
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