Thursday, February 24, 2011

Foreign Buyers Expected to Revive Florida Real Estate Sales

Foreign investors are expected to bolster housing sales in Florida in 2011, with many looking to take advantage of the "undervalued" property that is on the market.

Florida home prices are bottoming out and international property buyers look like they are reviving the Florida housing market this year, Stirling Sotheby's International Realty has claimed.

Roger Soderstrom, chief executive of the company, forecast that there would be much more optimism in the sector and many prospective investors are beginning to move to secure a bargain home in a good neighbourhood.

"There is a segment of real estate in Florida that is undervalued today," Mr Soderstrom says. "Real Estate remains a neighbourhood business, and some neighbourhoods that have experienced fewer casualties in the housing market are performing much better than neighbourhoods with a large number of foreclosures."