This is the best time in your lifetime to be buying real estate in South Florida
Boca Raton, FL (PRWEB) November 22, 2011
Many media reports focus on scenarios of why the housing market will take a long time to recover or why the economy is going to get worse. Clearly the economy needs some improving. But according to Real Estate Expert Lex Levinrad, when you start looking at current real estate price changes in bargain priced bank owned properties a different picture emerges that is much more optimistic than many current media reports would have you believe.
The S&P Case–Shiller Home Price Index that was released on October 25, 2011 shows that 16 out of 20 Metropolitan Statistical Areas (MSA’s) had price increases. While still cautious about real estate prices Case-Shiller sees a “modest glimmer of hope with these data”. According to Case-Shiller the situation is improving albeit slowly.
Lex Levinrad, founder of the Distressed Real Estate Institute says that "Anyone reading these reports would assume that there is not too much interest in investing in U.S real estate". According to Levinrad, while this might be the case in the more expensive price points where the buyer is largely dependent on being approved for a mortgage, the situation is entirely different when the market is lower priced bank owned properties that are priced at bargain prices below $100,000.
According to Levinrad, real estate investors that are buying bank owned houses every single day see a different picture than the one depicted in the media. "Our office is being flooded with emails and phone calls from foreign investors that are looking to cash in on the opportunity to buy cheap bank owned houses directly from the banks," says Levinrad. "Prices in many of our local South Florida markets have turned and increased quite dramatically," says Levinrad.
According to Levinrad, Canadian, Asian, European, Russian and South American investors are scrambling to buy as many cheap bank owned properties as they can get their hands on. "Our office is selling most of our houses to foreign nationals especially Canadians who seem to be gobbling up South Florida real estate at a pace that is unprecedented," said Levinrad.
According to the National Association of Realtors, foreigners purchased nearly 8% of all homes sold in the 12 months ending in March 2011. That is a sobering statistic. One out of every twelve homes sold last year were purchased by foreigners. That represents a whopping $82 billion dollars’ worth of U.S real estate being purchased by foreign nationals. According to the National Association of Realtors report most of the foreign buyers were Canadian (31%), Asian (26%), European (24%) or South American (11%).
In what states are foreigners buying the most property? According to the National Association of Realtors Report, 31% of all purchases were in Florida which is almost three times as much as buyers in California (12%). Other states with a large amount of foreign buyers were Texas (9%) and Arizona (6%).
About Lex Levinrad:
Lex Levinrad has been a full time distressed real estate investor since 2003. He has been involved in buying, rehabbing, wholesaling, renting, and selling hundreds of houses in South Florida. Lex is the founder and CEO of the Distressed Real Estate Institute, which trains new real estate investors how to wholesale, fix and flip properties often with no money down. Lex specializes in buying foreclosures, short sales and bank owned properties and offers mentoring and coaching programs, bus tours, boot camps and home study courses for real estate investors. Lex is an accomplished national public speaker and has shared the stage with some of the countries best real estate speakers. Lex has authored numerous books about real estate and is also the the founder of the Distressed Real Estate Investors Association. Lex is also a licensed realtor with Charles Rutenberg Realty. For more information about Lex Levinrad please visit http://www.lexlevinrad.com or call 800-617-2884.
Distressed Real Estate Institute
7050 W Palmetto Park Rd
Suite # 15-675, Boca Raton FL 33433