Real Estate Matters

Just like real estate buyers here, international buyers turned away from Florida's housing market as the downturn took hold.  But now, with record dollar lows against the euro and pound sterling, low prices and large inventories, international buyers see an inviting opportunity.  In spite of Florida's challenges with property tax inequities, escalating insurance premiums and the tightening mortgage market, international buyers see an opportunity.  According to the National Association of Realtors (NAR), Florida, by far, leads the U.S. market, accounting for an estimated 26 percent of all foreign purchases for the year end period that ended in April 2007.  International, a long mainstay of Florida's real estate ownership, will play a major role in our market's future.  The euro is at an all time high against the dollar, now at 1.5369 and pound sterling at 2.0166, Europeans realize it might be the time to buy.  They are playing the currency and also playing the discount on prices.  Some are looking for a vacation home while others see an investment opportunity.  Most seem prepared to buy and hold, because this is long term, not a flip situation in the market.

How to take advantage of this opportunity is a major goal of our's at Suncoast International Realty.  A major international real estate event takes place in Madrid, Spain from April 8th to 12th and we will be participating in it for the sixth year.  SIMA 08 International Real Estate Exhibition is the largest second home expo in the world with 160,000 visitors, 21,000 real estate professionals from more than 50 countries and 800 exhibitors attending in 2007.  "SIMA's professional program has always included an important international component.  This is what makes the exposition, in addition to being a great business source and exhibition for the end-consumer, to globally position itself as a center with great expertise on international real estate tendencies," said Santiago Herreros de Tejada, International Expansion Director for Planner Reed, the hosting exhibition company.  The international program will analyze investment and business opportunities for mature markets in countries such as the U.S., U.K, Portugal, Canada and Belgium.  Different experts from each country will bring their vision and introduce opportunities in their countries.  Highlighting the US market will be the former chief economist for NAR, John Tuccillo, will present the Current Advantages For Investments In The USA strongly emphasizing why the US is a strong real estate market. 

The Sarasota Association of Realtors (SAR) also holds a prestigious position as NAR's Ambassador Association to Spain, along with Suncoast International Realty's president, Judy Schomaker, holding the position as NAR's president liaison to Spain, and my position as 2009 president of SAR will all serve to help showcase Sarasota as a premier world class destination.  At the exhibition both Judy and I will be participating in many of the seminars, programs and activities along with Judy being a featured speaker and moderator for the "America from North to South" program.  It will be an intense several days but will provide us with many networking and presentation opportunities.  We believe that our involvement will be very beneficial to Sarasota along with our clients' interests.

Cheers,

Bill