It's not just snowbirds that traditionally flock to Florida, other Canadian investors have been just as keen. But that interest may be drying up and growing south of the Sunshine State. CREW finds out why.
Video transcript below:
Jemima Codrington: The further south you head, the hotter the weather and the competition. Bidding wars are causing markets like Florida to lose its popularity with investors and snow birds. We find out what’s drawing rivalry further south in this week’s Investor Insight on Crew TV.
The increasingly popular state of Florida has been on investors radars for years. But some industry analysts say Florida is losing appeal on account of this same popularity.
Valentino Nunes, Realtor, Marval Assets
Valentino Nunes: The question was why are Canadians backing out of buying into Florida real estate. The main reason is, I think there is multiple offers coming and more investors buying into Florida right now which is causing multiple bids and that is the frustration that you have to wait for your offer and you don’t know whether you really have clinched that beautiful deal that you thought you had it. That’s I think one of the primary reasons.
Jemima Codrington: As a result, investors seeking an even hotter deal are exploring emerging markets further south for income producing properties.
Jim Page, Business Development Director-North America, EcoHouse Global
Jim Page: There are of course properties all over the world. Brazil is a, it’s a good time to be involved with Brazil, with their Minha Casa Minha Vida, My house My life housing program to help their people. They don’t want the world to see some pretty bad living conditions, specially with the World Cup [new life] is coming in 2014-2016, it’s a great way to get a lot of their populace into some decent housing.
Jemima Codrington: But for those investors willing to tough it out, there is still plenty of revenue generating opportunities to be found in the sunshine state, namely Orlando.
Valentino Nunes: It is the playground of the world, Orlando, Disneyworld. There is so many lovely beaches in Florida that you can explore and of course many of you haven’t heard about it, the first high speed train is going to be between Orlando and Miami being set up. So that is the kind of pot that every investor is trying to get into and pick up the best deals available right now.