Weakening Dollar Actually Protecting Higher End Florida Real Estate Prices!

While the news seems ever more dire regarding the strength of the US Dollar here's one small ray of sunshine - and lucky for us it has to do with Florida High End Luxury property. Since the dollar is so weak compared to the Euro and British Sterling and even the Canadien dollar those folks still view our upper end as a relative bargain. What WE'RE seeing is that there are high end deals taking place but most are at significantly below the asking price - 15 to 20% less in fact. But the attached article says that statewide this phenomenon is helping to hold the upper end steady.

- Mike W.

LUXURY HOMES

Florida homes and condos with price tags of $1 million or more are still changing hands at roughly the same price, albeit not as briskly as they did a year ago, according to recent real estate data. Wealthy foreign buyers have helped buoy the Florida market's upper end, analysts note, adding that the state continues to appeal to wealthy retirees and to second-home buyers, particularly from the Northeastern U.S.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n2-102907.cfm