It seems that more and more buyer's in the Sarasota market are from somewhere outside of Sarasota. Many Buyer's today are coming from places like Canada, Germany, Britain, and France, along with others. The percentage of foreign owners has increased 34% over the past 3 years. While this might seem startling, one must remember that places that are rich in resources, like Canada, have seen their personal wealth increase, and the value of the Canadian dollar is now on par with the US dollar. It makes sense that it costs less to live in Sarasota now than it might in Canada.
The Euro, while facing pressure, has remained quite strong. With more pressure on the Euro, Europeans may begin moving their money out of the Euro and into properties in places like Sarasota. With the downward movement of property values still pressuring the market, many people are positioned well to take advantage of the depressed market.
These factors, along with historically low mortgage rates, makes this the right time to be moving into the Sarasota market.
To this end, The Herald Tribune wrote an article about the impact of the foreign Buyer in Sarasota. To read the article, go to the link at http://db.tt/uldKVQz.
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