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Surge in international interest for American properties PDF Print E-mail
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Written by Becky   
Wednesday, 04 June 2008

While the American people may not be or are not able to take advantage of the all time low in property price values, international investors are. They perhaps have an over excess of demand in their city of origin and the idea of owning real estate in America is certainly appealing.

Several Realtors are now trying to get an edge on this new buying trend. A real estate agent in Seattle, Peter Oh, is marketing his properties for sale, in South Korea. To date he has already sold one of his properties that is located in Puget Sound. Other Realtors are starting to do the same in Seoul, Paris, and Dubai.

The National Association of Realtors acknowledges that last year alone, almost 1/3 U.S. agents worked with one international buyer; with the top 5 countries of origin being Britain, Canada, China, India, and Mexico.

Canadians are on a definite surge to take advantage at this moment, as their money as never been this even with the dollar, now ranging at about $1.01 from its previous value of around $0.70.

Dean Jones, the president of Realogics (a Seattle agency that markets condos), has teamed up with Oh to try and better present Seattle condos to the Canadians. He said that some builders are offering the Canadians “currency hedges” so that when they make their final purchase, the currency exchange rate will stay at it is now. They hope this will further entice the Canadians to jump at the opportunity and buy quickly.

 
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