Canadian Finance Blog

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Purchasing a Vacation Property in the US Posted: 09 Sep 2010 02:00 AM PDT The recent collapse in US home prices has provided an excellent opportunity for Canadians to purchase a vacation property in the US. States like Florida, Arizona, and Nevada have suffered with a tremendous amount of overbuilding and there is just not enough local demand to absorb all the properties. Currently investors have been acquiring condos and homes at rock bottom prices. As a vacation home, you would be able to enjoy the property and also have the potential for long term price appreciation. As a Miami condo realtor, I have many Canadian clients that think Miami and South Florida in general is a great place to vacation and invest. When you compare Miami with places like Phoenix and Las Vegas, the thing that attracts buyers to the Miami area is the ocean. There are hundreds of miles of coastline where you can purchase a property with an ocean view, or at least a water view. Real estate prices in Miami have fallen over 50% from the peak, and it is possible to get a nice 1 bedroom condo in a desirable location for between $150,000 and $200,000 USD. When you purchase a vacation property, an important thing to take into account is maintenance. Since the property is only going to be used for a brief time during the year, someone other than yourself will have to maintain the property. If you own a home, you will need to maintain the landscaping, provide security, and also deal with possible problems like a leaky roof, for example. For this reason, condos have been extremely popular among vacationers, as owners don’t have to worry about maintenance issues in exchange for paying a monthly maintenance fee. With all this said, southern states such as Florida, Nevada, and Arizona will continue to be a perfect winter getaway for those from the North. I think looking back at today ten years from now, we will all acknowledge the unique opportunity to purchase real estate that has presented itself today. Author Bio: Marc Knight works as a Realtor specializing in condo sales in Miami, Miami Beach, and Sunny Isles Beach. He operates a website and blog called Miami Condo Shop. Copyright © 2010 Canadian Finance Blog Related Posts: Property Tax Deferral For Young Families A Good Idea? What Should You Do In A Recession? Buy Your Own Island! Should You Use A Real Estate Agent To Sell Your House?

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