It used to be that Californians were the main buyers of property in Arizona. However, it appears that Canadians have now assumed that top-dog status. According to a report from John Burns Real Estate Consulting, Canadian buyers accounted for 23 percent of foreign buyers in the United States in the span of December 2009 to December 2010 and, in Arizona, they have supplanted Californians as the top out-of-state buyers.
Interestingly, Canadians tend to be unique among foreign investors. Instead of buying upper-end homes, they purchase prices in the $200,000 range. Of course, with plummeting home prices, these homes are, in many cases, quite luxurious and make ideal resort vacation homes. And, in fact, the lure is so great that a recent survey by Leger Marketing, a Canadian firm, indicates that one in five Canadians would seriously consider buying U.S. property. However, Canadians are not interested so much in areas with rock-bottom prices like Las Vegas and Miami. Instead, they are focusing on Arizona, which has foreign-buyer-friendly out-of-state property owner taxes and does not require high insurance costs.
Thank you for reading the Bryan Ellis Real Estate Letter!
Your comments and questions are welcomed below.