We also see steady traffic coming from our neighbors to the north. Canadians continue to flock to Florida, predominantly into Palm Beach County. Our colleagues in the Miami/Dade area report that they are seeing an increase in European and South American Buyers/Investors in their market due to the weak dollar. Taking advantage of the currency situation, overseas buyers are mostly interested in making their purchases in America’s most “Trendy” and “Hip” cities such as Miami, New York, and Los Angeles. This year, brokers in the Hamptons claim that a majority of this season’s coveted summer rentals were booked by Europeans. Seems like the majority of these investors want only the “big-city”areas that offer them world renowned fine dining, luxury shopping, arts & culture, and an active nightlife. I’m guessing… it might be safe to assume, that it will be a while before they discover the suburbs!!!
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All information is derived from the Palm Beach County Property Appraisers website and the MLS.