As we have all heard, the strength of the Euro has improved European travel and spending in the United States. It has also kept certain real estate and condo markets afloat while others have been struggling. New York condos have continued to sell to wealthy Europeans and is a great example of a marketplace supported by the strong euro.
Investment is Florida condos has slowed while buyers wait to see what happens with the pending recession and the decline of the housing market. We are at or near the bottom and many realize that it is a good time to buy condos at a great value as long as one plans to hold onto the asset for a while. The Florida housing market may not be benefitting from European buyers as much as it was a year or two ago, but the condo rental market is strong. Many buyers have their homes, vacation condos, and investment condos up for rent. Some of the best renters out their now are Europeans. Florida is still a great place to live and a hot travel destination despite the economy. Europeans tend to stay longer than a few nights and come here to spend money!
Last quarter in some areas of Florida, condo rentals outperformed hotel occupancy. Vacationers enjoy the privacy and beachfront locations of many of the vacation condos up for rent. Most of the time, condo rentals in good locations have been much more expensive than hotel rates but that is not the case anymore. Owners want to ensure they have some rental income to assist with the mortgage payments...some is better than none!
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