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: Mortgage Lender Implode-o-Meter

Foreign buyers see big opportunity in housing bust

By Implode-Explode Heavy Industries

``Since January, 262 of the Viceroy's 372 units have sold. But there's a twist: Almost 90 percent of the buyers are foreigners. And they all paid cash. The Viceroy's story is playing out across Miami. Individual investors from as far as Argentina, Canada, Colombia, France, Israel, Italy, Norway and Venezuela are swarming the city's sales offices to get in on what they see as one of the greatest real estate fire sales in the history of the United States... The math is seductive: Prices at the Viceroy are roughly 52 percent off the 2007 peak. Units once sold for as much $670 a square foot. Today the average price is $319.''

Full post as published by Mortgage Lender Implode-o-Meter on October 05, 2010 (boomark / email).