Saturday, June 21, 2008

Overseas Buyers: Beware Overheated US Markets

Overseas, Mexican and Canadian vacation home investors shopping for bargain houses are not buying in all the so-called "bargain" communities of the US, according to a New York Times article. "Prospective buyers are still wary of America’s volatile economy and concerned that housing prices could continue to decline. The result is that despite their interest to get a great deal, foreigners have been slow to purchase in all but the most recession-proof properties in the most expensive areas, like East Hampton (above left, courtesy EastHamptonhomesearch.com) and Beverly Hills," the Timesquoted "Agents for properties adjacent to America’s most desired beach and ski communities." The article said while Hamptons may be hot, Cape Cod is not. Also cautious: buyers in California and Nevada's Lake Tahoe vacation home enclaves.

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