Lured by rock-bottom prices, international buyers are now flocking to buy Florida properties. It’s especially true in countries where the currency is strong against the dollar. Canadians are being told this is a once-in-a-lifetime opportunity – the perfect storm. The prices are just incredible and the Canadian dollar has been so strong.

At least three of five buyers in the Naples/Bonita Springs condo market are coming from abroad. The stampede from overseas is sort of like a foreign subsidy helping us resolve our real estate problems. This time the assistance isn’t coming from Washington but it’s coming from Caracas, London, Milan, Bogota. The buying frenzy was set off by developers lowering prices on new units to below what it costs to build in today’s market. There are many people on the sidelines watching for the floor and in the last three or four months there’s the perception that we’re there.

Most of the foreigners are cash buyers. Luxury condos are once again popular among Latin America buyers who purchase them as investments but also as a home base. While their children attend school here, they attend to business interests or escape strife at home. And these days average Joe Canadian can afford much more. For decades the U.S. dollar was worth more than the Canadian dollar and buying in the U.S. was always more expensive for Canadians. But in September 2007, the Canadian dollar reached parity with the greenback for the first time in 31 years. It fell back again, but now the Canadian loonie, which takes its name from the loon pictured on the one-dollar coin, is near parity at around 95 cents. Most of his Canadian buyers are “end-vestors,” meaning they plan on renting a unit out for now with an eye toward using it themselves down the road.