{"id":14784,"date":"2013-01-16T04:01:58","date_gmt":"2013-01-16T04:01:58","guid":{"rendered":""},"modified":"2013-01-16T04:01:58","modified_gmt":"2013-01-16T04:01:58","slug":"Chinese-are-the-new-Florida-snowbirds","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=14784","title":{"rendered":"Chinese are the new Florida snowbirds"},"content":{"rendered":"

Canadians looking to snap up dwindling real estate deals in Florida are finding themselves facing unexpected competition \u2014 from China.<\/strong><\/p>\n

With popular property markets like Vancouver and Toronto showing significant signs of softening, Asian investors seem to be shifting their focus south of the border<\/strong>, according to Canadians who specialize in marketing bargain-basement Florida houses and condos to snowbirds.<\/p>\n

\u201cSome of our clients got beat out recently because they were waiting to book flights. Some Chinese investors bought up 35 (townhouse-condo) units without even flying in first,\u201d says Wayne Levy of Toronto-based Florida Home Finders.<\/p>\n

\u201cThey looked at a picture. They wrote cheques. That\u2019s what\u2019s happening now.\u201d<\/p>\n

Asian interest in Florida has \u201creally picked up steam in the last year,\u201d<\/strong> says Levy, whose company is still seeing strong demand from Canadian buyers, but finding it increasingly challenging to find properties under $150,000 as the beleaguered U.S. housing market slowly recovers and the inventory of distressed homes drops.<\/p>\n

Chinese are buying up all of New York City real estate as well.<\/strong><\/p>\n

Continue reading<\/a>
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