|Published:||Jan 10, 2013 12:38 AM EST|
|Updated:||Jan 10, 2013 5:34 AM EST|
For the past few years Europeans have been coming to Southwest Florida to buy land and homes. But the recent uncertainty with the Euro has many wanting to now invest here more quickly.
Andy Beck is building a brand new waterfront home in Cape Coral, but he currently lives in Germany. With the uncertainty of the Euro, his Real Estate agent Elain Sherer with Royal Shell real Estate says Germans are more urgently starting to buy homes in our area than ever before.
"They feel confident in purchasing because they know prices aren't going down anymore," said Sherer.
Beck will fly back to Germany this week to cash in silver for American dollars and plans to use that money to help pay for his new house.
"America is still the leader in the world, especially financially, the dollar is still the strongest currency in the world," said Beck.
A big wave of Europeans flocked our housing market back in the 90's, but when home prices started rising a few years ago Europeans weren't able to claim a homestead exemption and their taxes drastically increased.
"It caused a lot of Europeans to get out of the market here again," said Sherer.
Sherer says home prices bottomed out in June of 2012 leaving Germans like Beck beck confident in the U.S. market.
"They are trying to get as much of their money out of Europe and in to something stable here," said Sherer.
Also on the rise for Europeans are cash deals. The local realtors association says from July of 2011 to June of 2012, 66% of homes were bought with cash from Europeans.
"I would say about 2/3 of all my European customers are cash buyers," said Sherer.
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