Canadians Flock to Arizona for Homes
Canadians Flock to Arizona for Homes
SCOTTSDALE- When the real estate market crashed in this country, the southwest was hit especially hard.
According to realtytrac.com , Phoenix, Arizona has the second highest foreclosure rate in America. But it's that dubious distinction that's attracting a new breed of buyer.
"There are a number of Canadian developers that have come in," said Candice Boggs of www.FindAzProperties.com and Arizona Homes Realty LLC.
They're mostly taking advantage of a strong Canadian dollar.
"Investment homes were the primary focus because there are such great discounts in the foreclosure area, but now that our dollar is a dollar three today, we've got a lot more Canadians coming down and buying second homes," said Boggs.
In fact, so many are now flocking to the valley of the sun that Boggs, catering to buyers north of the border.
"The more we drive around, the more Canadian license plates we see," said Canadian home buyer Collin Andrews.
A Financial Advisor in Calgary Canada and has referred 25 or 30 of his Clients to Candice Boggs “She is the Best Agent in Arizona”
He says in addition to getting more bang for her buck here in the states, the other plus is escaping the harsh winters.
"The Canadians are usually the ones in flip flops and shorts and t-shirts, and then the Arizonans are definitely in their furs, boots and scarves, and sometimes hats and mitts. We've seen them walking so it's quite interesting to see," said Andrews.
The vast majority of these home purchases are also in cash because often times it's difficult for Canadians to borrow from American lenders.
Local leaders see this as a win-win, infusing some much needed money into a struggling economy.
http://www.myfoxphoenix.com/dpp/news/housing_market/canadians-flock-to-arizona-for-homes-04162011
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