I had to google the internet to find out who the buyer was in the recent purchase of the Florida home for $47 Million.  In my search I came across this article written by Morgan Brennan on Real Estate Tourism.

“Russian billionaires have been making headlines for snapping up some of the most opulent homes in the United States.  But Russians certainly aren’t the only foreigners plowing money into American real estate.  The reason the Russians get so much attention is that they buy the highest ticket trophy properties.  Since the housing bust, foreign buyers have flooded the U.S. housing market, taking advantage of favorable exchange rates, weaker prices and record-low mortgage rates.”

Canada comes in first in number of sales to foreigners, China the second largest foreign buyer with Brazilians, Venezuelans and Argentineans also pouring money into American real estate.  We can also look to the French who are “buying more in southern Florida in recent months as well.  The real attraction here is cheap, cheap, cheap waterfront real estate:  these buyers look at this and think it will never be as cheap again.”

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