Orlando's Housing Recovery in 2011 Driven by International Buyers, Says Stirling Sotheby's International Realty

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According to Roger Soderstrom, CEO of Orlando-based Stirling Sotheby's International Realty, sidelined home buyers and vacation home buyers from the Europe, U.K., Asia and State-side from the Northeast, very well may power a real estate recovery in Central Florida this year.

"The real estate market, especially well-established markets in all price ranges including luxury homes, second homes and vacation homes, has likely hit bottom and there's no place to go but up anymore," Soderstrom said.

"Home buyers who have been waiting for the market to turn are much more optimistic this year and are moving quickly to find the bargains in good neighborhoods," Soderstrom said.

Soderstrom said investors from Asia and Europe and second home and vacation home buyers who reside in the Northeast, U.K. and Canada will bolster Central Florida housing sales in 2011.

"Foreign buyers believe Florida properties are at bargain prices and with the exchange rate they truly are," Soderstrom said.

"In reality there is a segment of real estate in Central Florida that is undervalued today," Soderstrom said.  "Real Estate remains a neighborhood business, and some neighborhoods that have experienced fewer casualties in the housing market are performing much better than neighborhoods with a large number of foreclosures," he said.

"If the economy improves just a little, values are apt to change in a relatively short span of time," Soderstrom added.

Starting in June 7,000 Americans every day on average will celebrate their 65th birthday.

And while many post-war baby boomers might put off their retirement in the Midwest, Northeast and Canada and settle for vacations over relocation, millions more will buy homes in Florida because prices are discounted 50-60 percent from the market peak, Soderstrom said.   The Northeast is experiencing one of its worst winters on record, which will have a positive impact on Central Florida sales.

"Florida's role as a mecca for leisurely and affordable retirement is embedded in the national conscience for more than a century," Soderstrom said.

 

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