MIAMI-Record foreign investment in the Florida housing market is helping bolster local economies that had been battered by the recession and the massive numbers of home foreclosures over the last 18 months.
A total of 10 Florida counties in southern and central Florida that have been the beneficiaries of the largest infusion of foreign investment since 2010 have seen their property tax assessments rise by a little more than 4% so far this year, according to a Bloomberg News report.
“It's all been attributable to the foreign buyer,” says Norman Edelcup, mayor of Northern Miami suburb Sunny Isles Beach, where values jumped 10.2% this year.
Although welcome news for certain parts of the state, prices in most sections of the state haven't returned to pre-recession levels. The metropolitan areas of Miami and Tampa still suffer from housing prices that are about 40% below the 2006 peak, according to a S&P/Case-Shiller housing report. See story at Bloomberg.com.
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