The Real Deal Miami

One man’s foreclosure is another’s real estate bargain

May 19, 2008 10:15AM

Foreign buyers are swooping in to take advantage of the weak dollar and depressed real estate prices, snapping up condominiums in Broward and Palm Beach Counties that are selling for 25 to 60 percent less than during the boom times, when investors that wanted to flip units bid up prices. As of April 30, Coldwell Banker reported that 41,000 condos were listed for sale in Palm Beach and Broward counties, or a five-year adjusted inventory. But buyers from Italy, Germany, England, Spain and other countries are scooping up condos here for at least 30 percent less than the cost of properties in their homelands.