The Real Deal Miami

Northern buyers bringing cash

March 20, 2009 10:21AM

The Sarasota Association of Realtors reported that pending sales in its market were 683 in January, up 32 percent from the 516 reported in January 2008. Many purchasers come from Canada, New York and Ohio, and are closing their purchases with cash, saying property declines have made some homes cheaper than luxury vehicles. Foreclosures and short sales are driving home prices to levels not seen since the 1980s in North Port and other overbuilt areas, returning the city to its roots as a place where retirees can afford a second home for the winter or live full-time.